Harbor Deepening Market Estimated to Soar Higher By 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 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.

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

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

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

The global harbor deepening market was valued at US$ 4.1 billion in 2017. The market is expected to expand at a CAGR of 3% over the forecast period, 2018-2028.

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.

Competitive Landscape:

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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This release was published on openPR.