North America Marine Construction Market Size, Share, and COVID-19 Impact Analysis, By Project Type (New Construction, Repair and Maintenance, and Expansion and Renovation), By Material (Steel, Concrete, Wood, and Composite), and North America Marine Construction Market Insights, Industry Trend, Forecasts to 2033

North America Marine Construction Market Insights Forecasts to 2033

• The North America Marine Construction Market is growing at a CAGR of 5.7% from 2023 to 2033
• The North America Marine Construction Market Size is Expected to Hold a Significant Share by 2033.

The North America Marine Construction Market is Anticipated to Hold a Significant Share by 2033, growing at a CAGR of 5.7% from 2023 to 2033.

Market Overview 
The North America marine construction market encompasses the development, maintenance, and modernization of maritime infrastructure, including ports, harbors, offshore structures, and related facilities. This sector is integral to supporting regional trade, transportation, and energy production. The expansion of seaborne trade necessitates the enhancement of port capacities and the construction of new terminals to accommodate increased cargo volumes. Technological advancements in offshore energy exploration, particularly in oil, gas, and renewable energy sectors, require specialized marine infrastructure. Additionally, the strategic importance of maritime security has prompted investments in naval facilities and shipbuilding capabilities. For instance, the U.S. is actively seeking to revitalize its shipbuilding industry to counterbalance China's maritime dominance, as highlighted in recent initiatives to strengthen alliances with South Korean and Japanese shipbuilding firms. Government initiatives further bolster the market. The proposed Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) Act aims to rejuvenate U.S. shipbuilding, expand the Merchant Marine, and enhance maritime infrastructure. This legislative effort underscores the strategic necessity of a robust commercial maritime industry for national security and economic stability.

Report Coverage

This research report categorizes the market for the North America marine construction market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America marine construction market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America marine construction market.

Driving Factors

The expansion of global trade necessitates the modernization and development of port infrastructure to accommodate increasing cargo volumes. Rising investments in offshore energy, including oil, gas, and renewable sources such as wind farms, further propel market growth. Technological advancements in dredging, marine engineering, and automation enhance construction efficiency and durability. Additionally, the growing emphasis on maritime security and naval defense has led to increased funding for shipbuilding and military port facilities. Climate change and rising sea levels also drive demand for coastal protection infrastructure, including seawalls, breakwaters, and flood barriers.

Restraining Factors

High capital investment requirements, complex regulatory approvals, and environmental concerns pose significant challenges. Additionally, fluctuating raw material costs and labor shortages can hinder project timelines and increase overall construction expenses.

Market segmentation

The North America marine construction market share is classified into project type and material.

• The expansion and renovation segment is expected to hold the largest market share through the forecast period.   

The North America marine construction market is segmented by project type into new construction, repair and maintenance, and expansion and renovation. Among these, the expansion and renovation segment is expected to hold the largest market share through the forecast period. This segment encompasses projects aimed at upgrading and enhancing existing marine infrastructure to meet increasing trade demands and technological advancements. The necessity to modernize ports and harbors to accommodate larger vessels and improve operational efficiency drives the prominence of this segment.

• The steel segment is expected to hold the largest market share through the forecast period.

The North America marine construction market is segmented by material into steel, concrete, wood, and composite. Among these, the steel segment is expected to hold the largest market share through the forecast period. Steel's exceptional strength, durability, and resistance to corrosion make it the preferred material for constructing robust marine structures such as piers, docks, and offshore platforms. Its ability to withstand harsh marine environments and support heavy loads contributes to its dominance in the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America marine construction market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hyundai Engineering and Construction
• Strabag
• DEME
• Ningbo Zhoushan Port
• Boskalis
• Bechtel
• McCarthy Building
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America marine construction market based on the below-mentioned segments:

North America Marine Construction Market, By Project Type

• New Construction
• Repair and Maintenance
• Expansion and Renovation

North America Marine Construction Market, By Material

• Steel
• Concrete
• Wood
• Composite