What are the latest figures on the maritime freight transport market’s size and projected CAGR?
The maritime freight transport market size has grown strongly in recent years. It will grow from $371.98 $ billion in 2024 to $395.17 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growth in global trade and economic expansion, increase in demand for cost-effective and efficient transportation of goods, rise in liberalization of trade policies and reduction of tariffs worldwide, rise in outsourcing and offshoring of manufacturing to low-cost regions, increase in focus on sustainability and energy efficiency in maritime transport.
The maritime freight transport market size is expected to see strong growth in the next few years. It will grow to $496.43 $ billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing oil and gas sector, increasing competition among shipping lines, rising demand for specialized cargo transport, rising strategic geopolitical developments, and rising demand for supply chain. Major trends in the forecast period include technological advancements, adoption of clean energy solutions, advancements in logistics, advancements in autonomous shipping, and advancements in maritime navigation systems.
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Which Market drivers have played a significant role in driving the maritime freight transport market?
The expanding seafood export industry is expected to propel the growth of the maritime freight transport market going forward. Seafood export refers to the process of sending seafood products such as fish, shellfish, and other marine life from one country to another for sale in international markets. Seafood export is on the rise due to increasing global demand for seafood, advancements in aquaculture and fishing technologies, and improved cold chain logistics. Maritime freight transport facilitates seafood export by providing a reliable and efficient means of shipping large quantities of perishable seafood products to international markets, ensuring timely delivery, and maintaining product quality through refrigerated shipping containers. For instance, in 2023, according to the United States Department of Agriculture, a US-based federal agency, U.S. seafood exports reached a total value of $5.18 billion with a volume of 1.28 million metric tons, marking a 40% increase compared to previous years and indicating a strong recovery and rising demand. Therefore, the expanding seafood export industry is driving the growth of the maritime freight transport market.
What are the key segments within the maritime freight transport market?
The maritime freight transportmarket covered in this report is segmented –
1) By Maritime Transport Type: Bulk Carriers, Container Ships, General Cargo Ships, Reefer Vessels, Heavy Lift Cargo Vessels, Roll On – Roll Off (Ro-Ro) Vessels
2) By Application: Short-Distance, Long-Distance
3) By Industry Type: Food And Beverages, Manufacturing, Oil And Ores, Electrical And Electronics, Other Industries
Subsegments:
1) By Bulk Carriers: Dry Bulk Carriers, Liquid Bulk Carriers, Self-Unloading Bulk Carriers, Specialized Bulk Carriers
2) By Container Ships: Feeder Container Ships, Panamax Container Ships, Post-Panamax Container Ships, Ultra Large Container Vessels (ULCVs)
3) By General Cargo Ships: Breakbulk Cargo Ships, Multi-Purpose Cargo Vessels, Conventional General Cargo Ships
4) By Reefer Vessels: Dedicated Reefer Ships, Reefer Container Ships, Refrigerated Cargo Carriers
5) By Heavy Lift Cargo Vessels: Heavy Lift Ships, Semi-Submersible Heavy Lift Vessels, Deck Cargo Barges
6) By Roll On – Roll Off (Ro-Ro) Vessels: Pure Ro-Ro Vessels, Combination Carriers, Ro-Pax Ferries
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Which key players are shaping the maritime freight transport market?
Major companies operating in the maritime freight transport market are Maersk Line A/S, CMA CGM Group, COSCO SHIPPING Lines Co. Ltd., Mediterranean Shipping Company S.A., Hapag-Lloyd AG, NYK Line (Nippon Yusen Kabushiki Kaisha), Yang Ming Marine Transport Corporation, ZIM Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Seaboard Marine Ltd., Wan Hai Lines Ltd., Evergreen Marine Corporation, HMM Company Limited, Kawasaki Kisen Kaisha Ltd., Ocean Network Express Holdings Ltd., American President Lines LLC, Matson Inc., Crowley Maritime Corporation, National Shipping Company of Saudi Arabia (Bahri), Samskip Holding B.V., Islamic Republic of Iran Shipping Line Group, Pacific International Lines, X-Press Feeders Limited, Eimskip, Ark Shipping Inc
Which transformative trends will shape the maritime freight transport market landscape?
Major companies operating in the maritime freight transport market are developing fully automated navigational assistants to enhance operational efficiency, improve safety, and reduce human error in maritime operations. Fully automated navigational assistants enhance route planning, optimize fuel consumption, and improve overall vessel safety using advanced algorithms and real-time data analysis. For instance, in January 2024, Orca AI, an Israel-based maritime technology company, launched SeaPod. It is a fully automated navigational assistant designed to enhance and mimic human watchkeeping. It operates around the clock, processing multiple sources of information in seconds to assess complex marine traffic situations in real time. This system identifies, tracks, and classifies targets of any size or distance and delivers critical data to a user-friendly interface. Automating all-target detection and risk prioritization dramatically decreases bridge officers’ workload and weariness, boosting situational awareness and allowing crews to make more educated decisions faster.
How do regional factors impact the maritime freight transport market, and which region is the largest contributor?
North America was the largest region in the maritime freight transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maritime freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Maritime Freight Transport Market Report 2025 Offer?
The maritime freight transport market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Maritime freight transport refers to the movement of goods and cargo by sea using ships and other vessels. It is a critical component of global trade and logistics, enabling the efficient and cost-effective transportation of large volumes of goods across international waters. Maritime freight transport connects countries and regions, facilitating international trade by allowing goods to be shipped between distant markets.
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