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The global harbor deepening market is predicted to significantly gain from the growing number of high-value government contracts due to increase in trade activities, economic growth, rising need for supplies, and the undertaking of strategic military projects. Harbor deepening is an important activity that helps to meet the needs of large ships carrying heavy cargo as they transit various types of shipping routes and waterways. It is one of the key aspects of port improvement. In June 2019, the Port of Brownsville received approval for port deepening from the US Army Corps of Engineers. The project will help the port to stay competitive while being able to accommodate heavier and larger cargo ships.
Increasing Need for Maintenance and Expansion of Ports to Raise Strong Demand
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Vendors Expected to Concentrate on Related Services to Expand Portfolio
The analysts have profiled leading players of the global harbor deepening market, including Royal Boskalis Westminster, TOA Corporation, Van Oord Dredging and Marine Contractors, Great Lakes Dredge and Dock Corporation, Jan De Nul, China Harbor Engineering Company, DEME, Penta-Ocean Construction Co. Ltd., and Hyundai E&C Ltd.
Companies are expected to branch out into other activities such as undertaking sub-projects, shipping channel widening projects, and subsea cable repair projects to increase their overall revenue. Furthermore, they are foreseen to improve their towage and salvage operations with the addition of new equipment, more advanced vessels, and industry-best talent. Merger and acquisition could be one of the strategies considered to expand or diversify product portfolio.
Boskalis is a popular harbor deepening player that has been awarded important contracts from prominent entities. In June 2019, the company was appointed as the salvor for the crude oil tanker Front Altair and chemical and oil products tanker Kokuka Courageous damaged in the Gulf of Oman. In March 2019, it was awarded with an Australian shipping channel widening contract by the owner of the Port Adelaide Outer Harbor. Earlier in 2019, it acquired Horizon, a marine services provider based in the UAE, to strengthen its market position in marine geotechnical services and geophysical surveys.
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The pricing analysis offered in the report helps companies to implement the right pricing strategies, negotiate better with suppliers, use competitor prices in strategy making, and stay in a competitive market position. The recommendations and suggestions provided in the pricing analysis section will empower companies to improve their sales potential and help them to appropriately adjust prices and at the right time to expand their profit margins. The pricing analysis answers critical questions such as those related to the timing, frequency, and rate of price changes and the subsequent customer responses.
By End User
According to market observers, the application of trade maintenance is foreseen to show substantial growth in the global harbor deepening market. High penetration of shipping in the international trading space and growing significance of seaborne trade in economic development are expected to support the rise of the trade maintenance segment. Among end users, government organizations could secure a significant market share as they continue to focus on expanding trade activities in their countries.
Among key regions, North America is prognosticated to showcase its dominance in the global harbor deepening market as it banks on considerable growth prospects in the US. Rising number of harbor deepening projects due to the growth in oil export is anticipated to push the demand in the US market. Among developing countries, Japan is forecast to exhibit decent growth in the global market because of its rise in seaborne vehicle shipping and foreign trade. The MEA is another region predicted to gain growth on the back of its tremendous rise in the oil and gas industry.
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