Robust Expansion of Energy Sector to Push Dredging Market Sales Past US$ 21.4 Bn by 2032- Fact.MR

NEW YORK, Feb. 22, 2022 /PRNewswire/ -- The global dredging market is expected to reach US$ 21.4 Bn in 2032, exhibiting growth at a CAGR of 3.3% during the forecast period from 2022 to 2032. Increasing demand for dredging from several infrastructure projects in sectors, such as renewable, solar, and hydro energy is likely to propel the demand.

Rapid expansion of seaborne trade across the globe is set to create need for broadening the existing ports and maintaining waterways. This is further projected to boost new port construction and waterway development activities. On account of this, the demand for dredging is projected to increase over coming years.

As per the United Nations Conference on Trade and Development (UNCTAD), in 2020, around 7.0 billion tons of total goods discharged globally were received by Asian ports. Out of the total freight shipped internationally, about 72% was dry cargo the same year. This trend is likely to continue in the forthcoming years, thereby propelling the sales of dredging equipment.

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Apart from this, the ever-increasing global population is set to compel governments of various countries to develop their urban areas. As the population is placing immense pressure on countries with limited space, governments are trying to expand the buildable land area to solve this problem.

Hence, expansion of land is projected to create new growth opportunities for key players operating in the dredging industry. The development of greenfield ports across the globe is another major factor that is set to accelerate the market.

"Ongoing construction of new airports backed by the rising number of tourists traveling worldwide is expected to bode well for the market. In addition, rising tourists' activities are set to increase beach replenishment projects to expand its width and combat erosion, which is likely to drive the market," says a Fact.MR analyst.

Key Takeaways:

• East Asia is likely to exceed US$ 1.5 Bn in 2032 owing to the increasing trade maintenance activities and presence of a well-established oil and gas industry in China.
• The U.K. is anticipated to account for 19% of the share by 2032 with rapid development of energy, mining, and oil infrastructure in the country.
• India is projected to showcase a valuation of US$ 660 Mn in 2032 backed by the ongoing expansion of the energy industry.
• Middle East and Africa dredging market is estimated to exhibit growth at 3.8% CAGR during the assessment period.
• South Asia and Oceania dredging market is set to account for approximately 17% of the share and surpass US$ 3 Bn in the evaluation period.
• By application, the energy infrastructure segment is likely to reach US$ 2 Bn by the end of 2032 on the back of surging government investments in energy infrastructure plans.
• The trade maintenance segment is anticipated to grow 1.4x in the upcoming years, surpassing a valuation of US$ 5 Bn in 2022.
• Based on customer type, the oil and gas companies segment is set to generate the lion's share due to growing consumption and production of oil and gas worldwide.

Growth Drivers:

• Ongoing development of innovative airports across the globe owing to the expansion of the tourism sector is set to propel the growth.
• The urgent need to protect coastal areas and keep ports and waterways navigable are expected to bolster the growth in the market.
• Expansion of port infrastructure to increase global trade and propel the transportation of goods through the sea is estimated to drive the market.

Restraints:

• Removal of gravel from river beds by dredging can lead to the loss of some species and disturb the habitat of river bank fauna, such as water voles and otters.
• Dredging activities may negatively impact marine organisms through increasing sediment concentrations, remobilization of contaminants, noise, and habitat degradation.

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Competitive Landscape

The global dredging market is highly fragmented with the presence of numerous leading companies, such as Great Lakes Dredge & Dock Corporation. Royal Boskalis Westminster N.V, and Van Oord NV across the globe.

Most of these companies are trying to create robust distribution networks to gain a large customer base. Meanwhile, some of the other key players are aiming to provide diversified services that are custom-made as per the requirement of customers.

For instance,

• February 2022: Dredging Corporation of India, a public sector unit engaged in the business of dredging, announced its plans to clear dues of vendors by June 2022 for enhancing its financial position. The company is currently striving to increase cash flows in the coming two to three quarters by paying off dues to its vendors. At the same time, it is working to broaden its presence in Asia by initiating a joint venture with National Marine Dredging Company based in Abu Dhabi.
• February 2022: Hegemann Dredging, a leading provider of a wide range of dredging activities headquartered in Germany, declared that Hegemann V, its new trailing suction hopper dredger is ready for finishing touches. The dredger was developed by the company in close collaboration with Kooiman Engineering and is specially designed to perform several types of dredging activities.

Key Players in the Dredging Market Include:

• Royal Boskalis Westminster N.V
• Dredging, Environmental and Marine Engineering NV (DEME)
• Penta-Ocean Construction Co., Ltd
• TOA Corporation
• Hyundai Engineering & Construction Co., Ltd.
• China Harbour Engineering Company Limited
• Great Lakes Dredge & Dock Corporation
• National Marine Dredging Co.

More Valuable Insights on Dredging Market

Fact.MR provides an unbiased analysis of the dredging market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global dredging market with a detailed segmentation on the basis of:

By Application

• Trade Activity
• Trade Maintenance
• Energy Infrastructure
• Urban Development
• Coastal Protection
• Leisure

By Customer

• Government
• O&G Companies
• Mining Companies
• Renewables
• Others

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East and Africa (MEA)

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Key Questions Covered in Dredging Market Report

• The report offers insight into the dredging market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for dredging market between 2022 and 2032.
• Dredging market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Dredging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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