The Singapore Maritime Sector Market Size was valued at USD 4.3 Billion in 2022. The Maritime Sector Market industry is projected to grow from USD 4.5 Billion in 2023 to USD 6.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). Strategic location and connectivity, advanced infrastructure and port facilities are the main market drivers anticipated to propel the Maritime Sector Market in Singapore.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Digitalization in the Maritime Sector Leads to Market Growth
One of the primary factors driving the growth of the Singapore Maritime Sector Market CAGR is digitalization. A strong emphasis has been placed on utilizing the most recent technical breakthroughs to make Singapore's ports more efficient, cost-effective, and environmentally friendly. The Tuas terminal, for example, will use innovative port technologies and include several automated systems. Automated Guided Vehicles (AGVs), automated yard and quay cranes, and an Automated Container Storage and Retrieval System are all in the works, with the goal of increasing yard storage capacity and creating a massive, intelligent container terminal. According to PSA Singapore, Singapore's Ministry of Transport (MoT) is collaborating with PSA Corporation to design and build an autonomous truck platooning system to help satisfy the growing demand for container truck transport between port terminals.
Moreover, the rise of e-commerce has transformed the maritime transport business, altering the way global trade and supply chains operate. The popularity of online shopping and e-commerce platforms has revolutionized the purchasing and selling of commodities, necessitating a dependable and efficient logistics infrastructure to fulfill rising demand. E-commerce enterprises face the problem of completing orders from all over the world, and they rely largely on maritime transportation to transfer goods at a low cost and with high reliability. Because containerized shipping can handle enormous volumes of cargo, maritime transport is appropriate for transporting a wide range of products, including electronics, apparel, and home goods. Maritime transport has a vast network of shipping channels that connect manufacturing areas to consumer markets throughout the world. This facilitates the flow of goods across continents, and ships may access a variety of ports and terminals, allowing e-commerce enterprises to reach clients in even the most remote regions. The implementation of containerization in the business has accelerated the growth of maritime transport in the e-commerce sector. Standardized cargo handling procedures have increased supply chain efficiency, lowering transit times and overall transportation costs. Containerization also guarantees that commodities are properly protected during travel, reducing the chance of damage and increasing efficiency throughout the logistics process. Thus, driving the Singapore Maritime Sector market revenue.
Maritime Sector Service Type Insights
The Singapore Maritime Sector Market segmentation, based on Service Type, includes Water Transport Services, Vessel Leasing and Rental Services, Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc.), Supporting Water Transport Services (Shipping Agencies, Ship Brokering Services, Ship Management Services, and so on). The cargo handling category is extremely important in the maritime sector market. These services, which include container services, crane services, and stevedoring services, are vital for facilitating cargo transit and ensuring successful port operations. They handle and control freight traffic, making up an important part of the maritime industry. Crane services are crucial for loading and unloading goods from ships.
Figure 1: Singapore Maritime Sector Market, Service Type, 2023 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Maritime Sector Country Insights
Singapore is renowned for its thriving maritime industry and one of the world's busiest ports. It is an important player in worldwide trade and transportation, providing a wide range of services including shipping, logistics, and shipbuilding. Singapore's maritime sector is modern and technologically driven, with an emphasis on innovation and sustainability. It contributes greatly to the country's economy and creates job opportunities. Also, Singapore is a leading global hub port and international maritime center. Every year, 130,000 vessels visit ports. At any given time, there are approximately 1,000 vessels in Singapore's seas. Every minute, ports handle over 1,000 tonnes of goods. Singapore remains the world's second-busiest container port and the top bunkering port in 2020. It has also permitted crew changes for over 80,000 mariners during the coronavirus (COVID-19) outbreak.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Maritime Sector Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Maritime Sector industry must offer cost-effective items.
Major players in the Maritime Sector Market are attempting to increase market demand by investing in research and development operations, including PSA International, ONE (Ocean Network Express), PIL (Pacific International Lines), AP Moller Singapore Pte Ltd, Cosco Shipping (Singapore) Petroleum Pte Ltd, NYK Group, CMA CGM & ANL (Singapore) PTE LTD, Evergreen Marine (Singapore) Pte Ltd, Sea Consortium Private Ltd, Hin Leong Marine International.
Key Companies in the Maritime Sector Market include
Singapore Maritime Sector Industry Developments
In August, 2023, PSA BDP, a leading provider of internationally integrated and port-centric supply chain, transportation, and logistics solutions, has signed a Memorandum of Understanding (MOU) with Dow Chemical International Pvt. Ltd. (Dow India) to launch a first-of-its-kind sustainable transportation solution in India. Beginning in 2024, PSA BDP will deploy electric vehicles for import and export container trucking through PSA International's (PSA) Mumbai and Ameya terminals, as well as other ports to Dow India. The trucks will be powered by PSA Mumbai's 6.25MW Open Access Solar Plant, which is set to be operational later in 2023.
In February, 2023, A.P. Moller has opened a new office in Singapore and is expanding its investment program in South and Southeast Asia, with the goal of committing more than USD 750 million to regional infrastructure platforms. The A.P.Moller Group, one of the world's oldest and largest transportation and logistics firms, manages more than USD 1.5 billion and has invested in 16 projects.
Maritime Sector Service Type Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.3 Billion |
| Market Size 2023 | USD 4.5 Billion |
| Market Size 2032 | USD 6.6 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type and Region |
| Countries Covered | Singapore |
| Key Companies Profiled | PSA International, ONE (Ocean Network Express), PIL (Pacific International Lines), AP Moller Singapore Pte Ltd, Cosco Shipping (Singapore) Petroleum Pte Ltd, NYK Group, CMA CGM & ANL (Singapore) PTE LTD, Evergreen Marine (Singapore) Pte Ltd, Sea Consortium Private Ltd, Hin Leong Marine International |
| Key Market Opportunities | Embracing digitalization and innovation for enhanced efficiency and sustainability |
| Key Market Dynamics | Strong government support and industry collaboration |
Frequently Asked Questions (FAQ) :
The Singapore Maritime Sector Market size was valued at USD 4.5 Billion in 2023.
The market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
The key players in the market are PSA International, ONE (Ocean Network Express), PIL (Pacific International Lines), AP Moller Singapore Pte Ltd, Cosco Shipping (Singapore) Petroleum Pte Ltd, NYK Group, CMA CGM & ANL (Singapore) PTE LTD, Evergreen Marine (Singapore) Pte Ltd, Sea Consortium Private Ltd, Hin Leong Marine International.
The cargo handling category dominated the market in 2023.
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