Market Trends of Global Marine Port Services Industry
This section covers the major market trends shaping the Marine Port Services Market according to our research experts:
Increasing Maritime Trade
According to data published by the United Nations Conference on Trade and Development (UNCTAD), globalization has caused a steep increase in maritime trade over the past few decades. The volume of global seaborne trade more than double between 1990 and 2020. In 2020, the volume of global seaborne trade was estimated to be around 11 billion tons.
The surge in global sea trade is expected to increase the demand for product maritime transport, which is the pillar of international trade and the global economy. A rise in seaborne trade across the globe is expected to fuel the growth of the market during the global marine vessel industry forecast period.
As per the Maritime Publications, around 80% of the global trade by Volume and 70% of global trade by value are carried out via sea and are completely controlled by ports all over the world. Moreover, the rapid expansion of the developing countries and globalization are expected to play a major role in the increasing maritime trade.
Rising Container Handling Services are driving the market
Maritime shipping is the backbone of world trade; it is estimated that some 80 percent of all goods are carried by sea. With the growth of the world economy over the past decades, the volume of freight transported by ships has increased as well. In 2020, about 1.85 billion metric tons of cargo were shipped globally. Naturally, the global container fleet has grown in size as well. In January 2022, the global container shipping throughput recorded an index value of 123.3, an increase from 118.2 in December 2021, but lower than the value of 124.3 reported in August 2021.
Generally, the trend is positive for the index, even after the massive decrease caused by the COVID-19 pandemic. Amid the COVID-19 pandemic, the volume of containers transported globally shrank by about 0.8 percent in 2020. Container throughput in Europe shot up in 2021, rising by 4.6 percent compared to the previous year when the throughput had contracted by 3.2 percent.
Growing demand for the commercial fleet must be supported by better handling services and hence, with the incresing supply for the commercial fleet, the market for marine port services is expected to rise. In 2020, the global commercial shipping fleet grew by 3 per cent, reaching 99,800 ships of 100 gross tons and above. By January 2021, capacity was equivalent to 2,13 billion dead weight tons (dwt).
