Maritime Sector Market: Global Industry Analysis and Forecast (2024-2030)

  • The Maritime Sector Market size was valued at USD 128 Bn. in 2023 and the total Global Maritime Sector revenue is expected to grow at a CAGR of 7.4% from 2024 to 2030, reaching nearly USD 210.98 Bn. by 2030.

  • Format : PDF | Report ID : SMR_1855

Maritime Sector Market Overview

The maritime industry is crucial for global trade, responsible for transporting over 95% of global trade by volume, totaling around 11 billion tons annually. The industry, consisting of approximately 50,000 merchant vessels, forms the backbone of international commerce, ensuring the smooth movement of goods, products, and people worldwide. The maritime sector is not only essential for global trade but also serves as a major source of employment. With over 1.8 million seafarers and an estimated 20+ million workers supporting the maritime sector, it significantly contributes to job creation and economic growth globally. As per the study, the Maritime Sector Market is expected to grow during the forecast period.

 

Moreover, the maritime sector is increasingly focusing on environmental protection. Despite transporting the majority of global trade, it is responsible for just 1.7% of global greenhouse gas emissions. Efforts to further reduce environmental impact include the International Maritime Organization's target to cut GHG emissions by at least 50% by 2050 compared to 2008 levels. Overall, the maritime industry's role in global trade, job creation, and environmental protection makes it an indispensable component of the modern world.

Maritime Sector Market

 

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Maritime Sector Market Dynamics

Sustainable Development in Shipping and Ports

Maritime transport is essential for global trade and development, with over 80 percent of goods transported by sea. Developing countries rely heavily on shipping, accounting for 55 percent of seaborne exports and 61 percent of imports. Ports serve as gateways for economic growth, enabling countries to participate in trade and fostering development. To build resilience in supply chains and combat climate change, the maritime sector is pivotal.

 

The World Bank is actively working to promote sustainable development in shipping and ports, which is expected to drive the Maritime Sector Market growth. It is focusing on three core areas:

 

  1. Greening Ships and Ports: Maritime transport contributes around three percent of global greenhouse gas emissions, making it crucial for climate mitigation efforts. The World Bank supports client countries, especially Least Developed Countries (LDCs) and Small Island Developing States (SIDS), in developing policies to reduce the sector's carbon footprint. This includes promoting the use of hydrogen-based fuels like green ammonia and methanol.
  2. Digitalizing Operations: Digital solutions are key to optimizing port operations, reducing costs, and lowering emissions. However, as ports digitize operations, the risk of cyberattacks increases. The World Bank works to protect critical maritime infrastructure from digital threats, ensuring efficient and secure trade.
  3. Improving Efficiency: Operational efficiency is vital for low-cost maritime transport. Ports play a crucial role in reducing shipping costs and building supply chain resilience, particularly for food security. The World Bank focuses on improving existing infrastructure and optimizing vessel operations to achieve positive cost and climate impacts.

 

Through these initiatives, the World Bank aims to promote sustainable development, enhance global trade, and combat climate change in the maritime sector.

Maritime Sector Market1

Impact of E-Commerce on the Maritime Industry

E-commerce and the maritime industry are increasingly collaborating to streamline logistics and enhance the flow of goods. This is majorly contributing to the maritime sector market growth. Platforms like Alibaba's OneTouch allow merchants to book container ship spots directly online, bypassing traditional freight forwarders. This benefits SMEs by simplifying the shipping process and provides shipping companies access to a new client base. Locally, e-commerce giants like RedMart heavily rely on sea freight to transport goods to Singapore. RedMart ships products at least twice a week, with 90% of imports arriving by sea.

 

The upcoming Tuas Mega Port, set to be completed by 2040, aims to double Singapore's port capacity to 65 million TEUs. This expansion is expected to accommodate increasing demand and provide efficient services to major shipping alliances. Initiatives like MPA's support for technology start-ups, such as XjeraLabs, will enhance port operations, benefiting e-commerce businesses by improving transportation networks and facilitating a smoother flow of goods.

 

Cyber Risks in Marine Industry

The maritime sector is on the brink of a digital revolution, but with this transformation comes the risk of cyber threats. This is the major challenging factor for Maritime Sector Market. KPMG and KONGSBERG have partnered to help navigate these challenges and capitalize on the immense business potential digitalization offers. With around 90 percent of world trade being carried by the international shipping industry, the sector's increasing interconnectivity exposes it to more cyber vulnerabilities than ever before. Failure to comply with upcoming regulatory requirements, such as those set by the International Maritime Organization (IMO), could result in significant financial losses and reputational damage.

 

Maritime Sector Market Segment Analysis

Based on Service, the market is segmented into Water Transport Services, Vessel Leasing and Rental Services, Cargo Handling, Supporting Service Activities to Water Transport and Others. The Water Transport Services held the largest Maritime Sector Market share in 2023. Water transportation has been essential for moving commodities and people for centuries. In 2020, around 80 percent of global goods were transported by sea, with vital commodities such as coal, oil, and gas making up a significant portion. Ships offer a vast capacity, making them economical for transporting large, heavy, and bulky items. Despite their efficiency, shipping accounted for only 11 percent of global transportation emissions in 2020, less than road freight transport.

Maritime Sector Market2

Maritime Sector Market Regional Insight

Asia Pacific Maritime Sector Market dominated the global market in 2023. As per the study Indian market is expected to grow at a high rate during the forecast period. TK Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways, emphasized the substantial growth potential in India's maritime sector and advocated for enhanced collaboration with Europe. Addressing the 2nd CII India Europe Business and Sustainability Conclave, he underscored the opportunities within the India-Middle-East-Europe Connectivity Corridor and highlighted the potential for collaboration in shipbuilding and the development of green ports. Asia Pacific Maritime (APM) returns for its 18th installment in Singapore from 13 to 15 March 2024 at the Marina Bay Sands, serving as the largest meeting place in Southeast Asia for the global maritime value chain.

 

The premier exhibition and conference are expected to attract over 14,000 industry professionals, including shipowners, shipyards, ship management, and technical procurers, to meet with over 1,400 solutions providers. With the theme "Future of Vessels, Solutions for Tomorrow," APM 2024 aims to facilitate knowledge exchange and information sharing, focusing on smarter solutions to achieve net-zero objectives, drive cybersecurity, improve satellite communication mobility, and embrace digitalization.

 

Europe Maritime Sector Market is also a major market, which is expected to grow rapidly in the future. Maritime shipping has long been a crucial mode of transportation for European countries. In 2021, ships transported over half the value of goods imports to the EU, totaling about 1.1 trillion euros, and over 40% of EU exports, valued at around 956 billion euros. On 1 January 2024, the European Union (EU) expanded its Emissions Trading System (ETS) to include the maritime sector, as part of the broader EU ETS reform enacted in June 2023.

 

Accounting for 3 to 4% of the EU’s total CO2 emissions, the sector now encompasses emissions from large ships departing from or arriving in EU ports, regardless of their flag. Initially targeting vessels with a gross tonnage of 5000 or more, the system will extend to offshore activities from 2027. Companies are required to monitor emissions, acquire and surrender EU allowances (EUAs), with revenues directed to the Innovation Fund to drive maritime sector innovation and support decarbonization efforts.

Maritime Sector Market Scope

Market Size in 2023

USD 128 Bn.

Market Size in 2030

USD 210.98 Bn.

CAGR (2024-2030)

7.4%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segments

By Service

Water Transport Services

Vessel Leasing and Rental Services

Cargo Handling

Supporting Service Activities to Water Transport

Others

By Technology

Navigation and tracking systems

Communication systems

Maritime software solutions

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Key players in Maritime Sector Market

  1. Maersk Group (Copenhagen, Denmark)
  2. Mitsubishi Heavy Industries (Tokyo, Japan)
  3. CMA CGM Group (Marseille, France)
  4. China COSCO Shipping Corporation (Shanghai, China)
  5. Hyundai Heavy Industries (Ulsan, South Korea)
  6. Evergreen Marine Corp. Ltd. (Taipei, Taiwan)
  7. Samsung Heavy Industries (Seoul, South Korea)
  8. Mitsui O.S.K. Lines (Tokyo, Japan)
  9. Damen Shipyards Group (Gorinchem, Netherlands)
  10. Yang Ming Marine Transport Corporation (Keelung, Taiwan)
  11. Wärtsilä Corporation (Helsinki, Finland)
  12. P&O Ferries (Dover, United Kingdom)
  13. Marco Polo Shipping Co Pte Ltd (Singapore)


Frequently Asked Questions

The Asia Pacific region is expected to hold the highest share of the Maritime Sector.

1.    Maritime Sector Market Introduction
1.1.    Study Assumption and Market Definition
1.2.    Scope of the Study
1.3.    Executive Summary
2.    Maritime Sector Market: Dynamics
2.1.    Maritime Sector Market Trends 
2.2.    Maritime Sector Market Dynamics by Region
2.2.1. Maritime Sector Market Drivers
2.2.2. Maritime Sector Market Restraints 
2.2.3. Maritime Sector Market Opportunities
2.2.4. Maritime Sector Market Challenges

2.3.    PORTER’s Five Forces Analysis
2.4.    PESTLE Analysis
2.5.    Value Chain Analysis
2.6.    Regulatory Landscape by Region
2.6.1. North America
2.6.2. Europe
2.6.3. Asia Pacific
2.6.4. Middle East and Africa
2.6.5. South America

2.7.    Key Opinion Leader Analysis For the Maritime Sector Industry
2.8.    Analysis of Government Schemes and Initiatives for the Maritime Sector Industry
3.    Maritime Sector Market: Global Market Size and Forecast by Segmentation (by Value in USD Mn) (2023-2030)
3.1.    Maritime Sector Market Size and Forecast, by Service (2023-2030)
3.1.1. Water Transport Services
3.1.2. Vessel Leasing and Rental Services
3.1.3. Cargo Handling
3.1.4. Supporting Service Activities to Water Transport
3.1.5. Others

3.2.    Maritime Sector Market Size and Forecast, by Technology (2023-2030)
3.2.1. Navigation and tracking systems
3.2.2. Communication systems
3.2.3. Maritime software solutions

4.    North America Maritime Sector Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
4.1.    North America Maritime Sector Market Size and Forecast, by Service (2023-2030)
4.1.1. Water Transport Services
4.1.2. Vessel Leasing and Rental Services
4.1.3. Cargo Handling
4.1.4. Supporting Service Activities to Water Transport
4.1.5. Others

4.2.    North America Maritime Sector Market Size and Forecast, by Technology (2023-2030)
4.2.1. Navigation and tracking systems
4.2.2. Communication systems
4.2.3. Maritime software solutions

4.3.    North America Maritime Sector Market Size and Forecast, by Country (2023-2030)
4.3.1. United States
4.3.1.1. United States Maritime Sector Market Size and Forecast, by Service (2023-2030)
4.3.1.1.1. Water Transport Services
4.3.1.1.2. Vessel Leasing and Rental Services
4.3.1.1.3. Cargo Handling
4.3.1.1.4. Supporting Service Activities to Water Transport
4.3.1.1.5. Others
4.3.1.2. United States Maritime Sector Market Size and Forecast, by Technology (2023-2030)
4.3.1.2.1. Navigation and tracking systems
4.3.1.2.2. Communication systems
4.3.1.2.3. Maritime software solutions
4.3.2. Canada
4.3.2.1. Canada Maritime Sector Market Size and Forecast, by Service (2023-2030)
4.3.2.1.1. Water Transport Services
4.3.2.1.2. Vessel Leasing and Rental Services
4.3.2.1.3. Cargo Handling
4.3.2.1.4. Supporting Service Activities to Water Transport
4.3.2.1.5. Others
4.3.2.2. Canada Maritime Sector Market Size and Forecast, by Technology (2023-2030)
4.3.2.2.1. Navigation and tracking systems
4.3.2.2.2. Communication systems
4.3.2.2.3. Maritime software solutions
4.3.3. Mexico 
4.3.3.1. Mexico Maritime Sector Market Size and Forecast, by Service (2023-2030)
4.3.3.1.1. Water Transport Services
4.3.3.1.2. Vessel Leasing and Rental Services
4.3.3.1.3. Cargo Handling
4.3.3.1.4. Supporting Service Activities to Water Transport
4.3.3.1.5. Others
4.3.3.2. Mexico Maritime Sector Market Size and Forecast, by Technology (2023-2030)
4.3.3.2.1. Navigation and tracking systems
4.3.3.2.2. Communication systems
4.3.3.2.3. Maritime software solutions

5.    Europe Maritime Sector Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
5.1.    Europe Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.2.    Europe Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.    Europe Maritime Sector Market Size and Forecast, by Country (2023-2030)
5.3.1. United Kingdom
5.3.1.1. United Kingdom Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.1.2. United Kingdom Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.2. France
5.3.2.1. France Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.2.2. France Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.3. Germany
5.3.3.1. Germany Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.3.2. Germany Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.4. Italy
5.3.4.1. Italy Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.4.2. Italy Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.5. Spain
5.3.5.1. Spain Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.5.2. Spain Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.6. Sweden
5.3.6.1. Sweden Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.6.2. Sweden Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.7. Austria
5.3.7.1. Austria Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.7.2. Austria Maritime Sector Market Size and Forecast, by Technology (2023-2030)
5.3.8. Rest of Europe
5.3.8.1. Rest of Europe Maritime Sector Market Size and Forecast, by Service (2023-2030)
5.3.8.2. Rest of Europe Maritime Sector Market Size and Forecast, by Technology (2023-2030)

6.    Asia Pacific Maritime Sector Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
6.1.    Asia Pacific Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.2.    Asia Pacific Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.    Asia Pacific Maritime Sector Market Size and Forecast, by Country (2023-2030)
6.3.1. China
6.3.1.1. China Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.1.2. China Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.2. S Korea
6.3.2.1. S Korea Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.2.2. S Korea Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.3. Japan
6.3.3.1. Japan Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.3.2. Japan Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.4. India
6.3.4.1. India Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.4.2. India Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.5. Australia
6.3.5.1. Australia Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.5.2. Australia Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.6. ASEAN
6.3.6.1. ASEAN Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.6.2. ASEAN Maritime Sector Market Size and Forecast, by Technology (2023-2030)
6.3.7. Rest of Asia Pacific
6.3.7.1. Rest of Asia Pacific Maritime Sector Market Size and Forecast, by Service (2023-2030)
6.3.7.2. Rest of Asia Pacific Maritime Sector Market Size and Forecast, by Technology (2023-2030)

7.    Middle East and Africa Maritime Sector Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
7.1.    Middle East and Africa Maritime Sector Market Size and Forecast, by Service (2023-2030)
7.2.    Middle East and Africa Maritime Sector Market Size and Forecast, by Technology (2023-2030)
7.3.    Middle East and Africa Maritime Sector Market Size and Forecast, by Country (2023-2030)
7.3.1. South Africa
7.3.1.1. South Africa Maritime Sector Market Size and Forecast, by Service (2023-2030)
7.3.1.2. South Africa Maritime Sector Market Size and Forecast, by Technology (2023-2030)
7.3.1.3. GCC
GCC Maritime Sector Market Size and Forecast, by Service (2023-2030)
7.3.1.4. GCC Maritime Sector Market Size and Forecast, by Technology (2023-2030)
7.3.2. Rest of ME&A
7.3.2.1. Rest of ME&A Maritime Sector Market Size and Forecast, by Service (2023-2030)
7.3.2.2. Rest of ME&A Maritime Sector Market Size and Forecast, by Technology (2023-2030)

8.    South America Maritime Sector Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
8.1.    South America Maritime Sector Market Size and Forecast, by Service (2023-2030)
8.2.    South America Maritime Sector Market Size and Forecast, by Technology (2023-2030)
8.3.    South America Maritime Sector Market Size and Forecast, by Country (2023-2030)
8.3.1. Brazil
8.3.1.1. Brazil Maritime Sector Market Size and Forecast, by Service (2023-2030)
8.3.1.2. Brazil Maritime Sector Market Size and Forecast, by Technology (2023-2030)
8.3.2. Argentina
8.3.2.1. Argentina Maritime Sector Market Size and Forecast, by Service (2023-2030)
8.3.2.2. Argentina Maritime Sector Market Size and Forecast, by Technology (2023-2030)
8.3.3. Rest Of South America
8.3.3.1. Rest of South America Maritime Sector Market Size and Forecast, by Service (2023-2030)
8.3.3.2. Rest of South America Maritime Sector Market Size and Forecast, by Technology (2023-2030)

9.    Global Maritime Sector Market: Competitive Landscape
9.1.    MMR Competition Matrix
9.2.    Competitive Landscape
9.3.    Key Players Benchmarking
9.3.1. Company Name
9.3.2. Product Segment
9.3.3. End-user Segment
9.3.4. Revenue (2023)
9.3.5. Company Locations

9.4.    Market Structure
9.4.1. Market Leaders 
9.4.2. Market Followers
9.4.3. Emerging Players

9.5.    Mergers and Acquisitions Details
10.    Company Profile: Key Players
10.1.    Maersk
10.1.1. Company Overview
10.1.2. Business Portfolio
10.1.3. Financial Overview
10.1.4. SWOT Analysis
10.1.5. Strategic Analysis
10.1.6. Recent Developments

10.2.    Mitsubishi Heavy Industries
10.3.    CMA CGM Group
10.4.    CHINA COSCO SHIPPING
10.5.    Hyundai Heavy Industries
10.6.    Evergreen Marine Corp. Ltd.
10.7.    Samsung Heavy Industries
10.8.    Mitsui O.S.K. Lines 
10.9.    Damen Shipyards Group
10.10.    Yang Ming Marine Transport Corporation 
10.11.    Wärtsilä
10.12.    P&O Ferries
10.13.    Marco Polo Shipping Co Pte Ltd
11.    Key Findings and Analyst Recommendations
12.    Maritime Sector Market: Research Methodology

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