Marine Ports and Services Market Growth to be Driven by Technological Advancements

Marine ports and services market offers safety and security amenities, infrastructure development and enhance services, such as vessel traffic service, emergency services, and vessel bookings and cancellation services. Marine ports and services also provide reliable and safe movement of cargo and passenger vessels. It provides abrupt responses to safety and environmental concern associated with marine vessel of all class such as liquid cargo, dry bulk cargo and tourism or passenger ships.

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On the basis of the various services provided by the marine port and services, the market can be broadly categorized under four segments namely port development and consultancy, port and harbor operation, commercial shipping services and tools services.

According to United Nations Conference on Trade and Development (UNCTAD), in 2013, 80 per cent of global commodities trade was carried through waterways. The trade competitiveness of all developing and developed countries depends largely on their infrastructure of shipping services and inter-port conectivity.

The past few decades the economy and trade capacity are shifted from its traditional centers. Moreover the considerable shifts in global manufacturing locations, development of high volume container vessels and technological advancement in the field of information and communication networking is driving the market of marine port and services market.

Developments of new international sea routes such as extension of the panama canal and proposal of arctic routes coupled with formation of BRICS bank (a bank formed by Brazil, Russian, India, China and South Africa) with the proposal to raise funding to meet the needs of new and advanced logistic infrastructure is providing new market opportunity for the global marine port and services market.

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Asia Pacific is the largest market of global marine port and services market followed by North America and Europe. Asia Pacific is also the fasted growing region for marine port and services market attributed to the growing gross domestic production (GDP) in China and India. Moreover growing South–South trade, intra-Asian trade coupled with increasing seaborne trade is driving the market in this region.

Some of the major companies operating in global marine ports and services market include, DP World Limited, Hutchison Whampoa Limited, Ningbo Port Company Limited, Shanghai International Port, Hamburger Hafen und Logistik AG

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