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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.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global marine port and service industry by service type and region and has come up with a comprehensive research report, “Global Marine Port and Service Industry 2015-2020: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast of the global marine port and service industry through 2020, segmented by service type and region as follows:
By Service Type [Value ($B) from 2015 – 2020]:
Container Handling Services Navigation Services Ship Repair and Maintenance Services Supply Chain and Logistic Solution Services Mechanical and Electrical Engineering Services
Region [Value ($B) from 2015– 2020]:
North America Europe Asia Pacific Rest of World
This unique report from Lucintel will provide you with valuable information, insights, and tools needed to identify new growth opportunities and operate your business successfully in this market. This report will save hundreds of hours of your own personal research time and will significantly benefit you in expanding your business in this market. In today’s stringent economy, you need every advantage that you can find.
To make business, investment, and strategic decisions, you need timely, useful information. This market report fulfills this core need and is an indispensable reference guide for multinational materials suppliers, product manufacturers, investors, executives, distributors, and many more that operate in this market.
Some of the features of “Global Marine Port and Service Industry 2015-2020: Trends, Forecast, and Opportunity Analysis” include:
Market size estimates: Global marine port and service industry size estimation in terms of value ($B). Trend and forecast analysis: Global marine port and service industry trend (2009-2014) and forecast (2015-2020) by regions and by segments. Segmentation analysis: Global marine port and service industry size by various service type such as mechanical and electrical engineering, container handling, ship repair and maintenance, navigation, supply chain and logistic solution in terms of value. Regional analysis: Global marine port and service industry breakdown by key regions such as North America, Europe, Asia Pacific, and Rest of World. Growth opportunities: Analysis on growth opportunities in different segments and regions. Strategic analysis: This includes M&A, new services development, competitive landscape, and expansion strategies of global marine port and service suppliers. Emerging applications: Emerging applications of global marine port and service in various markets. Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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