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Maritime Freight Transport Market 2024 - By Industry Share, Growth Analysis, Technological Innovations, Opportunities, New Business Strategies And Forecast To 2033
Maritime Freight Transport Market
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According to The Business Research Company's, The maritime freight transport market size has grown strongly in recent years. It will grow from $351.58 billion in 2023 to $371.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in global trade and economic expansion, increase in demand for cost-effective and efficient transportation of goods, rise in liberalization of trade policies and reduction of tariffs worldwide, rise in outsourcing and offshoring of manufacturing to low-cost regions, increase in focus on sustainability and energy efficiency in maritime transport.
The maritime freight transport market size is expected to see strong growth in the next few years. It will grow to $469.06 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to growing oil and gas sector, increasing competition among shipping lines, rising demand for specialized cargo transport, rising strategic geopolitical developments, and rising demand for supply chain. Major trends in the forecast period include technological advancements, adoption of clean energy solutions, advancements in logistics, advancements in autonomous shipping, and advancements in maritime navigation systems.
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Market Drivers and Trends:
The expanding seafood export industry is expected to propel the growth of the maritime freight transport market going forward. Seafood export refers to the process of sending seafood products such as fish, shellfish, and other marine life from one country to another for sale in international markets. Seafood export is on the rise due to increasing global demand for seafood, advancements in aquaculture and fishing technologies, and improved cold chain logistics. Maritime freight transport facilitates seafood export by providing a reliable and efficient means of shipping large quantities of perishable seafood products to international markets, ensuring timely delivery, and maintaining product quality through refrigerated shipping containers. For instance, in 2023, according to the United States Department of Agriculture, a US-based federal agency, U.S. seafood exports reached a total value of $5.18 billion with a volume of 1.28 million metric tons, marking a 40% increase compared to previous years and indicating a strong recovery and rising demand. Therefore, the expanding seafood export industry is driving the growth of the maritime freight transport market.
Major companies operating in the maritime freight transport market are developing fully automated navigational assistants to enhance operational efficiency, improve safety, and reduce human error in maritime operations. Fully automated navigational assistants enhance route planning, optimize fuel consumption, and improve overall vessel safety using advanced algorithms and real-time data analysis. For instance, in January 2024, Orca AI, an Israel-based maritime technology company, launched SeaPod. It is a fully automated navigational assistant designed to enhance and mimic human watchkeeping. It operates around the clock, processing multiple sources of information in seconds to assess complex marine traffic situations in real time. This system identifies, tracks, and classifies targets of any size or distance and delivers critical data to a user-friendly interface. Automating all-target detection and risk prioritization dramatically decreases bridge officers' workload and weariness, boosting situational awareness and allowing crews to make more educated decisions faster.
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Major Key Players of the Market:
Maersk Line A/S, CMA CGM Group, COSCO SHIPPING Lines Co. Ltd., Mediterranean Shipping Company S.A., Hapag-Lloyd AG, NYK Line (Nippon Yusen Kabushiki Kaisha), Yang Ming Marine Transport Corporation, ZIM Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Seaboard Marine Ltd., Wan Hai Lines Ltd., Evergreen Marine Corporation, HMM Company Limited, Kawasaki Kisen Kaisha Ltd., Ocean Network Express Holdings Ltd., American President Lines LLC, Matson Inc., Crowley Maritime Corporation, National Shipping Company of Saudi Arabia (Bahri), Samskip Holding B.V., Islamic Republic of Iran Shipping Line Group, Pacific International Lines, X-Press Feeders Limited, Eimskip, Ark Shipping Inc
Maritime Freight Transport Market 2024 Key Insights:
• The maritime freight transport market size is expected to see strong growth in the next few years. It will grow to $469.06 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Rising Seafood Exports Drive Growth in the Maritime Freight Transport Market
• Advancements In Maritime Technology Enhance Safety And Efficiency With Fully Automated Navigational Assistants
• North America was the largest region in the maritime freight transport market in 2023
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