Posted on February 4, 2025
The global dredger market is expected to grow at a CAGR of 3.45 per cent during 2023 and 2028, market research specialist Technavio said via a recent press release.
During this period, the market is also expected to show a growth of US$482.65 million.
Technavio said the global dredger market is experiencing robust growth due to technological advancements revolutionising traditional dredging processes. Innovations, such as advanced equipment designs, automation, and digitalisation, enhance operational efficiency, safety, and environmental sustainability.
Companies like Royal IHC have been developing next-generation dredging vessels equipped with state-of-the-art dredging equipment and machinery. These vessels feature innovative designs, high-performance systems, and integrated automation technologies, enabling dredging companies to tackle complex projects more effectively and efficiently, thereby driving market expansion.
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
- Rising oil and gas exploration and production activities worldwide
- Rising demand for dredgers in infrastructure development
- Rising demand for maintenance dredging
However, the market also witnesses some limitations, which are as follows:
- Fluctuations in raw material costs and oil prices
- Capital-intensive nature of dredging equipment
- Environmental concerns related to dredging activities
