Singapore's Maritime Market Size Examining Growth Dynamics in Industry (2024-2032)
Singapore Maritime Sector Market Overview
The Singapore Maritime Sector was valued at USD 4.3 billion in 2022 and is projected to grow from USD 4.5 billion in 2023 to USD 6.6 billion by 2032, with a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). Key drivers for this growth include Singapore's strategic location and connectivity, along with its advanced infrastructure and port facilities.
Market Trends
Digitalization Driving Market Growth
Digitalization is a primary factor propelling the growth of the Singapore Maritime Sector. The focus on integrating the latest technological advancements is aimed at enhancing the efficiency, cost-effectiveness, and environmental sustainability of Singapore’s ports. The Tuas terminal, for instance, is set to incorporate advanced port technologies and several automated systems, including Automated Guided Vehicles (AGVs), automated yard and quay cranes, and an Automated Container Storage and Retrieval System, which will boost yard storage capacity and create an intelligent container terminal. The Ministry of Transport (Mot) and PSA Corporation are also developing an autonomous truck platooning system to meet the growing demand for container transport between port terminals.
The rise of e-commerce has significantly impacted the maritime transport industry, transforming global trade and supply chains. E-commerce necessitates a reliable and efficient logistics infrastructure, heavily relying on maritime transportation for cost-effective and dependable goods movement. Containerized shipping is particularly suited for transporting various products, facilitating the global flow of goods and allowing e-commerce businesses to reach even remote regions. The implementation of containerization has enhanced supply chain efficiency, reduced transit times and costs, and ensured the safe transportation of goods, thus driving market revenue.
Market Segment Insights
Service Type
The Singapore Maritime Sector market is segmented by service type into:
- Water Transport Services
- Vessel Leasing and Rental Services
- Cargo Handling (including Container Services, Crane Services, Stevedoring Services)
- Supporting Water Transport Services (such as Shipping Agencies, Ship Brokering Services, Ship Management Services)
Among these, the cargo handling segment is crucial, as it encompasses essential services that facilitate cargo movement and ensure efficient port operations. Services like crane operations are vital for loading and unloading goods from ships.
Country Insights
Singapore is renowned for its vibrant maritime industry and one of the world’s busiest ports, playing a significant role in global trade and transportation. The country offers comprehensive services, including shipping, logistics, and shipbuilding, and emphasizes innovation and sustainability in its maritime sector. This sector is a significant contributor to Singapore’s economy, providing numerous job opportunities. As a leading global hub port and international maritime center, Singapore handles approximately 130,000 vessels annually, with about 1,000 vessels in its waters at any given time, managing over 1,000 tonnes of goods per minute. Despite the challenges posed by the COVID-19 pandemic, Singapore has maintained its status as the world’s second-busiest container port and the top bunkering port.
Competitive Insights
Leading companies in the Singapore Maritime Sector are investing heavily in research and development to expand their product lines and market presence. Strategic activities include new product launches, contractual agreements, mergers and acquisitions, and collaborations. Major players in the market include:
- 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
Industry Developments
- August 2023: PSA BDP signed an MOU with Dow Chemical International Pvt. Ltd. (Dow India) to launch a sustainable transportation solution in India. Starting in 2024, PSA BDP will deploy electric vehicles for import and export container trucking through PSA International's Mumbai and Ameya terminals and other ports to Dow India. The trucks will be powered by PSA Mumbai's 6.25MW Open Access Solar Plant, operational later in 2023.
- February 2023: A.P. Moller opened a new office in Singapore and expanded its investment program in South and Southeast Asia, aiming to commit more than USD 750 million to regional infrastructure platforms. The A.P. Moller Group, one of the world's largest transportation and logistics firms, manages over USD 1.5 billion and has invested in 16 projects.
Singapore Maritime Sector Market Segmentation
Service Type Outlook
- Water Transport Services
- Vessel Leasing and Rental Services
- Cargo Handling (including Container Services, Crane Services, Stevedoring Services)
- Supporting Water Transport Services (including Shipping Agencies, Ship Brokering Services, Ship Management Services)
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