Apr 15, 2020
Global Dredging Market to Surpass US$ 17 Bn, Heightening Sea Trade in Near Term to Stimulate Growth, Says Fact.MR
by Team Fact.MR
The global dredging market is projected to grow at a CAGR of 1.4% in terms of value between 2020 and 2030. Owing to the anticipated economic slowdown in next couple of years and shifting focus of governments on healthcare to prevent COVID-19 pandemic, global dredging market is projected to witness stagnancy till 2021. From 2022, market is expected to regain traction and surpass a valuation of US$ 17 billion by the end of forecast period (2020 – 2030). Dredging of sea ports and rivers is important as it helps keeping ports navigable and supports the transportation of goods that happens through water ways. Governments allocate significant amount each year for the dredging of its ports & rivers. In addition, developing countries are focusing on developing new inland waterways to boost exports in their countries. On the basis on aforementioned facts, global dredging market is projected to create significant opportunities by the end of 2030.
Key Takeaways of Dredging Market
- Global dredging market is expected to create absolute $ opportunity of more than US$ 2.2 Bn by the end of forecast period (2020 – 2030) which is a significant drop from the year 2020, where it was valued at US$ 15.1 Bn.
- By application, trade maintenance segment is anticipated to accumulate the majority share in terms of value and is expected to grow at a value CAGR of 1.4% during the forecast period.
- In the customer segment, government is projected to show slow growth and is poised to create absolute $ opportunity of more than US$ 105 million by the end of forecast period.
- East Asia is projected to create an absolute $ opportunity of more than US$ 784 million and is expected to hold more than 29% share in terms of value in the global dredging market by the end of the forecast period.
“The demand for dredging in the global market is expected to remain positive in the future. However, due to global economic slowdown amid COVID-19 pandemic, dredging market will witness stagnancy for next couple of years” says Fact.MR analyst.
Key Players Focus on Mergers & Acquisitions to Stimulate Growth
Global dredging market is highly competitive in nature. The key players in global dredging market are Royal Boskalis Westminster N.V., Dredging, Environmental and Marine Engineering NV (DEME), Jan De Nul Group, Penta-Ocean Construction Co., Ltd., TOA Corporation, China Harbour Engineering Company Limited, Great Lakes Dredge & Dock Corporation, National Marine Dredging Co., and Hyundai Engineering & Construction Co., Ltd. Prominent players are focusing on mergers and acquisitions in order to expand their business. For instance,
- In April 2020, Royal Boskalis Westminster N.V. acquired the US based salvage company Ardent Americas LLC. With this acquisition, company is aiming to grow its presence in the US.
- In April 2018, Penta-Ocean Construction Co., Ltd. announced a joint venture with Royal Boskalis Westminster N.V. which initiated the development of a polder at the north western tip of Pulau Tekong.
More Valuable Insights on the Dredging Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global dredging market, presenting historical demand data (2013-2018) and forecast statistics for the period of 2019-2028. The study divulges essential insights on the dredging market on the basis of application, and customer across six major regions.
>>> To Get more insights on dredging market, visit- https://www.factmr.com/report/922/dredging-market
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analysed industrial good industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.