Global Marine Port Services Market to Exhibit a CAGR of 4.70% from 2022 to 2028

Global Marine Port Services Market to Exhibit a CAGR of 4.70% from 2022 to 2028

Global Marine Port Services Market Size is Anticipated to Exceed US$ 108.45 billion by 2028, By SkyQuest Technology

Ports are increasingly implementing state-of-the-art technologies throughout the whole value chain. For instance, the loading and unloading of containers make use of technology like robotics, platform solutions, and the Internet of Things (IoT). Big data analytics and smart metering are used by storage facilities at ports, and industrial processing makes use of smart grid, predictive maintenance, and energy management technology. The COVID-19 pandemic has accelerated the marine industry's use of digital technologies.

The maritime sector makes a substantial contribution to the expansion of the global economy. The rise of international maritime trade is expected to increase demand for marine port services. According to UNCTAD, marine trade is anticipated to grow between 2022 and 2026 at a slower rate of 2.4 percent than it did during the preceding 20 years. The COVID-19 pandemic's impact on marine trade volumes in 2020 was less severe than initially predicted, but its after effects will be vast and might revolutionize maritime transport, according to UNCTAD's Review of Maritime Transport 2021, which was published on November 18th.

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Due to a drop in demand for container transit, activities in container handling ports have dropped. The UN Conference on Commerce and Development (UNCTAD) reported that the worldwide maritime trade fell by more than 10% in 2020. A trade association called the International Chamber of Shipping (ICS) calculates that the outbreak is causing losses to the shipping industry of 350 million dollars each week.

Read Market Research Report, "Global Marine Port Services Market By Service (Container Handling Services, Ship Repair & Maintenance Services, Navigation Services, Supply Chain & Logistics Solution Services, Mechanical and Electrical Engineering Services),and Region — Forecast and Analysis 2022–2028” By Skyquest

Asia-Pacific had the largest market share in 2021, and it is anticipated that it will continue to dominate the global marine port services market during the forecast period. The reginal market would expand as a result of its closeness to the busiest ports in the world—China, Singapore, Hong Kong, and South Korea. By handling a remarkable 37.1 million TEUs of cargo, The Port of Shanghai, for example, surpassed its Singaporean counterpart to become the world's largest port in 2019. The port will surpass 43.5 million TEUs in cargo handled yearly in 2020, making it the busiest container terminal in the world. The port in Singapore, renowned as the busiest hub for trans shipment activity, then handled over 30.9 million Twenty-Feet Equivalent Units in 2019. (TEUs).

The global marine port services market in North America is predicted to attain significant growth over the projection period. The growth of the market is attributed to the US government's growing support for the development of marine ports. According to the Maritime Administration of the U.S. Department of Transportation, funds for the Port Infrastructure Development Program (PIDP) are presently available up to $684.3 million (MARAD). These funding opportunities will be awarded competitively to projects that enhance the dependability, security, and effectiveness of the flow of products into, out of, around, and inside ports.

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It is projected that the marine port services market in Latin America would grow as a result of the region's increasing imports of goods from Asia. Additionally, it is projected that the Middle East and Africa would experience a boost in import-export activities. The region had a positive trade balance of 17 538 943.98 in US dollars with 998 109 029 in total exports to Latin America and the Caribbean and 980 570 085 in total imports. The Effectively Applied Tariff Weighted Average (customs charge) for Latin America & the Caribbean is 5.13 percent, compared to the Most Favored Nation (MFN) Weighted Average Tariff of 9.07 percent. The region's GDP is now valued at 5,786,726,554,928.08.

Some of the growth methods used by the top competitors to succeed in the cutthroat industry include product launches, innovations, mergers and acquisitions, collaborations and partnerships, and intense R&D. For instance, a partnership between CARGOES Finance and DP World, the leading provider of intelligent supply chain solutions and a worldwide logistics leader, was established. DP World and Challenger Management Limited offer customers access to working capital alternatives from the global trade finance fund. A fintech network called Container Finance by DP World connects financial institutions with global importers, exporters, and logistics companies in need of capital. Because CARGOES Finance has access to information on cargo movements, lenders may make loans with confidence.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

Report Scope & Segmentation

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What does this Report Deliver?

• Market Estimation for 20+ Countries
• Marine Port Services Market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional and Country specific Marine Port Services Market Trends
• Comprehensive Mapping of Marine Port ServicesIndustry Parameters
• Attractive Investment Proposition in the Global Marine Port ServicesIndustry
• Competitive Strategies Adopted by Marine Port Services Market Key Players
• Drivers, Restraints, Opportunities, Challenges and the impact on the Marine Port Services Market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and Marine Port Services Market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities and Growth
• Porter’s five force analysis to know the market’s condition
• Pricing Analysis and Marine Port Services Market Sales
• Parent market analysis
• Product portfolio benchmarking

SkyQuest has segmented the Global Marine Port Services Market based on Service and Region:

●        Global Marine Port Services Market by Service (Revenue, US$ Billion, 2021 - 2028)

o   Container Handling Services

o   Ship Repair & Maintenance Services

o   Navigation Services

o   Supply Chain & Logistics Solution Services

o   Mechanical & Electrical Engineering Services

●        Global Marine Port Services Market By Region (Revenue, US$ Billion, 2021 - 2028)

o   North America

▪          US

▪          Canada

o   Europe

▪          Germany

▪          France

▪          UK

▪          Italy

▪          Spain

▪          Rest of Europe

o   Asia Pacific

▪          China

▪          India

▪          Japan

▪          Rest of Asia Pacific

o   Central & South America

▪          Brazil

▪          Rest of CSA

o   Middle East & Africa

▪          GCC Countries

▪          South Africa

▪          Rest of MEA

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