Published Date : 09 Jun 2023
The global port infrastructure market size exceeded USD 161.67 billion in 2022 and it is projected to attain around USD 248.7 billion by 2030, expanding at a CAGR of 5.53% between 2022 and 2030.
The port infrastructure serves as the foundation for port operations that support passing ships, goods, and people. Port infrastructure development necessitates capital-intensive expenditures, a lengthy planning horizon, and long-term planning.
In coastal regions, ports play a significant economic role. More infrastructure, supplies, and related services are needed as the throughput of goods and passengers increases year after year. These will benefit the economy and the nation to varied degrees. The significance of seaports in the global supply chain has expanded as a result of the globalization of sophisticated industrial production processes. The provision of international logistics services has evolved into a key aspect of port operations beyond simple cargo handling.
North America held a dominant position and is predicted to be in the dominating state during the forecast period. Growth will also be boosted by greater market penetration and the existence of leading competitors in the U.S. and Canada. The world's population has always benefited greatly from international trade in terms of economic accumulation. Over 80% of trade is carried by sea today. The history of urban development also shows that seaport cities are where economic growth is most noticeable.
Major South Asian countries like China, Japan, and India are investing more money in infrastructure to expand their influence in the Indian Ocean and get access to resources. Hence, Asia-Pacific is expected to boost the market in the projected period.
Port Infrastructure Market Report Scope:
|Market Revenue in 2023||USD 170.62 Billion|
|Projected Forecast Revenue in 2030||USD 248.7 Billion|
|Growth Rate from 2022 to 2030||CAGR of 5.53%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
As a result of the increased focus on international commercial operations brought on by globalization, spending on the construction of transportation infrastructure, such as roads, trains, rivers, and airports, has significantly expanded. Among them, the port infrastructure market is anticipated to experience the greatest growth over the course of the forecast period, primarily as a result of the expansion of maritime trade and significant investments in the development of infrastructure in developing nations in the Asia Pacific and Middle East regions.
The market will be driven by an increase in international trade activities that will fuel demand for marine trade, an increase in government grants and investments in port infrastructure improvement, and an expanding global supply chain. Other factors that will increase overall market growth include a rise in e-commerce globally and benefits like relatively less traffic and the capacity to handle huge goods. In order to ensure safe and fruitful economic activity, governments are expected to expand their port infrastructure investments, which will benefit the market for port infrastructure globally. In addition, the expansion and need for liquefied natural gas exports via marine transport are anticipated to raise demand for the sector.
In addition, a lot of businesses rely on maritime shipping to import and export goods internationally. These factors are driving the demand for the port infrastructure market across the globe. As connectivity and infrastructure are the pillars of any country that supports the business of a particular country to the rest of the world. Hence, these infrastructure plays an important role in the overall development of economies.
High capital costs and maintenance costs are the restraints for the port infrastructure market. Port tariffs have typically been a source of worry. The government suggests creating a single regulator to deal with this problem. This regulator will be in charge of creating standards, guiding principles, a strategy, and a methodology for determining tariffs for facilities and services offered at port terminals. The Bill also focuses on offering government-owned major ports and state-controlled ports in the nation a standard platform by allowing them the freedom to set their own rates.
The government is currently providing a unique tax incentive for investments through a 10-year tax break to firms that engage in developing, operating, or maintaining ports, inland waterways, and inland ports in India in order to promote investment prospects in the port sector. For the purpose of building and maintaining ports and harbors, the government has approved 100% FDI using the automatic route as a means of bringing in foreign capital.
A significant barrier for market participants in port infrastructure is effective trash management. The vibrations and noise produced by cargo operations have a negative impact on the nearby residents as well as the local plants and animals. Dredged materials, oily mixes, garbage discharged from ships, and other solid and liquid wastes are among the several types of waste that are produced in vast quantities. These are typically dumped in the neighborhood or the sea, damaging the environment. The need to lessen environmental impacts has given rise to a number of initiatives, including the Clean Air Act Advisory Committee and the European Commission's Port of the Future agenda. Growing environmental concerns and the need for effective waste management are projected to provide significant growth challenges.
At the inaugural Maritime India Summit 2016, the Indian government unveiled the "Sagarmala National Perspective Plan," which includes information on the project plan and implementation. The Sagarmala National Perspective Plan is the government of India's flagship initiative to support the development of port facilities throughout the nation.
Major Key Players:
By Port Type
By Construction Type
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