The global marine port and service industry is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4.7% from 2015 to 2020, according to a new report from Research and Markets.
The major drivers of growth for this industry are set to be high growth of the marine freight transportation industry and surging demand of containerized and bulk cargo.
Increasing global exports, rising customer demand, and expansion of new regional trade hubs are the additional factors contributing to accelerated growth.
Within the marine port and service industry, the container handling service segment is expected to emerge as the leading market by value, followed by the ship repair and maintenance service segment, the report shows.
Due to an increase in containerization, industry players are adopting advanced handling equipment for fast operation.
This increase of world container throughput is expected to spur growth for this segment over the forecast period.
The report further notes that Asia Pacific is expected to remain the largest industry due to tremendous economic growth in China and India, while Europe and North America are expected to grow significantly due to increasing industrial production, high international trade, and subsequent rise in the demand for marine freight transportation.