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.
Drivers & Restraints:
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.
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.
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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.
Harbor deepening in Japan has taken a rapid upswing on back of increasing foreign trade. The country’s container shipping and seaborne vehicle shipping are other aspects adding fuel to the activity of harbor deepening. Recently, Japan and Singapore have announced a joint feasibility study to promote LNG bunkering for car carriers functioning between these two countries. That said, the country is likely to present lucrative growth opportunities for harbor deepening in the forthcoming years.
Table of Content:
Chapter 1 Executive Summary
Chapter 2 Global Harbor Deepening Market Overview
2.2 Market Definition
2.3 Scope of the Report/Taxonomy
2.4 Opportunity Analysis in Harbor Deepening Market
2.5 Mega Trends in Harbor Deepening Market
Chapter 3 Market Dynamics
3.1 Key Growth Drivers
3.1.1 Growing Seaborne Trade Continues to Provide Impetus:
3.1.2 Growth in the Global Tourism Sector
3.1.3 Increase in Post-Panamax Ships Leading to Port Maintenance Work in Major Ports
3.2 Key Trends
3.3 Industry Opportunity
3.4 Industry Challenges
3.5 Market White Spaces Analysis and Wheel of Fortune Opportunity Analysis
Chapter 4 Associated Industry and Key Indicator Assessment
4.1 Global Dredging Industry Overview
4.2 Seaborne Trade Overview
4.3 Free and Open Market Assessment
4.4 Key Port Modernization Projects
4.5 Market Value Chain
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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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Harbor Deepening Market Forecast Covering Growth Inclinations & Development Strategies until 2028
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