Harbor Deepening Market: Government Organizations Segment Anticipated to Dominate

Posted on 2019-07-03 by Mark Hub in Industrial // 0 Comments

Rockville, USA, 2019-Jul-03 — /EPR Network/ — This Fact.MR report studies the global harbor deepening for the period 2018–2028. The prime objective of this report is to offer insights and key market trends pertaining to the harbor deepening projects that are gradually helping transform global businesses. The global harbor deepening market report begins with the executive summary for various categories and their respective shares in harbor deepening. It is followed by market dynamics and overview of the global harbor deepening, which includes FACT.MR analysis of market drivers, restraints, and trends that are affecting the growth of harbor deepening. Furthermore, to understand the popularity of the market segment, the attractiveness index and BPS analysis with elaborate insights on the same is provided, which will show the market’s attractiveness based on factors such
as CAGR and incremental opportunity. To show the growth of harbor deepening in each country and region, BPS and Y-o-Y growth analysis is provided.

With seaborne trade gaining importance in terms of economic development of a nation, government organizations are largely investing in harbor deepening activities worldwide. A deeper harbor can accommodate heavy and large container ships allowing expansion of trading activities in the respective region. This has gained higher significance against the backdrop of a beleaguered scenario of international trade due to the China – United States trade war. Although the possibility of improving this condition is true, it is also likely that this scenario can have a throwback on the harbor deepening market, given the likelihood of reduction in shipping activities.

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Requirement for harbor deepening in urban development is rapidly increasing however is overpowered by trade maintenance activities, according to a recent Fact.MR study. The study envisages that the harbor deepening market is projected to grow at a steady CAGR of 3.0% in terms of value during the period of forecast, 2018-2028.

The global harbor deepening market has witnessed its share of ups and downs, especially after the global recession of 2007-08. However, with the recovery in global economy, the world trade has also grown significantly. A spurt in the global infrastructure activities has necessitated the need for expansion and maintenance of existing harbor and development of new ones. Considering the fact that over 85% of global trade is carried out through sea trade, maintaining existing pathways and creating new ones has gained prominence. According to UNCTAD, global seaborne trade volume surpassed 10 billion tons in 2015, with shipments expanding by over 2%. With an increase in population, there is an emerging need for huge cargo. As a result, docking space on port and harbor is expanding.

Market Taxonomy:

The global market for harbor deepening is segmented as per application and end user.

As per application, the global harbor deepening is segmented as follows:

Capital Deepening
Trade Maintenance
Urban Development
Coastal Protection

As per end user, the global harbor deepening is segmented as follows:

Government Organizations
Private Organizations
Mining & Energy Companies
Oil & Gas Companies

United States have remained dominant in the North America region, wherein increasing harbor deepening projects are being undertaken funded by the U.S government. The harbor deepening of ports in the country has largely been influenced with the increasing oil exports. Likewise, in terms of freight logistics, Germany holds an upper hand in the European Union. The harbor deepening scenario in the United Kingdom is also a significant one with increasing harbor redevelopment projects such as the Peter Harbor Redevelopment initiative.

The expansion of the Panama Canal, which cost around US$ 6 billion, has made it possible for ships with large TEUs to pass through. Owing to the Panama expansion, the average size of container vessels has also witnessed an increase, necessitating maintenance work in ports which cannot accommodate these behemoth ships. Moreover, the demand for harbor deepening is very high in North America due to increasing dependency on seaborne trade in this region. North America accounted for a substantial market share of the harbor deepening industry. Although harbor deepening remains an important activity from an economic perspective, when carried out without consideration, it has the potential to cause ecological imbalance. Environmentalists have often opposed several mega harbor deepening projects around the globe. According to a report by National Oceanic and Atmospheric Administration, the large-scale dredging at Miami-led to the burying of 81% of coral reef at the site. In July 2017, the Court of Appeal found that the Northern Ireland Government acted unlawfully by failing to intervene in the sand dredging at Lough Neagh lake in Northern Ireland.

Key players operating in the global market for harbor deepening include Royal Boskalis Westminster, Van Oord Dredging & Marine Contractors, Jan De Nul, DEME, Hyundai E&C Ltd., Penta Ocean Construction Ltd., China Harbor Engineering Company, Great Lakes Dredge & Dock Corporation and Toa Corporation.

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