This growth will be caused by increasing sea trade and major investments in infrastructural development in emerging economies of Asia Pacific and Middle East.
International trade was largely affected by rise in demand for container shipping, over the last 50 years, because of the streamlining of processes and reduction in costs. This caused major investment in construction of container hubs and upgrading of containerized cargo. Moreover, large scale projects for fuel handling are expected to find large demands with focus on specific fuel handling that includes oil, gas or coal.
However, effective waste management remains a major challenge for the port infrastructure market. Vibrations and noise generated by cargo operations negatively impacts people and the ecosystem nearby. Moreover, large volumes of waste are generated which ere disposed of in the nearby area or sea, polluting the environment.
The report said:
Requirements to reduce the environment impacts have led to several initiatives such as Clean Air Act Advisory Committee in the US and Port of the Future agenda by European Commission. Growing concerns regarding the environmental impacts and requirement to set up efficient waste management is expected to present major growth challenge.
The construction of port facilities requires large space and workforce. This leads to socio-cultural impacts that include village relocation and formation of slums that can negatively impact the growth prospects.
Nevertheless, because of these factors, Greenfield project development will draw a significant amount of attraction for port infrastructure market due to lack of constraints before the projects, the report notes.