Market Size of North America Shipping Agency Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Shipping Agency Market Analysis
The North America Shipping Agency Market is expected to grow at a CAGR of more than 4.5% during the forecast period (2023 -2028).
- The significant expansion of the marine freight transportation business and rising demand for containerized and bulk cargo are the primary drivers of this market. Increasing worldwide exports, increased customer (shipping company) demand and the establishment of new regional trade centers are all factors driving faster growth.
- Ports are increasingly using technological advancements throughout the value chain. For example, for loading and unloading containers, technologies such as the Internet of Things (IoT), robots, and platform solutions are employed. Port storage facilities utilize big data analytics and smart metering, while industrial uses smart energy management, predictive maintenance, and smart grid technologies.
- COVID-19 has imposed significant difficulties in settling such a time period since vessels are prevented from entering particular ports, forcing them to remain in territorial waters for a prolonged length of time, causing them to be a party to pay additional fees that are the subject of dispute. The 'Revitalization Plan for U.S. Maritime Trade, Commerce, and Strategic Competition' , developed by the Northeast Maritime Institute - Center for Ocean Policy and Economics (NMI/COPE°), provides short, medium, and long-term solutions and benefits for the United States. This Revitalization Plan delivers positive national security, trade, sovereign capability, and sustainability outcomes through maritime initiatives.
North America Shipping Agency Industry Segmentation
A shipping agency or shipping agent is the person or organization in charge of handling shipments and cargo, as well as the general interests of its clients, at ports and harbors across the world on behalf of ship owners, managers, and charterers.
The North America Shipping Agency Market is segmented by Type (Port Agency, Cargo Agency, Charter Agency, Others), and by Application (Shipowner and Lessee). The report offers market size and forecast values (USD billion) for all the above segments
The report also covers the impact of Covid-19 on the market.
| By Type | |
| Port Agency | |
| Cargo Agency | |
| Charter Agency | |
| Others |
| By Application | |
| Shipowner | |
| Lessee |
North America Shipping Agency Market Size Summary
The North America Shipping Agency Market is poised for significant growth, driven by the expansion of marine freight transportation and the increasing demand for containerized and bulk cargo. This growth is further fueled by rising global exports, heightened demand from shipping companies, and the establishment of new regional trade centers. Technological advancements are playing a crucial role in this sector, with ports adopting innovations like the Internet of Things, robotics, and big data analytics to enhance operational efficiency. Despite challenges posed by the COVID-19 pandemic, such as port access restrictions and associated fees, initiatives like the 'Revitalization Plan for U.S. Maritime Trade, Commerce, and Strategic Competition' aim to bolster national security, trade, and sustainability through maritime strategies.
In North America, maritime transportation is integral to trade, with a significant portion of trade involving sea routes. The U.S. boasts extensive navigable waters and ports that are vital to the economy, supported by substantial investments in port infrastructure through programs like the Port Infrastructure Development Program. This program, backed by the Bipartisan Infrastructure Act, aims to enhance port capacity, resilience, and efficiency, thereby improving supply chain reliability. The market is characterized by a fragmented landscape with numerous local players, such as North American Shipping Agencies and GAC North America, who are investing in smart port technologies to create automated and connected supply chains. These efforts are expected to streamline operations and reduce costs, benefiting the broader economy.
North America Shipping Agency Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Technological Trends and Automation
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1.5 Porters Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Technological Developments in the Maritime Sector
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1.7 Impact of Covid-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Port Agency
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2.1.2 Cargo Agency
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2.1.3 Charter Agency
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2.1.4 Others
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2.2 By Application
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2.2.1 Shipowner
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2.2.2 Lessee
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North America Shipping Agency Market Size FAQs
What is the current North America Shipping Agency Market size?
The North America Shipping Agency Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in North America Shipping Agency Market?
GAC North America , Moran Shipping Agency, Evergreen Shipping Agency, United Shipping and North American Shipping Agencies (NASA) are the major companies operating in the North America Shipping Agency Market.
