China's Marine Services Industry Booms

Press Release
Monday, September 03, 2012

China’s booming marine economy spurs growth in pollution control projects says a recent market research report.

In the five years to 2012, industry revenue is expected to increase at an average annualized rate of 11.1% to total $238.2 million. Marine services firms will continue to thrive due to growing investment in marine engineering construction and marine pollution control programs in coming years, according to an IBISWorld market research report.

The marine sector accounts for about 10% of the entire Chinese economy, and as its importance grows, so too will the Marine Services industry forecasts the report.

Increasing investment in pollution control projects by China's central and local governments has led to strong growth for the Marine Services industry in China . Over the five years through 2012, industry revenue has been increasing at an average annualized rate of 11.1% to total $238.2 million. China’s marine economy accounts for about 10.0% of the economy as a whole in China. Its importance is expected to grow in the future, which will bring more businesses to the industry.

The report indicates that there are about 300 enterprises operating in this industry, most of them with annual revenue of less than $750,000. The industry’s top players include Guangzhou Marine Geological Survey, Shanye Marine Services, and Yantai Shunda Ocean Engineering Service.

The majority of marine services firms have a limited business scope and very few have developed dominant advantages in the national market. Foreign investment in the industry is currently low, however, as China's marine economy becomes more globalized, IBISWorld anticipates that more large foreign players will enter the industry.

For more information click here.

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MOL Expands Container Fleet

Mitsui O.S.K. Lines, Ltd. announced today that the company has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries.

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

Marine Equipment

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1588 sec (6 req/sec)