Maritime Sector Market to grow at a CAGR of 7.4 percent during the forecast period, Emerging Trends and Regional Insights
Stellar Market Research has published a market intelligence report on the “Maritime Sector Market”, which is a combination of primary data and secondary data. Over the forecast period, Stellar Market Research expects, the Maritime Sector market to grow from USD 128 Bn in 2023 to USD 210.98 Bn in 2030 at a CAGR of 7.4 percent.
Market Size in 2023: USD 128 Billion
Market Size in 2030: USD 210.98 Billion
CAGR: 7.4 Percent
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 284
No. of Tables: 91
No. of Charts and Figures: 84
Segment Covered: By Services and Technology
Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
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Maritime Sector Market Report Scope and Research Methodology
The report includes a detailed analysis of maritime sector’s market size, market share, company performances, historical data, forecast and dynamics including drivers, major restraints, upcoming opportunities and challenges. It includes an in-depth analysis of the Maritime Sector market at global, regional and country levels. It provides a comprehensive analysis of the competitive scenario of the Maritime Sector industry with the business strategies adopted by the competitors. The report includes a list of Maritime Sector key players with information on their revenue, production capacity, sales and global presence. SWOT analysis was used to provide the strengths and weaknesses of the Maritime Sector key players in the industry.
The bottom-up approach was used to estimate the Maritime Sector market size. Both primary and secondary methods were used to gather data on market dynamics, the performance of key players and historical data of the industry. It also includes PORTER, PESTLE analysis and market attractiveness, which helps to understand the Maritime Sector market at macro and micro levels.
Maritime Sector Market Overview
The maritime industry is very important in terms of trade and industry, natural resources and energy, science and leisure activities. It includes a wide range of activities such as shipbuilding, shipping, maritime logistics, marine transportation, port and terminals, etc. As per the study, the Maritime Sector Market is expected to grow rapidly during the forecast period.
Maritime Sector Market Dynamics
Digitalization and automation are driving the Maritime Sector Market growth. Digital technologies and solutions are increasingly being used to increase competitiveness and operational efficiency. Their implementation also spurs the industry along the decarbonization path to realize zero emissions from international shipping. Data streams from sensors and others sources of information are used for decision making and enhance monitoring, quality assurance, control and verification.
In recent years, cyberattacks have increased, which has caused significant financial losses to businesses and damaged reputation and trust. Despite being considered safe due to limited internet connectivity, the maritime sector has seen an increase of 900% in cybersecurity breaches on operational technology as it embraces digitalization.
Maritime Sector Market Regional Insights
European Maritime Sector Market held the major share of the global market. Over 90% of the UK’s trade is transported by sea, which highlights the vital role of the maritime industry. The UK’s maritime sector includes various activities, including shipping, sub-sea technology, ports, aquaculture, and maritime legal and financial services. With a turnover exceeding £56 billion and employing around 410,000 people, the UK boasts the largest maritime sector in Europe, contributing largesly to the economy.
North American Maritime Sector Market is expected to grow during the forecast period. The United States heavily relies on maritime transport for both imports and exports of vital commodities and products, thanks to its strategic geographical location. Around 71 percent of all goods traded by the United States are transported via waterways, mainly by seagoing vessels. In terms of value, ships carry over 39 percent of the total value of goods traded by the United States.
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Maritime Sector Market Segmentation
By Services
- Water Transport Services
- Vessel Leasing and Rental Services
- Cargo Handling
- Supporting Service Activities to Water Transport
- Others
Based on Services, the Water Transport Services held the largest Maritime Sector Market share in 2023 because it is the primary mode of international trade. Most of the countries’ economies with ocean borders are mainly influenced by the receipt and export of goods and services by water. Many national and regional economies are majorly dependent on the transport of goods by water are not limited to those that border oceans.
By Technology
- Navigation and tracking systems
- Communication systems
- Maritime software solutions
Maritime Sector Key Competitors include:
- Maersk Group (Copenhagen, Denmark)
- Mitsubishi Heavy Industries (Tokyo, Japan)
- CMA CGM Group (Marseille, France)
- China COSCO Shipping Corporation (Shanghai, China)
- Hyundai Heavy Industries (Ulsan, South Korea)
- Evergreen Marine Corp. Ltd. (Taipei, Taiwan)
- Samsung Heavy Industries (Seoul, South Korea)
- Mitsui O.S.K. Lines (Tokyo, Japan)
- Damen Shipyards Group (Gorinchem, Netherlands)
- Yang Ming Marine Transport Corporation (Keelung, Taiwan)
- Wärtsilä Corporation (Helsinki, Finland)
- P&O Ferries (Dover, United Kingdom)
- Marco Polo Shipping Co Pte Ltd (Singapore)
Key questions answered in the Maritime Sector Market are:
- What was the Maritime Sector Market size in 2023?
- What is the expected Maritime Sector Market size by the end of the forecast period?
- What is the expected CAGR of the Maritime Sector Market during the forecast period?
- What are the Maritime Sector Market segments?
- Which Maritime Sector Market segment is expected to grow at a high CAGR during the forecast?
- What are the major challenges that the Maritime Sector Market could face in the future?
- What are the upcoming industry trends for the Maritime Sector Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Maritime Sector Market?
- What growth strategies are the players considering to increase their presence in the Maritime Sector Industry?
- Who are the leading companies and what are their portfolios in the Maritime Sector Market?
- Who held the largest Maritime Sector market share in 2023?
- Which regional Maritime Sector market is expected to grow at a high rate in the future?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Market Size, Share & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Services, Technology and Region
- PESTLE Analysis
- PORTER’s analysis
- Key Findings
- Analyst Recommendations
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About Stellar Market Research:
Stellar Market Research is a consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage. Its strong emphasis on symptomatic science and analysis of a market, buyer behaviour, product usage, pricing pattern, and industry facet equips a strategy maker with an arsenal of data that will enable their organisation to maintain its stronghold or plan strategies and take actions that will result in remarkable growth and increase their market position.
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