Global Marine Port and Service Industry 2015-2020: Trends, Forecast, and Opportunity Analysis
According to a new industry report published by Lucintel, the future of the global marine port andservice industry looks good, with opportunities in the marine freight transportation industry. As pera Lucintel study, the global marine port and service industry is forecast to grow at a CAGR of4.7% from 2015 to 2020. The major drivers of growth for this industry are high growth of themarine freight transportation industry and surging demand of containerized and bulk cargo.Increasing global exports, rising customer (Shipping companies) demand, and expansion of newregional trade hubs are the additional factors contributing to accelerated growth.
In this industry, container handling services, ship repair and maintenance services, navigationservices, supply chain and logistic solution services, and mechanical and electrical engineeringservices are the operating segments in the global marine port and service industry. Navigationservices are expected to depict above average growth during the forecast period. Lucintel addsthat the demand for navigation services is expected to experience the highest growth in theforecast period, supported by an increase in marine freight transportation, which in turn increasesthe calls of vessels at ports. On the basis of its comprehensive research, Lucintel forecasts thatnavigation services, supply chain and logistic solutions, and ship repair and maintenance servicesare expected to show above average growth during the forecast period.
Within the marine port and service industry, the container handling service segment is expectedto emerge as the leading market by value, followed by the ship repair and maintenance servicesegment. Due to an increase in containerization, industry players are adopting advanced handlingequipment for fast operation. This increase of world container throughput (capacity) is expectedto spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest industry due to tremendous economic growth inChina and India. Europe and North America are expected to grow significantly due to increasingindustrial production, high international trade, and subsequent rise in the demand for marinefreight transportation.
For industry expansion, the report suggests innovation and new service development where theunique characteristics of marine port and service technology can be capitalized. The reportfurther suggests the development of partnerships with customers to create win-win situations andthe development of low-cost services for end users. Emerging trends, which have a direct impacton the dynamics of the industry include vessel traffic services (VTS), self-unloading bulk carriertechnology, and marine port privatization. Hutchison Whampoa Limited, PSA International, andDP World Limited are among the major service providers of the global marine port and servicesindustry. Some companies are opting for M&A as a strategic initiative for driving growth.marine port and service industry by service type and region and has come up with acomprehensive research report, “Global Marine Port and Service Industry 2015-2020: Trends,Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growthstrategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions.The study includes a forecast of the global marine port and service industry through 2020,segmented by service type and region as follows:
By Service Type [Value ($B) from 2015 – 2020]: