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How Has The Marine and Ports Construction Market Size Evolved?
The marine and ports construction market size has grown steadily in recent years. It has been projected to grow from $42.58 billion in 2023 to $44.61 billion in 2024 at a compound annual growth rate CAGR of 4.8%. The significant growth in the historic period can be attributed to robust economic advancement in emerging markets, the proliferation of seaborne trade, the expansion, and modernization of existing ports, and increased world trade activities.
What Is The Anticipated Growth Rate And Market Size Of The Global Marine And Ports Construction Market?
The marine and ports construction market size is anticipated to witness a steady growth trajectory in the ensuing years. It is expected to evolve to $51.86 billion by 2028 at a compound annual growth rate CAGR of 3.8%. Factors propelling the growth during the forecast period include supportive government investments, the increasing construction of new ports, burgeoning tourism, and population growth. Major trends during the forecast period include a sharp focus on developing zero-carbon port terminals to curtail carbon emissions, new facility expansions, the use of innovative machines and equipment for port construction, partnerships and collaborations, and surging investments for enhancement.
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What Are The Prime Drivers Propelling The Growth Of The Marine And Ports Construction Market?
The flourish in demand for maritime trade is set to fuel the growth of the marine and port construction markets moving forward. Maritime trade involves the transportation of goods across international borders between two nations. It offers an efficient and cost-effective method of transferring goods from one country to another. Ports are maritime constructions situated near bodies of water, predominantly seas, oceans, and rivers, where vessels load and unload cargo and passengers. Marine and port constructions facilitate the erection of some of the large ports and maritime facilities to load and unload goods from ships. Thus, a rise in maritime trade is set to drive the market growth.
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Who Are The Major Players In The Marine And Ports Construction Market?
Major market players in the marine and ports construction market report include China Communications Construction Co Ltd, Grupo ACS, China State Construction Engineering Construction Co Ltd, Hyundai Engineering and Construction Co Ltd, Strabag SE, DEME Group, Ningbo Zhoushan Port Company Limited, Boskalis, Bechtel Corporation, McCarthy Building Companies Inc, China Merchants Group, The Great Eastern Shipping Company Limited, Keller, TAMS Group, SMC Marine, Coastwide Civil, Geomarine, Teo Marine Limited, Vinci Construction Maritime et Fluvial, Heerema Marine Contractors, Dredging International, Budimex SA, Sovfracht Group, Hydrobudowa Polska SA, FESCO, AECOM, Midcoast Construction Enterp, Manson Construction Co, Construcciones Industriales Tapia, PCL Construction, Ballard Marine Construction, CMC SUBSEA, Orion Marine Group, Wilson Sons, Naval Martins, Santos Brasil.
What Are The Major Trends Influencing The Marine And Ports Construction Market?
Companies operating in the marine and port construction market are concentrating on developing zero-carbon port terminals to reduce carbon emissions. For instance, in December 2021, COSCO Shipping Ports, a China-based port operator unveiled a zero-carbon port terminal at the northern port of Tianjin, China. The port is powered by wind and photovoltaic energy PV, achieving zero carbon emission in energy production and consumption. The smart green energy system was connected to the grid at the Second Container Terminal of Tianjin Port. It includes two 4.5 MW megawatt distributed wind turbines, who can generate 23.3 million kWh kilowatt-hour of electricity annually and reduce carbon emissions by 20,600 tons per year.
How Is The Global Marine And Ports Construction Market Segmented?
The marine and ports construction market encompassed in this report is segmented as follows:
1 By Port Type: Sea Port, Inland Port, Other Types
2 By Construction Mode: Old Port Upgrade, New Port Construct
3 By Application: Dredging, Breakwater Construction, Wharf or Jetty Construction, Docks, Berths, Terminals, Other Applications.
Which Regions Dominate The Marine And Ports Construction Market And How Are They Expected To Grow?
North America held the dominant share in the marine and port construction market in 2023. Asia-Pacific is poised for the fastest growth during the forecast period. The regions canvassed in the marine and ports construction market report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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