Latest News- Shipbroking Market: Bulker is expected to lead the Application segment during 2025-2029

The Shipbroking Market is being driven by Demand for key value addition in shipping process

The Shipbroking Market is expected to grow at a CAGR of 3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 261.6 million. In the dynamic shipbroking market, technological innovations, such as artificial intelligence (AI), machine learning (ML), blockchain, advanced analytics, Big Data, Internet of Things (IoT), virtual assistants, automated vehicles, and augmented reality (AR) and virtual reality (VR), are revolutionizing business operations. With escalating investments in research and development, these technological advances are permeating the maritime sector at an unprecedented rate. Modern vessels are integrating smart systems, including advanced sensor systems, drones, satellites, and robotic devices, to enhance their capabilities. Analytics solutions are being adopted to derive valuable insights and facilitate informed decision-making. The maritime industry's digital transformation is set to redefine business models and create new opportunities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Bulker
  • Tanker
  • Others
• End-user
  • Oil and gas
  • Manufacturing
  • Aerospace and defense
  • Others
• Service Type
  • Chartering
  • Newbuilding
  • Sale and purchase broking
  • Demolition broking
  • Others
• Geography
  • Europe
    • UK
    • France
    • Norway
  • APAC
    • China
    • India
    • Japan
    • Singapore
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Demand for key value addition in shipping process
• Growth in global economy
• Increased demand for seaborne trade

However, the market also witnesses some limitations, which are as follows:

• Increased exposure to global macroeconomic factors
• Advanced technology supplanting shipbroking functions
• Supply-demand mismatch in shipping sector

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Market Scope in Shipbroking Market Research Report

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Research Analysis Overview

Shipbrokers act as intermediaries between ship owners and traders, facilitating the sale and purchase of vessels for maritime transport. They negotiate legal agreements such as charter parties and provide value-added services like charting, insurance, storage, and inland transportation. Goods are moved via seaborne transportation from sellers to buyers in international trade, with freight rates influenced by vessel supply and demand. Logistics companies offer additional services, including freight forwarding and commodity handling, while charting brokers manage the hiring of vessels by charterers. Investors also engage shipbrokers for their expertise in the shipping market.

Market Research Overview

Shipbrokers play a pivotal role in the maritime transport sector, facilitating transactions between ship owners and traders. They provide charting services, negotiating legal agreements, and offering value-added services. According to Technavio's market analysis, the shipbroking market is a significant segment within the global business services industry. This market size is determined by the revenue generated from shipbroking activities, including charting, legal agreements, and value-added services. The report encompasses shipbrokers, ship owners, and traders, excluding entities involved in casino and gaming, leisure facilities, restaurants, education services, and other non-relevant consumer services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/