China's Marine Services Industry Booms
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.
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