Posted on June 15, 2022
The global dredging market is expected to expand at a 3.7 percent CAGR, reaching a valuation of more than US$ 22.3 billion by 2032. Rising demand for gulf coast restoration efforts is expected to help the dredging market. Dredging service providers are increasing efficiency and productivity by implementing dredger monitoring systems and upgrading their equipment.
Rising government investments in dredging activities in emerging economies will generate market growth prospects in the future years. Various governments in emerging and developed countries are investing in dredged harbours, channels, and waterways in a timely and cost-effective manner to satisfy environmental protection, restoration, and improvement goals.
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Furthermore, increased economic activity, urban development projects, and coastline protection activities are fueling global demand for dredging services. Manufacturers are adopting new and inventive service techniques while adhering to pollution control regulations.
Dredging activities are now being employed to obtain high-quality mineral sources that are economically unattainable through conventional mining due to equipment upgrades.
Companies that provide dredging services for port and dockyard development are expanding their offering to include suction dredging for rivers and smaller waterways. Such advancements are expected to augur well for market growth throughout the predicted period.
“Technology advancement in dredging service, led by the adoption of dredger monitoring systems and equipment upgrades to boost efficiency and productivity, will continue to fuel market expansion throughout the projection period,” an FMI analyst states.
Key Takeaways:
- The government segment is expected to account for 43.6 percent of the total market share in 2022.
- The energy infrastructure industry is predicted to increase by 4.6 percent year on year in 2022, according to application.
- The dredging market in the United States is expected to grow at a 2.1 percent CAGR, reaching a worth of US$ 1.5 billion by 2032.
- India will emerge as a profitable market, with sales increasing at a CAGR of 3.4 percent through 2032.
- In 2022, total sales in the China market will account for 25% of the East Asia dredging market.
- East Asia is predicted to hold a commanding 32.9 percent share of the worldwide dredging industry by 2032.
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Competitive Landscape
The global dredging market is highly concentrated among Tier I, Tier II, and Tier III companies. On a value basis, the market’s top firms control 50 to 55 percent of the market.
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 are among the world’s largest dredging businesses.
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