NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Despite sluggish returns in 2020 due to unprecedented COVID-19 outbreak, the global dredging market is expected to report 3.3% YOY growth in 2021, a significant improvement over 3.5% y-o-y exhibited in 2020, finds Fact MR in a new study. The overall growth outlook remains positive, especially as applications in trade activity, maintenance, and urban development among others continue to rise. The market will vastly gain with demand in government sector rising. Fact MR in a new study has forecast government to account for over 43% of overall share through 2031.
Besides this, demand in the oil and gas industry will continue rising through the course of the report's forecast period. According to the "Oil 2020- Analysis", published in March 2020 by the International Energy Agency (IEA), the global oil production capacity is expected to rise by 5.9 mb/d through 2025. It was also stated in the report that supply from Non Organization of the Petroleum Exporting Countries (Non-OPEC) will rise by 4.5 mb/d. With oil and gas production and consumption poised to surge, dredging applications will potentially soar in the near future.
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Market outlook continue to remain strong over next 10 years to register 3.3%% CAGR between 2021 and 2031
US will account for 82% of North America market in 2021 and outlook remains positive
Growth forecasts for Italy and Germany remains positive as the Europe market recovers at a moderate pace post COVID-19
U.K. will register 0.8% YOY growth between 2021 and 2031
China, Japan, and South Korea are expected to be bright spots strengthening growth prospects in East Asia
"Innovations will pave way for growth in future. Like in other industries, the dredging market will witness uptick in smart technology deployment aimed at improving operational efficiency. The advent of automated dredging monitoring systems for instance will result in higher adoption across various industries. Especially soaring ecological concerns will push innovations in dredging technologies," said a lead analyst at Fact MR.
Slow and Steady Recovery Expected Post COVID-19
Unprecedented recession caused by the COVID-19 outbreak caused massive production crunches. Coupled with this, restrictions imposed on travel and tourism and disruptions registered in the oil and gas industry resulted in negative growth. Fortunately, shoring up oil prices in recent months have helped in recovery of the dredging market. The contemporary decline in oil prices akin to the Great Depression in 2008 posed considerably challenges to market players.
Nonetheless, recovery 2021 onwards, following the resumption of exploration activities will aid overall expansion in the coming years. For instance, some of the major oil exploration projects include Rovuma LNG Project worth US$ 33 billion and Alaska LNG Liquefaction Project valued at US$ 43 billion. Also growth will continue due to consistently rising government requirement. For example the Dredging Corporation of India (DCI) is aiming at chartering its cutter suction dredgers and vessels trailer suction hopper dredgers on a long term basis, which is expected to bolster the dredging industry. Impetus from government will enable the dredging market to gain momentum in the near future.
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Presence of numerous companies have rendered the dredging market highly competitive. This has been prompting increasing investment in capacity expansion within the market. Some of the companies have been focusing on strategic alliances as key to expand their footprint globally. Besides this, focus on acquiring projects will remain significantly high.
Royal Boskalis Westminster N.V secured various projects worth across € 45 million Germany in October 2020. These project were acquired from a host of regional maritime vendors and were aimed at construction of shipping fairway, port maintenance, and providing flood protection
Penta-Ocean Construction Co., Ltd. Launched a wide range of dredging equipment under END® (Environmental Dredging) in 2020, among other solutions
Some of the companies are even establishing offices across lucrative pockets. For instance:
Great Lakes Dredge & Dock Co. has recently announced the transfer of its corporate headquarters to Houston from Oak Brook. The relocation is aimed at inch closer to clients across Gulf Coast along the Mississippi River.
The report profiles some of the leading companies operating in the market. These include Royal Boskalis Westminster N.V., Penta-Ocean Construction Co., Ltd., China Harbour Engineering Company Limited, Dredging, Environmental and Marine Engineering NV (DEME), Jan De Nul Group, TOA Corporation, Great Lakes Dredge & Dock Corporation, Hyundai Engineering & Construction Co., Ltd., National Marine Dredging Co. among others.
More Valuable Insights on Dredging Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global dredging market, providing historical data for the period of 2016-2020, and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (trade activity, trade maintenance, energy infrastructure, urban development, costal protection, and leisure) and customer (government, O&G companies, mining companies, renewables, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).