In the upcoming years, increased government spending on dredging operations in emerging economies will open up new opportunities for market expansion. By 2032, the global dredging market is expected to grow at a CAGR of 3.7% and be worth more than $22.3 billion. The demand for gulf coast restoration projects is expected to increase, which will be advantageous for the dredging market. To boost productivity and efficiency, dredging service providers are upgrading their equipment and implementing dredger monitoring systems.
To achieve environmental protection, restoration, and enhancement objectives, numerous governments in developing and developed nations make timely and cost-effective investments in dredged harbours, channels, and waterways.
Furthermore, increased trade activity, urban development projects, and coastal protection activities are driving global demand for dredging services. Manufacturers are introducing new and innovative service methods while adhering to emission control regulations.
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Due to upgradation of equipment, dredging activities are now being used for accessing high-quality mineral reserves that are economically inaccessible through conventional mining.
Companies providing dredging services for the development of ports and dockyards are extending their portfolio by including suction dredging for rivers and smaller waterways. Such developments are anticipated to bode well for the growth in the market over the forecast period.
“Technology upgradation in dredging service driven by the adoption of dredger monitoring systems and upgradation of equipment to increase efficiency and productivity will continue driving sales in the market growth over the forecast period,” says an FMI analyst.
- By customer type, the government segment is projected to hold 43.6% of the total market share in 2022.
- Based on application, the energy Infrastructure segment is expected to grow Y-o-Y by 4.6% in 2022.
- Demand in the U.S. dredging market is forecast to increase at a 2.1% CAGR, reaching a valuation of US$ 1.5 Bn by 2032.
- India will emerge as a lucrative pocket, with sales growing at a 3.4% CAGR through 2032.
- Total sales in the China market will hold 25% of the East Asia dredging market share in 2022.
- By 2032, East Asia is expected to account for a dominant share of 32.9% of the global dredging market.
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The global dredging market is significantly consolidated among Tier I, Tier II, and Tier III players. The leading players in the market account for 50 to 55% share in the market on a value basis.
Some of the key players in this industry include 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.