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 technologies are permeating the maritime sector at an unprecedented pace. Modern vessels are integrating smart systems, including advanced sensor technology, drones, satellites, and robotic devices, to enhance their functionality. Analytics solutions enable data-driven insights and informed decision-making, propelling the industry towards a more efficient, connected, and intelligent future. 

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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
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America
    • Brazil

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

The shipbroking market encompasses various vessel types and cargo types, traversing diverse shipping routes and trade lanes. It involves shipping markets, charter parties, and shipping contracts, with potential for maritime disputes and litigation. Classification societies, maritime agencies, and shipping consultants provide expertise in areas such as maritime training, education, research, technology, innovation, and compliance. Green technologies and alternative fuels are driving advancements, while maritime cybersecurity, regulations, safety, risk management, and ship management services ensure efficient operations. Port and shipping infrastructure, including cargo handling equipment and ship repair yards, are crucial components, supported by a skilled workforce of maritime professionals.

Market Research Overview

The shipbroking market encompasses various specialized services, including vessel and charter brokerage, sale and purchase, newbuilding contracts, ship finance, and insurance brokerage. According to Technavio's market analysis, the global shipbroking market size is determined by the revenue generated from these specialized services. This market includes vessel brokers facilitating the buying and selling of ships, charter brokers negotiating charter agreements, newbuilding contract specialists handling the construction of new vessels, ship finance consultants arranging financing, and insurance brokers securing coverage. The report excludes shipbuilding, casino and gaming, hotel and resort, leisure facilities, restaurant, and education services from its scope.. 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/