Global Marine Port and Service Industry to Grow at a CAGR of 4.7%
According to a new industry report published by Lucintel, the future of the global marine port and service industry looks good, with opportunities in the marine freight transportation industry.
As per a Lucintel study, the global marine port and service industry is forecast to grow at a CAGR of 4.7% from 2015 to 2020. The major drivers of growth for this industry are high growth of the marine freight transportation industry and surging demand of containerized and bulk cargo.
Increasing global exports, rising customer (Shipping companies) demand, and expansion of new regional trade hubs are the additional factors contributing to accelerated growth.
In this industry, container handling services, ship repair and maintenance services, navigation services, supply chain and logistic solution services, and mechanical and electrical engineering services are the operating segments in the global marine port and service industry.
Navigation services are expected to depict above average growth during the forecast period. Lucintel adds that the demand for navigation services is expected to experience the highest growth in the forecast period, supported by an increase in marine freight transportation, which in turn increases the calls of vessels at ports.
On the basis of its comprehensive research, Lucintel forecasts that navigation services, supply chain and logistic solutions, and ship repair and maintenance services are expected to show above average growth during the forecast period.
Within the marine port and service industry, the container handling service segment is expected to emerge as the leading market by value, followed by the ship repair and maintenance service segment.
Due to an increase in containerization, industry players are adopting advanced handling equipment for fast operation. This increase of world container throughput (capacity) is expected to spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest industry due to tremendous economic growth in China and India. Europe and North America are expected to grow significantly due to increasing industrial production, high international trade, and subsequent rise in the demand for marine freight transportation.
For industry expansion, the report suggests innovation and new service development where the unique characteristics of marine port and service technology can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost services for end users.
Emerging trends, which have a direct impact on the dynamics of the industry include vessel traffic services (VTS), self-unloading bulk carrier technology, and marine port privatization. Hutchison Whampoa Limited, PSA International, and DP World Limited are among the major service providers of the global marine port and services industry. Some companies are opting for M&A as a strategic initiative for driving growth.
