The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 18, 2023 /PRNewswire/ — As per The Business Research Company’s Marine And Ports Construction Global Market Report 2023, the global marine and ports construction market size is expected to grow from $39.9 billion in 2022 to $42.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global marine and ports construction market size is expected to reach $45.7 billion in 2027 at a CAGR of 2%. The marine and ports construction market in the forecast period is expected to grow due to supportive government investments, the increasing construction of new ports, the growing tourism, and the growing population.
The marine and ports construction market is fairly concentrated, with a small number of players dominating the market. China Communications Construction Co. ltd. was the largest competitor with 17.1% share of the market, followed by Grupo ACS, China State Construction Engineering Corporation Ltd., Hyundai Engineering and Construction Co. Ltd., Strabag SE, DEME Group, Ningbo Zhoushan Port Company Limited, Boskalis, Bechtel Corporation, and McCarthy Building Companies Inc.
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Companies operating in the marine and ports 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 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 the carbon emission by 20,600 tons per year.
In addition, marine and ports construction market companies are focusing on new facility expansion to grow in the market. For example, in July 2022, Boskalis, a Dutch dredging and heavy lift company, expanded its presence in the USA with opening of new offshore renewables office in providence, Rhode Island to support the rapidly developing US offshore wind market along the east coast.
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According to The Business Research Company, Western Europe was the largest region in the marine and ports construction market and was worth $15.3 billion in 2022.
The marine and ports construction market in Western Europe is supported by the increase in trade activities and expansion of old terminals. For example, in 2022, Port of Helsinki, Finland-based general port for foreign trade, handled 492,000 TEUs (twenty-foot equivalent units) volume, a 5.4% growth compared with the previous year.
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