By 2032, the global dredging market is expected to grow at a CAGR of 3.7% and be worth more than US$22.3 billion.
The demand for gulf coast restoration projects is expected to increase, which will be advantageous for the dredging market. To boost productivity and efficiency, dredging service providers are upgrading their equipment and implementing dredger monitoring systems.
Rising government spending on dredging operations in emerging economies will open up opportunities for market expansion in the years to come. Governments from a number of developed and developing nations are spending money on harbours, channels, and waterways that are dredged quickly and efficiently in order to achieve environmental protection, restoration, and enhancement objectives.
Further, increase in trade activity, urban development projects and coastal protection activities are driving the demand for dredging services globally. Manufacturers are introducing new and innovative service methods with maintaining the regulation for emission control.
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Due to upgradation of equipment, dredging activities are now being used for accessing high-quality mineral reserves that are economically inaccessible through conventional mining.
Companies providing dredging services for the development of ports and dockyards are extending their portfolio by including suction dredging for rivers and smaller waterways. Such developments are anticipated to bode well for the growth in the market over the forecast period.
“Technology upgradation in dredging service driven by the adoption of dredger monitoring systems and upgradation of equipment to increase efficiency and productivity will continue driving sales in the market growth over the forecast period,” says an FMI analyst.
Key Takeaways:
- By customer type, the government segment is projected to hold 43.6% of the total market share in 2022.
- Based on application, the energy Infrastructure segment is expected to grow Y-o-Y by 4.6% in 2022.
- Demand in the U.S. dredging market is forecast to increase at a 2.1% CAGR, reaching a valuation of US$ 1.5 Bn by 2032.
- India will emerge as a lucrative pocket, with sales growing at a 3.4% CAGR through 2032.
- Total sales in the China market will hold 25% of the East Asia dredging market share in 2022.
- By 2032, East Asia is expected to account for a dominant share of 32.9% of the global dredging market.
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Competitive Landscape
The global dredging market is significantly consolidated among Tier I, Tier II, and Tier III players. The leading players in the market account for 50 to 55% share in the market on a value basis.
Some of the key players in this industry include
- China Communications Construction Company Limited
- Royal Boskalis Westminster N.V.
- Dredging
- Environmental and Marine Engineering NV (DEME)
- Van Oord
- Great Lakes Dredge & Dock Corporation
- Royal IHC
- National Marine Dredging Company and others.
Key Segments Covered in Dredging Market Analysis
Customer Type:
- Government
- O&G Companies
- Mining Companies
- Renewables
- Others
Application:
- Trade Activity
- Trade Maintenance
- Energy Infrastructure
- Urban Development
- Coastal Protection
- Leisure
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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