PUBLISHER: Market Research Future | PRODUCT CODE: 1637075
PUBLISHER: Market Research Future | PRODUCT CODE: 1637075
Global Port Services Market Research Report Information by Type (Sea, and Inland Ports), by Service (Advisory, Engineering, Operation, Maintenance, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) Market Forecast Till 2032
The port services market was estimated at USD 95,636.59 million in 2023. The Global Port Services industry is expected to increase from USD 98,601.33 million in 2024 to USD 1,26,448.2 million by 2032, with a compound yearly growth rate (CAGR) of 3.1% over the forecast period (2024-2032).
The Port Services Market is driven by increased global marine trade, rising demand for container handling services, and the need for infrastructure expansion.
The maritime industry is a key driver of global trade and economic progress, serving as a platform for connecting markets and facilitating the movement of commodities around the world. Port services are in high demand as global trade grows.
Market Segment insights
The market is divided into two types: seaports and inland port facilities.
The Port Services Market size's service section includes consultation, engineering, operation, and maintenance, among others.
Regional insights
The study covers North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The Asia Pacific Port Services Market accounted for the biggest market share in 2023 and is predicted to grow at a considerable CAGR over the study period. With the region's strong international trade and developing economy, the APAC market for port services is expanding rapidly. As a major production and export hub, the Asia Pacific region has experienced a significant growth in cargo moving through its ports. As the world's largest trade country, China is critical to APAC port service markets. Major Chinese ports such as Shanghai, Ningbo-Zhoushan, and Shenzhen are among the world's busiest, handling millions of containers each year. The country's rising import and export trade creates a demand for port activities such as loading and unloading. Aside from APAC players, Singapore, South Korea, Japan, and India have emerged as major players in the port service market.
Furthermore, Europe is the world's second-largest port services market. Ports are key infrastructure assets with high commercial and strategic value across Europe. They are critical for facilitating commerce, encouraging economic growth, and creating new job possibilities. Ports are the beating core of the maritime transportation business, allowing people, commodities, and services to move freely across the continent by serving as points of departure, entry, and transfer.
Furthermore, the North American Port Services Market has expanded rapidly in recent years. The North American port service market is seeing tremendous expansion, owing to expanding levels of international trade, particularly with major trading partners like as China, Mexico, and Canada, which has resulted in increased cargo quantities transiting through North American ports. For example, the number of cargo containers carried at ports in Houston, New Orleans, and Mobile, Alabama increased in March 2024.
The major market players include Wilhelmsen Group, Cosco Shipping Ports Limited, DP World Limited, Ap Moller Maersk, Hamburger Hafen Und Logistik AG, Shanghai International Port, Shipping Solutions and Services Ltd, International Container Terminal Services Inc, Ningbo Zhoushan Port Co. Ltd, and PSA International, among others.