Global Dredging Market Forecasted to Surpass US$ 20,638.92 Million Valuation by 2034, Driven by 2.15% CAGR, as Privately-owned Dredging Companies are Expanding Rapidly | Future Market Insights Inc.
The dredging industry is rapidly growing due to technological advancements in equipment, improving productivity, accuracy, and reducing environmental impact. Services are upgrading equipment and implementing advanced monitoring systems to enhance efficiency.
NEWARK, Del, March 18, 2024 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI), the global dredging market value in 2023 was US$ 16,138.94 Million increasing from US$ 15,246.87 Million in 2019. According to the recent analysis report, the market is expected to expand at a CAGR of 2.15% from 2024 to 2034. By following this sluggish growth rate, the dredging industry is anticipated to increase from US$ 16,684.12 Million in 2024 to US$ 20,638.92 Million by 2034.
There has been an increasing need for dredging services as many countries have engaged in port expansions, waterways, and coastal infrastructure in recent years. Moreover, coastal dredging offers remedies for beach erosion and floods, addressing issues brought on by rising sea levels. In addition to this, many organizations have come up in support of dredging as it helps lessen the effects of natural catastrophes like hurricanes and tsunamis by constructing flood defenses.
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Offshore energy initiatives are a trend in Europe and other parts driving the demand for environment dredging globally. An increase in global trade on the other hand is projected to increase the demand for marine dredging in the coming days.
Key Takeaways from the Dredging Market Study Report:
- Over US$ 1.6 Billion in absolute dollar opportunity is anticipated to be generated by the oil and gas sector throughout the projection period.
- Adoption of dredging services in the United States is likely to increase at a rate of 2% through the projected years.
- Dredging applications in Germany are projected to grow at a rate of 3.8% per year till 2034.
- In China, the dredging industry is likely to witness a growth rate of 5.1% between 2024 and 2034.
- Japan is anticipated to create the most demand for dredging services thriving at a CAGR of 5.7% from 2024 to 2034.
“The importance of dredging has increased in the last few years to restore aquatic habitats, remove pollutants, and enhance the environmental health of water bodies. Rising concern regarding conservation of marine ecosystem is anticipated to escalate the adoption of dredging activities further.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape for the Dredging Market Players:
The overall market is highly fragmented and many small and big dredging service providers are operating in different regions and levels of the industry. Given the rising demand for international trade channels, many global players have emerged in the last few years and somewhat consolidated the market.
Key Companies Profiled in Dredging Market Report:
- HYUNDAI E&C
- Royal IHC
- Dredging, Environmental and Marine Engineering NV (DEME)
- Great Lakes Dredge & Dock Company, LLC
- TOA Corporation
- Penta-Ocean Construction Co., Ltd.
- National Marine Dredging Company
- Amrut Dredging and Shipping Ltd.
- CALLAN MARINE, LTD.
- CASHMAN DREDGING, INC.
- China Communications Construction Company Limited
- COTTRELL CONTRACTING CORPORATION
- Dredge America
- Dredging Africa (Pty) Ltd
- Dutra Group
- J.F. Brennan Company, Inc.
- Jan De Nul Group
- JT Cleary, Inc.
- KSE Marine Works Pte Ltd.
- Manson Construction Co.
- McNally International, Inc.
- Mott MacDonald
- Royal Boskalis Westminster N.V.
- TAMS Group Pty Ltd
- US Aqua Services
- VAN OORD
- Weeks Marine, Inc.
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Recent Developments by the Dredging Industry Participants:
In January 2023, Haven Dredging Ltd. created environmentally beneficial and economically viable dredging solutions known as Tiamat. This innovative solution has the potential to cut expenses in half and eliminate harmful emissions by up to 90%. Tiamat was developed by Harwich Haven Authority and brought to market by Haven Dredging to offer port authorities and dredging businesses cleaner, greener, and more effective dredging processes.
In August 2023, C-Job Naval Architects produced many concept ideas for dredgers that run on methanol. Dredgers can easily convert from traditional fuels like diesel to methanol, which makes it an excellent option for their vessels. The company is also now involved in two distinct consortiums, the MENENS project and the Green Marine Methanol consortium, which are both devoted to studying and implementing the use of methanol as a marine fuel.
Dredging Market Segmentation Analysis:
By Customer Type:
- Government
- O&G Companies
- Mining Companies
- Renewable
- Others
By Application:
- Trade Activity
- Trade Maintenance
- Energy Infrastructure
- Urban Development
- Coastal Protection
- Leisure
- Other Applications
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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