Maritime Logistics and Services Market Size Will Witness Substantial Growth in the Upcoming years 2032
Maritime Logistics and Services Market Overview
Maritime Logistics and Services Market size was valued at USD 77.1 Billion in 2022. The maritime logistics and services industry is projected to grow from USD 83.11 Billion in 2023 to USD 151.57 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2032).
The growing demand for cost-effective and safe shipping and an increase in seaborne trade is driving the growth of the maritime logistics and services market. Furthermore, the rapid development of new ports in developing countries, automation and digitalization, and consolidation of the container shipping business are some factors expected to drive the growth of the Maritime Logistics And Services Market Size even further. The world exchange and freight transportation methods have undergone rapid change.
Furthermore, these advancements have increased interest in strategy administrations and other modes of transportation; thus, the oceanic administrator offers compelling and great coordinated factors administrations and better vehicles. The conventional port world is changing demographic, mechanical, and supportability drivers that impact day-to-day business. The global delivery industry is expected to see numerous amazing opportunities.
COVID-19 also had an adverse effect on the shipping industry. Shipping goods and services were halted due to travel restrictions, affecting the Global Maritime Logistics and Services Market. To deal with the disruptions caused by the Covid-19 crisis, the major players in the Global Maritime Logistics and Services Industry adjusted their finance, safety protocols, operations, and working practices. The countries' governments took steps to keep trade flowing while keeping people safe. Various industries were forced to halt production due to the lockdown. As a result, the shipping market was severely impacted, but the Global Maritime Logistics and Services Industry will show positive growth following the disaster.
Key Players of Maritime Logistics and Service
Following is the Maritime Logistics and Services Market Players P. Moller-Maersk A/S, Mediterranean Shipping Company SA, China Ocean Shipping Company Limited, CMA CGM SA, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd, Evergreen Line, Yang Ming Marine Transport Corp., Hyundai Merchant Marine Pacific International Lines
Other Prominent Players
Wilhelmsen Holding ASA, Nor Sea Group AS, Tata Mar trade International Logistics Limited, Algeposa Group, MTL Marine Trans Logistics Pvt Ltd, Toll Group, Clear Metal, Inc., Ship Amax Ltd, We4Sea BV
Market Segmentation:
The Global Maritime Logistics and Services Market Overview is segmented based on service and type.
According to the Service:
• Packing
• Route surveys
• Port handling
• Lifting equipment management
• Crafting
According to the Type:
• Bulk cargo
• General cargo
Regional analysis:
The Global Maritime Logistics and Services Market is divided into four major regions: Asia-Pacific, Europe, North America, and the rest of the world.
In 2021, the Asia-Pacific region had the largest Maritime Logistics and Services Market Share, expected to dominate the market during the forecast period. China and India are major contributors to the Global Maritime Logistics and Services Market. North America has a consistent CAGR over the forecast period, and tensions between China and the U.S. will impact market growth in this region. Despite economic crises in some European countries, Europe is expected to grow in the Global Maritime Logistics and Services Market. This is because of the presence of key market players in this region. The rest of the world will see positive growth during the projection period due to increased seaborne economic activity.
Recent Developments:
• In May 2021, the European Union awarded USD 30.6 million in funding for sustainable and smart logistics to an international association of 45 organizations led by the Port of Rotterdam to run ten projects in port operations.
• In May 2021, a subsidiary of Hutchison Ports named Hutchison Ports Netherlands B.V. signed an agreement to purchase APM Terminals Rotterdam (APMTR) from APM Terminals.
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