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 Infrastructure are becoming more integrated and support near shore along with 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's been an elevated need to upgrade infrastructure at both onshore and offshore destinations. The increased economic growth supplied 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 operate a vehicle growth of the global Port Infrastructure Market. Globalization and free trade have led to increased increased exposure of 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. As an example, 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 underneath 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 operate a vehicle growth of the global port infrastructure market. Furthermore, the development of energy and container ports is anticipated 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 anticipated to restrain growth of the global Port Infrastructure Market. Among regions, Asia Pacific is anticipated to witness significant growth in the global port infrastructure market. That is owing to rapid international trade activities across emerging economies such as for example India, Japan, and China. Furthermore, North America is expected to join up a powerful 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.

As an example, in February 2020, Hyundai Engineering and Construction announced to invest US$ 540 million to produce Port of Slavyanka in eastern Russia combined with the construction of a multipurpose terminal in partnership with Berkut, a Russian logistics company.