The Port Construction projects market is advancing and enlarging at a significant pace. The Globalization has led to developing the focus on the international trade activities which have occasioned into constant outpouring in the spending for the expansion of transport facilities which majorly involves railways, roads, waterways, and airports.
Proficient trade activities promote the economic growth of a country. Thus, seaports play a critical role in economic activities, particularly in the coastal areas. With the effective augment in throughout of passengers traveling via sea and goods transport every year, the requirement for the appropriate and developed port is demanded more increasingly. This consequence is predicted to generate the augment in the requirement for the worldwide port construction market.
According to the report analysis, ‘Global Port Construction Projects Market Size study, by Services Performance (Port Construction Projects) and Regional Forecasts 2018-2025.’ states that in the worldwide port construction projects market, there are numerous key companies which presently functioning for leading the fastest market growth and registering the high value of the market share around the globe during the short span of time more enormously while developing the infrastructure of the port, advancing the technologies of construction, decrease the time of construction processes, and delivering the better consumer satisfaction includes ACS Group, Consolidated Engineering Construction Co, Bechtel, Danube Ports Network Company, OAO Baltkran, Cargotech, CVS SpA, Demag Cranes, Fantuzzi, Liebherr, Hyundai Engineering and several others.
The Port Construction projects market is majorly on the developing trend due to the intensifying trade & commerce through the seas as the sea transport is moderately cheap as compared to air cargo. The Port construction is being profoundly done in the southern Asian region which comprises of broad coastline such as China, India, Indonesia, Singapore, Malaysia, Australia, Thailand, and Sri Lanka. Asia registered for approximately 38% of worldwide exports & 53% of imports in the year 2017, according to the International Association of Ports and Harbors (IAPH).
According to the (WSC) World Shipping Council, Shanghai which is a China-based city is the busiest container port across the world, with a capacity of approximately 36.5 million (TEU) in 2015, followed by Singapore with 30.9 million (TEU). Also the regions such as India and Malaysia are now foremost worldwide trade regions and are effectively aiming to invest significantly in port accommodations to maximize trade occasions with their trading partners.
Furthermore, According to India Brand Equity foundation, India registers for the maximum value with US$41.1 billion, followed by Malaysia with projects appreciatingUS$28.1 billion. Indonesia and Bangladesh follow with port construction projects with a worth of US$26.9 billion and US$24.6 billion respectively. Whereas, Malaysia register for the prominent value project in the region with the US$22.8 billion Carey Island Port Klang Extension, monitored by Bangladesh with the US$20.0 billion Payra Seaport Development is further intensifying the advancement and growth of port the construction market in the region.
Nonetheless, the North America region is the leading/significant region around the globe in terms of market share. Whereas, due to regions such as China, Japan, and India, the Asia Pacific region is effectively predicted to exhibit greater growth rate / CAGR over the forecast period of 2018-2025. Therefore, in the near years, it is anticipated that the market of port construction projects will increase around the globe over the coming years more positively.
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Ankur Gupta, Head Marketing & Communications