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. Harbor deepening is a service required for digging activities, particularly in ports and harbors for various purposes. Harbor deepening finds its applications in capital deepening, trade maintenance, urban development and coastal protection. On the basis of end users, the harbor deepening market is segmented into government organization, private organization, mining & energy companies and oil & gas companies.
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The key market players in the harbor deepening market are based out in Europe, however, they operate in international waters. Major projects of these players are in the Middle-East due to the constant demand from the oil & gas sector. Along with trade maintenance, urban development coastal protection activity is also contributing substantially in the harbor deepening market growth, mainly in the countries with a limited land area such as Singapore and Malaysia, and countries with along coastline and prone to flood and waterborne calamities.
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.
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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.
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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Harbor Deepening Market Trend Evaluation & Future Forecast Through 2028
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