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.
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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.
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.
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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:
- 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
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Trade maintenance activities among application segment of harbor deepening market is expected to drive the global market by value. Among end user segment, government organizations segment is anticipated to dominate the global market during the forecast period along with significant growth in private organization segment.
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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