Growth in Seaborne Trade to Boost Port and Harbor Operation Service Market
- In 2017, top 20 global ports handled 9.3 billion tons of cargo. Outlook for the seaborne trade has remained positive since 2017 after two consecutive years of slowdown.
- Improvements in manufacturing and industrial activities are driven by high capital spending and growth of developing economies
Key Drivers and Restraints of Global Port and Harbor Operation Service Market
- Maritime industry registered the highest growth in five years due to global economic growth. The dry bulk cargo & containerized cargo are increasing steadily and are driving the demand of container handling services and port and harbor operation service market
- The expansion of the maritime industry in China and ASEAN region is expected to further propel the port and harbor service operation market
- Rising competition among freight operating companies as well as port traffic volumes has necessitated the adoption of a service operator to effectively manage and strategize port and harbor operations
- As the traffic volume rises, it has become increasingly important to monitor, track, and plan the supply chain and working at ports
- Rise in intra-Asia trade from China to other Asia Pacific countries is estimated to further boost the port and harbor operation service market
- Belt and Road Initiative of China is set to boost the expansion and development of new sea ports, thereby expanding the port and harbor operation service market
- Changes in trade policy and trade disputes among countries, such as China and U.S., would restraint the sea trade volume and hamper the port and harbor operation service market
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Navigation Service to Witness High Demand
- Navigation services include tug service, pilotage, port dues, and tug-berth system, among others. In order to ensure safety and minimize risk, several ports across the world have laws regulating compulsory pilotage. The pilotage involves a marine pilot to conduct and guide the vessel to the port.
- Rise in seaborne traffic and increase in the number of ports and harbors are boosting the navigation service segment of the port and harbor operation service market
- Tug service is on rise with increased number and size of vessels. Environmental concerns and strict port regulations have led to the adoption of green tug boats. As the average size of vessels is increasing and with the launch of carriers such as very large crude carrier and ultra large crude carrier, tugging service has evolved as one of the key navigation services required at ports.
Asia Pacific to Lead Global Market for Port and Harbor Operation Service
- In terms of region, the global port and harbor operation service market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific recorded the maximum import and export activities during 2018 with highest contribution from China. Exports from China and ASEAN countries are on the rise with their growing export values in Europe and North America.
- Foreign direct investment in the manufacturing sector in Asia Pacific has doubled between 2011 and 2017 as compared to 2005-2010. Ports and harbors in the Asia Pacific region have undergone major expansion and infrastructural development during the course to accommodate the rising traffic.
- Revival of the economy of Mexico and Brazil is likely to have a positive impact on the port and harbor operation service market in Latin America
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Key Manufacturers Operating in Market
The global port and harbor operation service market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- DP World Limited
- Hutchinson Whampoa Limited
- Crowley Maritime Corporation
- Hamburger Hafen
- Ningbao Port Company Limited
- Shanghai International Port Co. Ltd.
- Tianjin Port Company
Global Port and Harbor Operation Service Market, by Service
- Container Handling Services
- Ship Repair & Maintenance Services
- Navigation Services
- Supply Chain & Logistics Solution Services
- Mechanical and Electrical Engineering Services
Global Port and Harbor Operation Service Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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