- 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.
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- 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.
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.
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- 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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