Sailing towards Sustainable Growth

India marine services market is a rapidly growing market on account of increasing trade volumes, government initiatives and advancement in the port infrastructure. India has a long coastline and is therefore a leading country in global maritime trade. Being positioned strategically on major shipping routes, it is a vital hub for both domestic and international trade. A major catalyst in this growth has been the Indian government's Sagarmala Project. The initiative aims to reduce logistics cost by modernizing ports, enhancing connectivity, and developing coastal economic zones that will also help improve the maritime efficiency. Furthermore, operational efficiency in port operations has been improved through the privatization and public-private partnership in port operations and attracted investments by global players in marine services.

With growing trade volumes, especially in commodity exports, such as petroleum products, textiles and electronics, the demand for marine services has grown in India. Owing to the rise of containerized cargo and the current advancement of shipping technology, there has been an accelerated need of specialized services including ship repair, bunkering and logistics support. It also includes the marine services market from offshore oil and gas sector, which is one of the leading sectors. As offshore support vessels, diving services and underwater inspections are in increasing demand with the growing exploration activities, so is the need for such vessels. India's skilled workforce and competitive costs are also an advantage to its marine services sector — an attractive destination for shipbuilding and maintenance. However, it has to be adaptive with regard to environmental regulations, global economic fluctuations etc.

In this special issue, we introduce you to the top companies from this segment. Industry Outlook has identified the select few companies that have done particularly well with a high level of dedication. We have found that they have gone the extra mile in proving their commitment to excellence in an integrated manner.

We welcome your feedback and suggestion that you may have concerning this special issue.