The global dredging market value is estimated to be USD 16.6 billion in 2024 according to the updated industry analysis report. The overall market is predicted to grow at a moderate CAGR of 2.15% during the forecast period. The global dredging industry share is estimated to reach a value of nearly USD 20.6 billion by 2034.
| Report Attribute | Details |
|---|---|
| Dredging Market Size (2024) | USD 16.6 billion |
| Market Anticipated Forecast Value (2034) | USD 20.6 billion |
| Market Projected Growth Rate (2024 to 2034) | 2.15% CAGR |
The global dredging market was valued at USD 15,246.87 million in 2019. The global demand for dredging activities increased at a rate of 1.84% between 2019 and 2023. The overall market value was about USD 16,138.94 million by 2023.
While trade activity slowed in 2020 and 2021, it picked up steam in 2022 and 2023, providing better opportunity for the adoption and advancement of dredging services. Demand for dredging services also remained a crucial part of all significant maritime infrastructure projects during this period.
| Attributes | Details |
|---|---|
| Dredging Market Value (2019) | USD 15,246.87 million |
| Market Revenue (2023) | USD 16,138.94 million |
| Market Historical Growth Rate (CAGR 2019 to 2023) | 1.84% CAGR |
The expanded demand for environmental dredging depends on technological advancements to address the growing pollution problems. Moreover, natural gas and hydrogen gas are marketed by dredging firms as suitable substitutes.
The dredging industry is expanding fast with advancements in equipment that increase productivity, and accuracy, and minimizes environmental effects. To increase productivity and efficiency, dredging services are also using equipment updates and dredger monitoring systems.
The table below lists the regions or countries that are likely to present lucrative growth opportunities in the dredging sector.
| Regional Market Comparison | CAGR (2024 to 2034) |
|---|---|
| United States | 2% |
| Germany | 3.8% |
| United Kingdom | 1.4% |
| Japan | 5.7% |
| China | 5.1% |
Demand in the United States dredging market is anticipated to increase at a CAGR of 2% over the forecast period.
Adoption of dredging services in Germany is poised to increase at a rate of 3.8% per year through the projected years.
The dredging service providers in the United Kingdom are expected to witness 1.4% growth per year till 2034 on average.
The dredging industry of China is projected to expand at a rate of 5.1% during the forecast years.
Demand for dredging services is likely to witness the most lucrative growth rate of 5.7% during the forecast years.
Based on customer type, local and federal governments are anticipated to create 45.5% of the total demand in 2024.
| Attributes | Details |
|---|---|
| Top Customer Type or Segment | Government |
| Total Market Share in 2024 | 45.5% |
Based on application, the trade maintenance segment is poised to contribute for 30.6% of the global market share in 2024.
| Attributes | Details |
|---|---|
| Top Application Type or Segment | Trade Maintenance |
| Total Market Share in 2024 | 30.6% |
The overall market is fragmented in nature as the nature of the dredging business is highly region-specific. However, large-scale projects like land reclamation, canal and port development, and offshore energy projects typically involve major international contractors from Europe and Asia. They have a greater capacity to handle these difficulties due to their large and varied fleets of vessels and cutting-edge equipment.
Recent Developments in the Global Dredging Market
| Report Attributes | Details |
|---|---|
| Current Total Market Size (2024) | USD 16.6 billion |
| Projected Market Size (2034) | USD 20.6 billion |
| Market CAGR (2024 to 2034) | 2.15% |
| Base Year for Estimation | 2023 |
| Historical Period | 2019 to 2023 |
| Projections Period | 2024 to 2034 |
| Quantitative Units | Revenue in USD billion/Volume in million cubic metres (Mm³) |
| By Customer Type Segments | Government, O&G Companies, Mining Companies, Renewable Companies, Others |
| By Application Segments | Trade Activity, Trade Maintenance, Energy Infrastructure, Urban Development, Coastal Protection, Leisure |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa |
| Countries Covered | United States, Japan, Germany, India, United Kingdom, France, Italy, Brazil, Canada, South Korea, Australia, Spain, Netherlands, Saudi Arabia, Switzerland |
| Key Players | HYUNDAI E&C, Dredging, Environmental and Marine Engineering NV (DEME), Great Lakes Dredge & Dock Company, LLC, TOA Corporation, Penta-Ocean Construction Co., Ltd., National Marine Company, Amrut and Shipping Ltd., CALLAN MARINE, LTD., CASHMAN DREDGING, INC., Africa (Pty) Ltd, COTTRELL CONTRACTING CORPORATION, J.F. Brennan Company, Inc. |
| Additional Attributes | Technological Innovations, Environmental Regulations, Sustainability Initiatives, Market Dynamics |
| Customization and Pricing | Available upon request |
The global dredging market is estimated to be around USD 16.6 billion in 2024.
The global dredging market is to grow at 2.15% during the forecast period.
The global dredging market is predicted to be valued at USD 20.6 billion by 2034.
The global dredging market was valued at USD 15,246.87 million in 2019.
Governments account for nearly 45.5% revenue share of the global dredging market.
India is predicted to grow at a significant CAGR during the forecast period.
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