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

People & Company News

BMT Reports Strong Performance for 2014

BMT Group Ltd. announced a strong performance for the year to September 30, 2014, a period which saw BMT secure revenues of £165.1 million with underlying operating profits of £10 million,

U.S. Renews Security Pledge to Japan

U.S. Secretary of State John Kerry told Japanese leaders on Monday that Washington's treaty commitments to Japan's security remain "iron-clad" and cover all territories under Tokyo's administration,

Suez Canal Revenues up in March

Egypt's revenue from the Suez Canal was $420.1 million in March, a government website said on Tuesday, up from $382 million in February. The fastest shipping

Marine Equipment

US Detains Bulker for Safety Violations

A 738-foot motor vessel Kind Seas was detained by the U.S. Coast Guard after significant safety violations were found during an inspection in Kalama, Washington, Friday.

DEME Orders LNG-powered Dredgers from Royal IHC

Royal IHC has been awarded a contract for the design, construction and delivery of two unique low-emission dredging vessels to DEME in Belgium, the builder announced today.

SINOPACIFIC Delivers AHTS Vessel to FEMCO

On April 28, 2015, Sinopacific Shipbuilding Group (SINOPACIFIC) held a christening and delivery ceremony for a newly built SPA150 AHTS, constructed for shipowner FEMCO Group.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.3052 sec (3 req/sec)