Global Maritime Logistics and Services Market is predicted to reach USD 151.57 Billion at a CAGR of 7.80% during the forecast period:
Market Research Future (MRFR) has published a cooked research report on the “Global Maritime Logistics and Services Market” that contains information from 2018 to 2031.The Global Maritime Logistics and Services Market is estimated to register a CAGR of 7.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the Global Maritime Logistics and Services Market — YangMing Marine Transport Corp., Evergreen Line, P. Moller-Maersk A/S, Mediterranean Shipping Company SA, Hyundai Merchant Marine, Hapag-Lloyd AG, CMA CGM SA, Pacific International Lines, China Ocean Shipping Company Limited, and Ocean Network Express Pte. Ltd
The Maritime Logistics and Services Market is accounted to register a CAGR of 7.80% during the forecast period and is estimated to reach USD 151.57 Billion by 2032.
The maritime logistics and services market refers to the transportation and management of goods through sea routes, as well as the various services associated with it, such as port operations, freight forwarding, customs clearance, and logistics management. This industry plays a crucial role in global trade, as the majority of international trade is carried out through maritime transportation.
The Global Maritime Logistics and Services Market has been segmented based Type, System, and Ship Type.
The maritime logistics and services market segmentation, based on type, is fully electric and hybrid categories. Fully electric vessels are expected to develop at the fastest CAGR in the market during the forecast period. Compared to other hybrid propulsion systems in passenger's vessels, fully electric vessels are significantly more capable of operating passenger vessels. These engines also produce less noise than others, and they are the best engine for short-range operations due to their reduced weight. However, in 2021, the hybrid-type segment held the biggest market share.
The maritime logistics and services market segmentation is based on energy storage systems, power generation, power conversion, and distribution systems. The energy storage system category had the highest share in the maritime logistics and services market growth in 2021. With the help of an energy storage system, it can manage supply-demand situation, build more durable energy infrastructure, and reduce costs for utilities and end users.
Based on ship type, the market is segmented into commercial and defense. Due to marine commerce in the fastest expanding economies, the commercial segment held the greatest market share in 2021. The maritime transportation industry handles most foreign trade via sea routes in these economies. Trends in container port-handling operations highlight Asia's dominant role in trade and transportation.
The Global Maritime Logistics and Services Market, based on region, has been divided into North America, Asia-Pacific, Europe, and the Rest of the World .Asia-Pacific region accounted for the most extensive market share, and Europe is anticipated to register highest CAGR during the forecast period.
The Asia-Pacific region had the largest market share in 2021. The Asia-Pacific area includes some of the world's fastest-growing economies, including China and India. Trade exchanges help these countries grow in the maritime transportation industry, which handles most international trade via sea routes. Trends in worldwide container port-handling operations underscore Asia's major position in trade and shipping. Asian countries are seeing a significant increase in intra-regional trade, primarily focused on manufacturing trades, and reflects fragmented production processes in which parts are typically made in many sites across Asia and assembled in another.
Europe is expected to expand at the fastest CAGR during the forecast period. The key drivers of the expansion include Italy, France, Germany, and other European countries. Over the next few years, market growth is likely to be supported by the presence of key players. Moreover, it is also accredited to the rapid funding and investment from the US Government in numerous marine port developments.
Key Findings of the Study