Marine and Ports Construction Global Market Report 2024

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 expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, the growth 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 anticipated growth in the forecast period can be attributed to supportive government investments, the increasing construction of new ports, growing tourism, and a rising population. Key trends expected in the forecast period involve a focus on developing zero-carbon port terminals to reduce carbon emissions, new facility expansions, the use of innovative machines and equipment for port construction, partnerships and collaborations, and increasing investments to improve port infrastructure.

The anticipated upsurge in maritime trade is poised to drive the expansion of the marine and port construction markets in the foreseeable future. Maritime trade, involving the international transportation of goods between countries, is a cost-effective and efficient method for global cargo movement. Ports, critical maritime constructions situated near bodies of water, serve as hubs for loading and unloading ships, facilitating the exchange of goods and passengers. The demand for marine and port constructions is intrinsically linked to the rise in maritime trade activities, as they play a pivotal role in supporting the logistics of loading and unloading cargo from ships. For instance, recent data from the United Nations Conference on Trade and Development (UNCTAD) in October 2022 revealed that Asia maintained its status as the world's leading maritime freight region, accounting for a substantial share of global goods loaded and discharged. The surge in maritime trade activities, particularly in Asia, is a key driver propelling the growth of marine and port construction markets.

The escalating growth in tourism is poised to contribute significantly to the burgeoning marine and port construction market. Tourism, encompassing travel and stays outside one's usual environment for leisure or business purposes, has the potential to stimulate construction activities in marine and port areas. This stimulation leads to the development of new infrastructure, upgrades to existing facilities, and the creation of attractive destinations for both tourists and local communities. A noteworthy example is the tourism industry in Brazil, which witnessed an 85.7% growth in 2022 compared to the previous year, as reported by the Government of Brazil. Cruise tourism, a dynamic sector within the leisure industry, is experiencing robust growth globally. India, for instance, aims to increase cruise passenger traffic significantly, from the current 0.4 million to 4 million. The positive trajectory of marine tourism is expected to fuel the growth of marine and port construction during the forecast period.

Companies operating in the marine and port construction sector are actively addressing environmental concerns by developing zero-carbon port terminals. An illustrative case is COSCO Shipping Ports in China, which launched a zero-carbon port terminal in Tianjin powered by wind and photovoltaic energy. This innovative approach results in zero carbon emissions in both energy consumption and production, contributing to sustainable port operations.

Strategic investments to expand terminal capacity represent a prominent trend among companies in the marine and port construction market. APM Terminals, a subsidiary of AP Moller-Maersk, plans a substantial investment of $1.05 billion in its port terminals in Brazil by 2026, emphasizing the commitment to terminal capacity enhancement. Similarly, Shanghai International Port Group (SIPG) invested $7.3 billion in constructing a container terminal and supporting projects in Xiaoyangshan, China, aimed at improving transportation services in the Yangtze River Delta and promoting world-class port cluster construction.

In December 2022, MarineMax, Inc., a U.S.-based recreational boats and yachts retailer, acquired Midcoast Construction Enterprises, LLC (Midcoast Marine Group). This acquisition is expected to strengthen MarineMax's portfolio by incorporating Midcoast Marine Group's expertise in full-service marine construction, covering various aspects of heavy civil and commercial marine construction.

Major companies operating in the marine and ports construction market report are China Communications Construction Co Ltd., Grupo ACS, China State Construction Engineering Construction Co Ltd., Hyundai Engineering and Construction Co Ltd., Strabag SE,DEME Group, Ningbo Zhoushan Port Company Limited, Boskalis, Bechtel Corporation, McCarthy Building Companies Inc., China Merchants Group, The Great Eastern Shipping Company Limited, Keller, TAMS Group, SMC Marine, Coastwide Civil, Geomarine, Teo Marine Limited, Vinci Construction Maritime et Fluvial, Heerema Marine Contractors, Dredging International, Budimex SA, Sovfracht Group, Hydrobudowa Polska SA, FESCO, AECOM, Midcoast Construction Enterp, Manson Construction Co, Construcciones Industriales Tapia, PCL Construction, Ballard Marine Construction, CMC SUBSEA, Orion Marine Group, Wilson Sons, Naval Martins, Santos Brasil.

North America was the largest region in the marine and port construction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine and ports construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine and ports construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of marine and port construction include sea ports, inland ports, and other variations. A sea port serves as a harbor or port on a seacoast, river, or other navigable body of water, providing a docking location for ships and boats to load or unload cargo, passengers, or fuel. Different construction types include terminals, equipment installations, and others. The various product types encompass old port upgrades and new port construction, applied to activities such as dredging, breakwater construction, wharf or jetty construction, docks, berths, terminals, and other related structures.

The marine and ports construction market research report is one of a series of new reports that provides marine and ports construction market statistics, including marine and ports construction industry global market size, regional shares, competitors with a marine and ports construction market share, detailed marine and ports construction market segments, market trends and opportunities, and any further data you may need to thrive in the marine and ports construction industry. This marine and ports construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine and port construction market includes revenues earned by entities by constructing jetties, quays, bulkheads, and breakwaters. The market includes new work, additions, alterations, maintenance, and repairs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.