Well-constructed, efficiently-designed, and properly-maintained sea ports are viewed as the bedrock upon which a nation’s infrastructure is developed. Capital dredging is identified as one of the primary elements in ensuring safe and effective docking of cargo vessels, fishing vessels, cruise ships, ferries, and all kinds of service vessels that afloat the international waters. In the foreseeable future, the global dredging market will be characterized by the advent of futuristic ships, changing dredging requirements, and advancements in underwater excavation technologies.
The global dredging market is projected to reach US$ 21.1 Bn by the end of 2029, as per the latest report by FMI.
Key Takeaways from Dredging Market Study
For More Detailed Insights on Dredging Market
- Maximum market revenue is expected to be generated from the trade and maintenance application throughout the forecast period.
- In terms of growth, energy infrastructure segment to project the highest rate.
- Though oil and gas companies are gaining significant traction, dredging services are more often acquired by government bodies. By customer type, the government segment is estimated to account for nearly one half of the overall market share.
- Global cargo industry is picking up, with East Asia remaining the dominant cargo house in the global market. Around 40% of global cargo moves from the East Asia region, which creates a huge opportunity for the growth of the dredging market.
- Around 60% of ports in Middle East & Africa region have port quality below 4 (out of 7), where developments needed. As a result, demand for dredging is increasing.
“Growth in tourism is leading towards construction of new airports and beach replenishments, which is expected to provide opportunities to dredging service providers in the foreseeable future,” says an FMI analyst.
Dredging Market: Competition Overview
The global dredging market is identified as a consolidated one, with limited presence of players actively operating in the global market. Jan De Nul, Royal Boskalis Westminster, Van Oord, and DEME Group are identified as prominent players in the global dredging market. Increasing emphasis on globalization and the need to synergize existing fleet strength and competition may lead to further consolidation in the international dredging industry. In addition, new players, especially from Asia, are entering the dredging market, although they are smaller in size
Highly Lucrative Opportunities in East Asia Market
China, one of the key markets accounting for substantial share, follows a closed market dredging policy, with only a handful of projects open for international players. The demand for dredging is expected to gain significant traction in the coming years, owing to the rise in seaborne trade and tourism sector with increasing demand for land reclamation. Mining companies are expected to witness significant growth in the East Asia dredging market during the forecast period.
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