Dredging Market to Witness Growth Prospects Due to High Urbanization Rate Across Developing Economies -future Market Insights

Market players are focusing on strategic collaborations for the development of automated dredging monitoring system to enter the lucrative market.

DUBAI, UAE / ACCESSWIRE / November 10, 2020 / The dredging market is expected to grow at a moderate CAGR of 4% through the forecast period (2020-2030). The growth can be primarily attributed to escalating urbanization projects and global trade over the forecast period.

"Increasing concerns over probable ecological damage is encouraging dredging corporations to team up with private players and government to develop eco-friendly methods to extend their ventures," says the FMI Analyst.

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Dredging Market- Key Highlights

While North America is anticipated to propel in a positive path, East Asia will emerge as the biggest market over the forecast period.
Europe to witness a modest growth trajectory owing to suspension of dredging and construction projects caused by COVID-19.
Trade maintenance will remain a key beneficiary application, generating more than 30% of the revenue in the global market.
Government bodies will remain the biggest customers with the majority of the purchases by state-sponsored dredging ventures.

Dredging Market – Driving Factors

Rising focus on boosting the tourism industry is complementing the dredging market growth.
Dredging projects are foreseeing an increment due to exerting pressure on present water and land resources by a rapidly rising population.
Mounting seaborne trade will extend the scope for dredging projects over the years to come.
Technological progressions such as automated dredging monitoring system are anticipated to encourage the market growth

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Dredging Market – Key Restraints

Dumping dredge spoils on the land has potential damage inflicted on natural ecosystems hamper the market growth.
High cost of investment could act as a probable constraint for the global market.

Expected Impact on Market by Coronavirus Outbreak

The COVID-19 outbreak has led to an unprecedented recession which is anticipated to impact the dredging market size to a huge extent. A halt in manufacturing across the tourism and oil & gas sectors have negatively impacted the dredging market.

A huge downswing in the transportation industry caused an abrupt demand shock across the oil & gas sector, compelling market players to cease manufacturing. However, a possible recovery is anticipated during 2021-2022, restoring the market scenario to the pre-crisis level. This will further restore opportunities for the dredging market since players will resume exploration ventures.

Competition Landscape

The global dredging market is inclusive of several global and regional vendors, making the market highly competitive. Companies rely on joint-ventures, strategic alliances, and growth of technologically progressed solutions to enter lucrative markets. For instance,

Royal Boskalis Westminster N.V obtained numerous dredging contracts over Germany worth € 45 Mn from several local maritime transport vendors. These contracts assist to offer construction of a shipping fairway, flood protection, and port maintenance over several locations.

Further companies are entering lucrative market by launching manufacturing units and regional offices. For instance, Great Lakes Dredge & Dock Co. declared the handover of its corporate headquarters to Houston, Oak Brook-based. This relocation will assist it a little closer to its regional clients in the Gulf Coast together with the Mississippi River.

Major companies identified in the global dredging market include China Communications Construction Company Ltd, Royal Boskalis Westminster N.V, Jan De Nul Group, Van Oord, Dredging, Environmental and Marine Engineering NV (DEME), Royal IHC, Great Lakes Dredge & Dock Corporation, Penta-Ocean Construction Co., Ltd., National Marine Dredging Company, Hyundai Engineering & Construction Co. Ltd., TOA Corporation, J.F. Brennan and Vosta LMG.

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FMI's report provides market analysis of key trends and macro-economic factors on the basis of application (trade activity, trade maintenance, energy infrastructure, urban development, coastal protection & leisure) and customer (government, O&G companies, mining companies, renewables & others) and region-wise segmentation (North America, Asia-Pacific, Eastern and Western Europe, Oceania).

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SOURCE: Future Market Insights

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