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The global shipbroking market size is estimated to grow by USD 244.12 million between 2022 and 2027 at a CAGR of 2.95%. The growth of the market depends on several factors, including the demand for key value addition in the shipping process, the growth in the global economy, and the increased demand for seaborne trade.
This shipbroking market research report extensively covers market segmentation by application (bulker, tanker, and others), end-user (oil and gas, manufacturing, aerospace and defense, and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The demand for significant value creation in the shipping process is the key factor behind the growth of the global ship brokerage market. One of the key roles of shipbrokers in the maritime sector is to act as risk management advisers to charterers. The shipping business is ridden with a lot of risks, such as hull risks, fire risks, liability risks, as well as other third-party risks. All these risks must be taken into account in the contract terms. Shipbrokers must recommend appropriate insurance to charterers for effective risk management, which is one of the shipbroker's key functions. As such, ship brokerage is a very central function in the shipping process.
Moreover, due to the inherent complexity and range of their roles, these brokers not only have various formal qualifications but also extensive experience and global connections throughout the maritime sector. In addition, the shipping industry is becoming more customer oriented. Therefore, the value creation of these ship brokers is one of the driving forces for the global ship broker market during the forecast period.
The implementation of advanced technology is a primary trend in the global ship brokerage market. Increased innovation and technological advances are expected to pave the way for the adoption of advanced business solutions around the world. With increased investment in research and development, technological advancements in the maritime sector are spreading faster. Modern ships are getting smarter as they are increasingly connected to intelligent systems such as advanced sensor systems, drones, satellites, and other robotic devices. Vessels are integrating analytics solutions that enable them to gain useful insights and make intelligent decisions. Our shipping ports are largely automated, using technology-driven solutions for process optimization and efficiency.
Moreover, with the advent of computerized systems, big data analytics, and real-time availability of maritime data, the entire industry has gained transparency and visibility into global market and price trends. Moreover, the blockchain concept is expected to be the biggest innovation for the shipping industry since containerization. This is expected to improve the efficiency of the entire ship placement and shipping process. In addition, operating costs for ship brokers should be reduced and higher profits achieved.
Growing reliance on global macroeconomic factors poses a major challenge to the growth of the global ship brokerage market. The increasing reliance on global macroeconomic factors has made the ship brokerage market vulnerable to various uncertainties and risks that can lead to economic downturns and affect trading activity. Any decline in global economic growth, investment, or trade will, therefore, have a negative impact on the shipping industry as a whole.
In addition, key macroeconomic risks include the ongoing rebalancing of the Chinese economy, Brexit, and an unstable US political framework. Ultimately, Brexit will lead to the imposition of trade barriers between the UK and the EU, which is expected to have a negative impact on the shipping industry as a whole. Similarly, the current US administration's pro-protectionist policies are detrimental to regional and global trade activity. Such factors will hinder market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Shipbroking Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agoraships - The company offers broking services such as dry bulk cargo chartering, coal, iron ore, steels, sugar, biofuels, and tanker chartering.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The shipbroking market share growth by the bulker segment will be significant during the forecast period. The bulker segment is driven by the growth in demand for dry bulk seaborne trade across the world, the dry bulk fleet size, and global infrastructural activity. One of the most important drivers for the bulker segment was the strengthening of the dry bulk market in 2021, backed by rebounding global economic growth and the restraint in capacity supply with subdued fleet growth.
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The bulker segment was valued at USD 508.39 million in 2017 and continue to grow by 2021. The bulker segment is increasingly affected by the needs and wants of people across the world in terms of dry bulk. Any natural calamity, such as floods or failure of a crop in a country, may impact the whole segment negatively. As such, the bulker shipbroker must have sound knowledge of the global economy and developments across the world. These dry commodities comprise but are not limited to coal, grain, sugar, fertilizer, and iron ore. These factors will facilitate segment growth during the forecast period.
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Europe is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The shipbroking industry in Europe is driven by the growth in seaborne trade and the maturity of the shipping industry in the region in terms of the number of major ship-owning countries. The presence of the global top five countries in vessel ownership is expected to drive the overall shipbroking market in the region. Germany has the largest number of container fleets in the world. In addition, intra-regional trade activities are increasing in the region, especially between developed economies such as Germany, Belgium, Spain, and the Netherlands. In the European Union (EU), around 90% of the external freight trade is carried out through the maritime route.
In the last quarter of 2020, with the introduction of COVID-19 vaccines, lockdowns were lifted in most parts of the region, which allowed companies in various industries to resume their operations while adhering to government safety guidelines to mitigate the risk of COVID-19. With the removal of lockdown restrictions, the vendors are reopening the production plants to manufacture ships and boats. The supply chain for the transportation industry resumed operations, which positively impacted the growth of the regional shipbroking market. With the increase in trade, more ships and boats were needed, which increased the demand for shipbroking services. Owing to these factors, the growth of the market in focus is expected to remain moderate during the forecast period.
The shipbroking market research report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Bulker, Tanker, and Others), End-user (Oil and gas, Manufacturing, Aerospace and defense, and Others), and Geography (Europe, APAC, North America, Middle East and Africa, and South America).
Shipbroking Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.95% |
Market growth 2023-2027 |
USD 244.12 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.8 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 49% |
Key countries |
US, Singapore, China, UK, and Norway |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGORA SHIPBROKING Corp., Aries Shipbroking (Asia) Pte Ltd., Braemar Shipping Services Plc, BRS Group, Chowgule Brothers Pvt. Ltd., Clarkson PLC, E.A. Gibson Shipbrokers Ltd., Fearnleys AS, Galbraiths Ltd., Howe Robinson Partners Pte Ltd., INTEROCEAN, Lorentzen and Stemoco AS, Maersk Broker KS, Maritime London Ltd., McQuilling Partners Inc., Poten and Partners Inc., Seacore Shipbrokers Ltd., SHIPLINKS, Simpson Spence Young Ltd., and SPI Marine (UK) Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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