Dredging Market to Record 3.3% CAGR during 2019-29, on Back of Rising Demand for Capital Dredging

Jan 14,2020 | Industrial Automation & Equipment

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.

About Industrial Automation & Equipment division of FMI

The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry stakeholders and channel partners when it comes to sustain, grow, and identify new revenue prospects.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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