North America Shipping Agency Market Size (2024 - 2029)

The North America Shipping Agency Market is anticipated to experience growth driven by the expansion of the marine freight transportation sector and the increasing demand for containerized and bulk cargo. Factors such as rising global exports, heightened customer demand, and the establishment of new regional trade centers contribute to this growth. Technological advancements are being integrated into ports, enhancing operations through the use of IoT, robotics, and big data analytics. Despite challenges posed by COVID-19, which affected port access and incurred additional fees, initiatives like the Revitalization Plan for U.S. Maritime Trade aim to bolster national security, trade, and sustainability through maritime strategies.

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Market Size of North America Shipping Agency Industry

North America Shipping Agency Market Summary
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

North America Shipping Agency Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
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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.

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North America Shipping Agency Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Technological Trends and Automation

    5. 1.5 Porters Five Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Technological Developments in the Maritime Sector

    7. 1.7 Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Port Agency

      2. 2.1.2 Cargo Agency

      3. 2.1.3 Charter Agency

      4. 2.1.4 Others

    2. 2.2 By Application

      1. 2.2.1 Shipowner

      2. 2.2.2 Lessee

North America Shipping Agency Market Size FAQs

The North America Shipping Agency Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

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.

North America Shipping Agency Report Snapshots

North America Shipping Agency Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)