Port Infrastructure Market Expected to Reach $243.1 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Port Infrastructure Market," The port infrastructure market size was valued at $148.1 billion in 2020, and is estimated to reach $243.1 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030. The design of port infrastructure must be responsive to the needs of the maritime, logistics, and transportation industries. Port infrastructure is the operating base of the port to sustain ships, cargo, and passengers passing through the port. Expansion of port infrastructure requires capital investment, long implementation time, and therefore long-term planning.

Increase in public investment in port infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global port infrastructure market. In addition, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute to the market growth. In addition, many industries depend on ocean shipping to import or export goods globally. Transportation through air freight is expensive compared to water way transport, which is expected to boost the market growth during the forecast period.

However, trade barriers are hindering the port infrastructure market growth. Trade barriers are the tariffs on imported goods. Tariffs make imported goods more expensive as tariff imports reduce. For instance, the U.S. imports from China were high compared to exports to China. The U.S. Government had introduced a tariff system to control imports and bail out domestic businesses. However, construction and maintenance of port infrastructure require a large amount of capital investment and construction completion time. Hence, this is expected to serve as a potential barrier for the growth of the market.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, disrupted the supply chain, thereby hindering growth of the port infrastructure market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

The use of automation in port infrastructure is growing over years. The use of IoT and AI for cargo and transport management can shorten the time necessary for waterway transport delivery. Hence, this is likely to offer new opportunity for the port infrastructure market share. A country's economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers travelling by sea and the number of commodities transported by water increase at a substantial rate. As a result, this aids in the development of the market.

The global port infrastructure industry is segmented into port type, application, construction type, and region. On the basis of port type, the market is classified into sea port and inland port. Depending on application, it is bifurcated into passenger and cargo. By construction type, it is segregated into terminal, equipment, and others. Region wise, the global port infrastructure market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

The major players profiled in the port infrastructure market include Adani Ports and SEZ, AECOM, APM Terminal, Colas, Essar Ports Ltd., IL&FS Engineering & Construction Company Ltd., Larsen & Toubro Ltd., Man Infraconstruction Ltd., Ramboll, and WSP Global Inc.

KEY FINDINGS OF THE STUDY

•        The report provides an extensive analysis of the current and emerging global port infrastructure market trends and dynamics. 

•        Depending on port type, the sea port segment was the largest revenue generator in 2020.

•        By application, the cargo segment generated the highest revenue in 2020.

•        On the basis of construction type, the equipment segment dominated the market in 2020.

•        Region wise, Asia-Pacific is anticipated to dominate the global market throughout the study period.

•        The global port infrastructure market forecast analysis from 2021 to 2030 is included in the report.