By DPA
Singapore : The Asia-Pacific region accounts for 42 percent of the global market for maritime port operations and services, with growth forecast to reach 44 percent by 2010, a survey said Thursday.
“The main areas of growth in ports and terminals are expected in China, India and (South) Korea,” said a report by Fusion Consulting Asia.
The 42 percent, or $43 million, is expected to grow to $54 billion.
Asia is also expected to be the main battleground for port supremacy, Fusion said. Singapore, Hong Kong and Shanghai are far ahead of the pack in terms of container traffic.
The offshore and shipbuilding and repair sectors are also set for strong growth. The Asia-Pacific’s share of the global market for offshore operations is 23 percent, but likely to rise from $31 billion currently to $41 billion by 2010, the report said.
Established repair yards in Singapore, Hong Kong and South Korea are seen as expanding in China through joint ventures.
“In the long run, the ship repair industry in Singapore is likely to be threatened by the rise of low-cost ship repair yards in China, India, Indonesia and Vietnam,” the report said.