The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest port facility construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
Smarter leaders trust GlobalData
1. Pier B On-Dock Rail Support Facility
The project involves the expansion of the Pier B on-dock rail support facilities in California, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2032.
The purpose of the expansion is to increase cargo flow by rail and double-stacked intermodal trains can eliminate up to 750 local truck trips, and trains are up to four times more fuel-efficient. Buy the profile here.
2. Terminal Ponta Negra
The project involves the construction of a Marica Port of Pre sal development at Praia de Jacone, Marica, Rio de Janeiro, Brazil.
Construction work commenced in Q3 2024 and is expected to finish in Q1 2027.
The project will be installed at Terminals Ponta Negra (TPN), the beach of Jacone, in Marica, Rio de Janeiro. Buy the profile here.
3. Korsakov Seaport Modenization
The project involves the development of new facilities and modernization of the Korsakov port in Korsakovsky District, Sakhalin Oblast, Russia.
Construction work started in Q3 2024 and is forecast to complete in Q4 2026.
The project’s purpose is to improve cargo-handling rates, handle ocean-class vessels, and make it one of the largest ports in Sakhalin. Buy the profile here.
4. San Juan Cruise Port Development
The project involves the construction of a cruise port in San Juan, Puerto Rico.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2028.
The objective of the project is to perform capital improvements in the Ports of San Juan passenger piers and optimize its operations to strengthen Puerto Rico’s position as a world-class tourist destination. Buy the profile here.
5. Salem Offshore Wind Port Terminal Upgrade
The project involves the upgrade of a 213m2 offshore wind port terminal 17ha of land in Massachusetts, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2026.
The project will bring hundreds of jobs and millions in direct investment to Salem and is essential to the Commonwealth’s ability to achieve our clean energy targets. The project is to meet the demand for electricity in the region. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
