Port Infrastructure Market-Revenue Opportunities and Future Demand
Globalization has led to increased emphasis on international trade activities that has in turn led to substantial increase in spending for the development of transport facilities that include roads, railways, waterways, and airports. Among these, port infrastructure market is projected to witness highest gains through the forecast period (2017-2025), primarily owing to increasing proliferation of sea trade and major investments in infrastructural development in emerging economies of Asia Pacific and Middle East.
Effective waste management is a major challenge for players in the port infrastructure market
Vibrations and noise generated by cargo operations has an adverse effect on the people and the flora and fauna in the vicinity. Moreover, large volumes of waste are generated that include dredged materials, oily mixtures and garbage discharged from ships, and other solid and liquid wastes. These usually end up disposed of in the nearby area or sea, in turn polluting the environment. Requirement to reduce the environment impacts have led to several initiatives such as Clean Air Act Advisory Committee in the U.S. and Port of the Future agenda by European Commission. Growing concerns regarding the environmental impacts and requirement to set up efficient waste management is expected to present major growth challenge.
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Construction of these facilities requires large space and workforce to build and manage smooth operations. This in turn leads to Socio cultural impacts that include village relocation and formation of slums in the vicinity that can negatively impact the growth prospects. However, owing to these factors, Greenfield project development will draw considerable attraction for port infrastructure market owing to lack of imposed constraints prior to projects. The concept elucidates construction on unused lands, to reduce the expenses on remodeling and demolishing of an existing structure.
Improving economic conditions in Latin America will help the participants gain strong foothold in the industry
According to Port Technology International journal in November 2014, an estimated total of US$ 28.7 billion investment were to be made in Brazil, Peru, Chile, and Colombia for port infrastructure.market. Growing investments in Latin America to improve transportation, strengthen the commodity exports and fulfill the local consumer demands will present significant growth opportunity over the forecast period. The region is characterized by the presence of 92 anchorages and 15 terminals, a significant number of which need to be upgraded. This creates a high growth prospect for the port infrastructure market in the region.
Majority of the big-budget construction projects are lined up by the Gulf Cooperation Council (GCC) for annexation of shipping activities in the region. For instance, Fujairah Oil Terminal, Khalifa Port and Industrial Zone (Abu Dhabi), Boubyan Island (Kuwait), and Sohar Industrial Port (Oman) are few of the major projects. GCC is likely to remain the key focus of port infrastructure market.
Some of contracting companies include ACS Group, Hyundai Engineering, Consolidated Engineering Construction Co, Bechtel, and Danube Ports Network Company. Along with the large number contracting players, industry competition is also characterized by the equipment manufacturers. Some of them include OAO Baltkran, Cargotech, C.V.S. SpA, Demag Cranes, Fantuzzi and Liebherr.
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