March 11, 2019 by Steve Blade
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.
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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:
As per end user, the global harbor deepening is segmented as follows:
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.
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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