Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Marine and Ports Construction Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global marine and ports construction market reached a value of nearly $62.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.7% since 2018. The market is expected to grow from $62.8 billion in 2023 to $91.4 billion in 2028 at a rate of 7.8%. The market is then expected to grow at a CAGR of 7.8% from 2028 and reach $132.8 billion in 2033.
Going forward, strong economic growth in emerging markets, increasing population and urbanization, expansion of the tourism industry and supportive government investments will drive the market. Factors that could hinder the growth of the marine and ports construction market in the future include a lack of marine infrastructure in developing economies.
The marine and ports construction market is segmented by port type into sea port, inland port and other types. The sea port market was the largest segment of the marine and ports construction market segmented by port type, accounting for 70% or $43.9 billion of the total in 2023. Going forward, the sea port segment is expected to be the fastest growing segment in the marine and ports construction market segmented by port type, at a CAGR of 8.2% during 2023-2028.
The marine and ports construction market is segmented by construction mode into old port upgrade and new port construct. The old port upgrade market was the largest segment of the marine and ports construction market segmented by construction mode, accounting for 59% or $37.1 billion of the total in 2023. Going forward, the new port construct segment is expected to be the fastest growing segment in the marine and ports construction market segmented by construction mode, at a CAGR of 7.9% during 2023-2028.
The marine and ports construction market is segmented by application into dredging, breakwater construction, wharf or jetty construction, docks, berths, terminals and other applications. The dredging market was the largest segment of the marine and ports construction market segmented by application, accounting for 28.8% or $18.1 billion of the total in 2023. Going forward, the terminals segment is expected to be the fastest growing segment in the marine and ports construction market segmented by application, at a CAGR of 9.4% during 2023-2028.
Western Europe was the largest region in the marine and ports construction market, accounting for 37.2% or $23.3 billion of the total in 2023. It was followed by Asia-Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the marine and ports construction market will be the Middle East and Africa, where growth will be at CAGRs of 25.6% and 20.4% respectively. These will be followed by South America and Western Europe, where the markets are expected to grow at CAGRs of 9.4% and 6% respectively.
The global marine and ports construction market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 27.02% of the total market in 2022. China Communications Construction Co., Ltd was the largest competitor with a 11.66% share of the market, followed by Grupo ACS with 4.52%, China State Construction Engineering Corporation Ltd with 3.11%, Hyundai Engineering and Construction Co., Ltd with 1.59%, Strabag SE with 1.33%, VINCI Construction with 1.05%, Ningbo Zhoushan Port Company Limited with 0.97%, CK Hutchison Holding Limited with 0.96%, DEME Group with 0.96% and Van Oord with 0.87%.
The top opportunities in the marine and ports construction market segmented by port type will arise in the sea port segment, which will gain $21.3 billion of global annual sales by 2028. The top opportunities in the marine and ports construction market segmented by construction mode will arise in the old port upgrade segment, which will gain $16.7 billion of global annual sales by 2028. The top opportunities in the marine and ports construction market segmented by application will arise in the dredging segment, which will gain $9.5 billion of global annual sales by 2028. The marine and ports construction market size will gain the most in Saudi Arabia at $7.6 billion.
Market-trend-based strategies for the marine and ports construction market include introduction of smart, driverless and zero-carbon port terminals to enhance efficiency, strategic partnerships and collaborations among major players, development of automated dredging systems to enhance efficiency and precision and focus on strategic investments in terminal expansion to expand terminal capacities.
Player-adopted strategies in the marine and ports construction market include focus on infrastructure enhancement and transportation optimization through comprehensive cooperation agreements, strategically expanding into port management to enhance marine and ports construction and management capabilities while capitalizing on international infrastructure concessions, international expansion in marine infrastructure through strategic partnerships and involvement in key projects and expanding presence and market share in port construction through lucrative contracts, aiming for growth and dominance in the sector.
To take advantage of the opportunities, the analyst recommends the marine and ports construction companies to focus on advancing smart and zero-carbon port terminals, focus on advancing automated dredging systems, focus on expanding terminal capacities, focus on sea port segment, focus on new port construct segment, focus on strategic partnerships for geographic expansion, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on talent development for dredging expertise.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 345 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $62.8 Billion |
| Forecasted Market Value (USD) by 2033 | $132.8 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Major Market Trends
- Introduction of Smart, Driverless and Zero-Carbon Port Terminals to Enhance Efficiency
- Strategic Partnerships and Collaborations Among Major Players
- Development of Automated Dredging Systems to Enhance Efficiency and Precision
- Focus on Strategic Investments in Terminal Expansion to Expand Terminal Capacities
Competitive Landscape and Company Profiles
- China Communications Construction Co Ltd
- Grupo ACS
- China State Construction Engineering Co. Ltd.
- Hyundai Engineering and Construction Co., Ltd
- Strabag SE
Other Major and Innovative Players
- VINCI Construction
- Ningbo Zhoushan Port Company Limited
- CK Hutchison Holding Limited
- DEME Group
- Van Oord
- Boskalis
- Tomberlin Automotive Group
- McCarthy Building Companies Inc
- PCL Construction
- Jan De Nul Group
- Larsen & Turbo
- Hamburger Hafen Und Logistik AG
- GLF Construction Corporation
- Coastwide Civil
- SMC Marine
Key Mergers and Acquisitions
- NYAB Acquired Dyk & Anlaggning Stockholm
- Van Oord Acquired the Asian Division of Delta Marine Consultants
- Pangaea Logistics Solutions Ltd Acquired Host Terminals LLC
- Kiewit Corporation Acquired Weeks Marine Inc.
- MarineMax Acquired Midcoast Construction Enterprises LLC
- J.F. Brennan Company Acquired Harbor Offshore Inc.
- Ballard Marine Construction Acquired Marine Technologies Inc.
- Adani Harbor Services Ltd (TAHSL) Acquired Ocean Sparkle Ltd (OSL)
- AD Ports Group Acquired Divetech Marine Engineering
- Southland Holdings LLC Acquired American Bridge Company
For more information about this report visit https://www.researchandmarkets.com/r/mewrdp
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
