Marine and Port Infrastructure: 2024 Global Construction Market Insights

"The Business Research Company recently released a comprehensive report on the Global Marine And Ports Construction Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The marine and ports construction market size has grown steadily in recent years. It will grow from $42.58 billion in 2023 to $44.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the expansion of seaborne trade, the expansion and modernization of existing ports, and increased world trade activities.

The marine and ports construction market size is expected to see steady growth in the next few years. It will grow to $51.86 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to supportive government investments, the increasing construction of new ports, the growing tourism, and the growing population. Major trends in the forecast period include focus on developing zero-carbon port terminals to reduce carbon emissions, new facility expansions, use of innovative machines and equipment for port construction, partnerships and collaborations, and increasing investments to improve.

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Market Drivers and Trends:

The surge in demand for maritime trade is expected to propel the growth of the marine and port construction markets going forward. Maritime trade is the transport of goods across international borders between two countries. It is a low-cost, efficient method of transporting goods from one country to another. Ports are maritime constructions located near bodies of water, primarily seas, oceans, and rivers, where ships load and unload cargo and passengers. Marine and port constructions are useful in the construction of some of the large ports and marine to load and unload goods from ships, thus, a rise in maritime trade will propel the market growth. For instance, in October 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, Asia remained the world's leading maritime freight region, with Asian ports (both developed and developing) loading approximately 4.6 billion metric tons of goods, accounting for approximately 42% of total goods loaded in ports worldwide. Asian ports received approximately 7.1 billion metric tons or 64% of the total goods discharged globally in 2021. Therefore, the surge in demand for maritime trade is driving the growth of the marine and port construction markets going forward.

Companies operating in the marine and port construction market are focusing on developing zero-carbon port terminals to reduce carbon emissions. For example, in December 2021, COSCO Shipping Ports, a China-based port operator launched a zero-carbon port terminal at the northern port of Tianjin, China that is powered by wind and photovoltaic energy (PV), achieving zero carbon emission in energy consumption and production. The smart green energy system was connected to the grid at the Second Container Terminal of Tianjin Port. It includes two 4.5 MW (megawatt) distributed wind turbines, which can generate 23.3 million kWh (kilowatt-hour) of electricity annually and reduce carbon emissions by 20,600 tons per year.

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Major Key Players of the Market:

LyondellBasell Industries NV, Mitsubishi Chemical Group Corporation, BASF SE, Eastman Chemical Company, Ashland, Inc.,World Fuel Services, Crowley Maritime Corporation, SHV Energy, Engie SA, Gaz-System, Petrochina, ENN Energy Holdings Limited, Sinopec, Guanghui Energy Company Limited, Woodside Energy, Santos Ltd, Nauticor GmbH & Co. KG, Engas, Edison S.p.A, LNG Croatio LLC, Klaipedos Nafta AB, Blue Grid Gas & Power, Polskie LNG S.A, Eagle LNG Partners, Pivotal LNG Inc, FortisBC, NorthStar Holdco Energy LLC, Conrad Shipyards LLC, TOTO Maritime, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach

Marine And Ports Construction Market 2024 Key Insights:

• The marine and ports construction market size is expected to see steady growth in the next few years. It will grow to $51.86 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%.
• Rising Maritime Trade Drives Growth In The Marine And Port Construction Markets
• Zero-Carbon Initiatives Transforming Marine And Ports Construction Market
• North America was the largest region in the marine and port construction market in 2023

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This release was published on openPR.