Global Port Infrastructure Market Continues to Grow as Industry Leader Hyundai Engineering and Construction Announces to invest US$ 540 million to develop Port of Slavyanka in eastern Russia

 

Port infrastructures are becoming more integrated and support near shore as well as offshore port operations by developing integrated and flexible nearshore and offshore ports by creating flexible and cost-effective solutions for future vessel and ship types, ports and harbormasters, and regional economic growth. With the changing focus of ports towards onshore activities, there has been an increased need to upgrade infrastructure at both onshore and offshore destinations. The increased economic growth provided by the increased containerization of goods shipping requirements. Ports are adopting more cost-effective, self-insourcing approaches to enhance the efficiency of their port infrastructure development programs. As such, the trend of inshore and offshore containerization of freight is changing the focus of ports from an inshore logistics perspective.

 

Increasing government investments in port infrastructure are expected to drive growth of the global port infrastructure market. Globalization and free trade have led to increased emphasis on international trade activities, which in turn, has increased investment in the development of transport facilities typically ports. Governments of both developed and emerging economies have started investing significantly in port infrastructure, in order to accelerate international trade activities. For instance, in October 2020, the U.S. Department of Transportation (DoT), announced to invest over US$ 220 million in discretionary grant funding to improve port facilities in 15 cities and territories under the Maritime Administration’s (MARAD) Port Infrastructure Development Program (PIPD). Furthermore, in October 2020, the U.K. government announced US$ 258 million in funds for port infrastructure. Hence, such factors are expected to drive growth of the global port infrastructure market. Furthermore, the development of energy and container ports is expected to propel the global port infrastructure market growth in the near future.

However, challenges associated with effective waste management and growing concerns regarding the environmental impacts are expected to restrain growth of the global port infrastructure market. Among regions, Asia Pacific is expected to witness significant growth in the global port infrastructure market. This is owing to rapid international trade activities across emerging economies such as India, Japan, and China. Furthermore, North America is expected to register a robust growth rate, owing to increasing government investment in port infrastructure.

Key companies operating in the global port infrastructure market are Hyundai Engineering, Bechtel, Consolidated Engineering Constriction, Danube Ports Network Company, ACS Group, Liebherr, OAO Baltkran, and Demag Cranes.

For instance, in February 2020, Hyundai Engineering and Construction announced to invest US$ 540 million to develop Port of Slavyanka in eastern Russia along with the construction of a multipurpose terminal in partnership with Berkut, a Russian logistics company.