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Investments in port infrastructure and technology upgrades, such as automation and digitalization, improve operational efficiency and competitiveness. The development of specialized terminals for handling bulk and liquid cargo caters to industry-specific needs. The rising adoption of technologies, such as big data analytics, AI-driven predictive maintenance, and blockchain for secure transactions, is making way for enhanced efficiency, optimized logistics, and improved decision-making processes.
In April 2023, A*STAR established a new center for maritime digitalization with a flagship research programme for deploying AI technologies within the maritime sector. The surge in such initiatives will assist in market development. Additionally, strategic initiatives to enhance port connectivity with inland transport networks and promote sustainable practices bolster market growth. These factors collectively support the expansion and modernization of marine port services globally.
The market size of marine port services reached USD 88.8 billion in 2023 and is set to observe around 4% CAGR from 2024 to 2032, led by the surging focus on environmental sustainability.
The container handling services segment in the marine port services industry recorded 30% revenue share in 2023, due to the growing need for intermodal transportation.
The bulk cargo port segment in the marine port services market is projected to record USD 31 billion by 2032, on account of the rising adoption of automation, AI-driven systems, IoT sensors, and data analytics.
Asia Pacific market is projected to record over 40% share in 2023, driven by the strong focus on improving connectivity between ports and inland transportation networks.