Harbor Deepening Market

Global Harbor Deepening Market Outlook

The global harbor deepening market is estimated at USD 4.9 Billion in 2022 and is forecast to surpass USD 6.9 Billion by 2032, growing at a CAGR of 3.5% from 2022 to 2032.

According to Fact.MR recent study in their published report, global dredging industry has been reached at the valuation of USD 15.7 Billion in 2022. It is expected to grow at 3.3% CAGR and reach at a valuation of USD 21.4 Billion by the end of 2032.

However, harbor deepening industry has shown exponential growth in the last few years owing to increased oil & gas, energy consumption globally. The increasing population may push the demand in the coming years.

Moreover, the global harbor deepening industry is holding nearly 31% share in global dredging industry which is projected to grow at the CAGR of 3.5% for next ten years and offers significant growth opportunities by the end of 2032.

Report Attributes	Details
Base Year Value (2021A)	USD 4.7 Billion
Estimated Year Value (2022E)	USD 4.9 Billion
Projected Year Value (2032F)	USD 6.9 Billion
Global Growth Rate (2022-2032)	CAGR 3.5%
Europe Market Share in 2021	~24.5%
Europe Growth Rate (2022-2032)	CAGR 3.4%
Collective Value Share (China, USA, Germany) 2022: Top 3 Countries	~39%
Top 5 Companies Market Share in 2021	~35%
Key Companies Profiled	DEME Jan De Nul Great lakes Dredge & Dock Company Royal Boskalis Westmister Van Oord Dredging & Marine Contractors CHEC Penta Ocean Hyundai E&C TOA Corporation Dredging Corporation of India National Marine Dredging Cashman Dredging Inai Kiara Rohde Nielsen Norfolk Dredging Starhigh Asia Pacific Pte Ltd Weeks Marine Inc. Orion Marine Group J.F. Brennan Salmons Dredging Corporations BEAN Ellicott Dredges CCCC Tianjin Dredging Co., Ltd. Other Key Players

2017-2021 Global Harbor Deepening Market Outlook in Comparison to 2022-2032 Growth Forecast

Historically, the market value of the harbor deepening industry witnessed a growth of 2.4% CAGR between 2017 and 2021. The global harbor deepening market has generated an absolute dollar opportunity of nearly USD 521.4 Million in the last few years. It is assessed to offer an absolute dollar opportunity of nearly USD 1,058.1 Million and 1,310.2 Million during (2022-27) and (2022-2032) individually.

Moreover, the North American harbor deepening market is accounting for around 16% market share in the global harbor deepening market which is intended to lose 60 BPS with the growth of 2.2% CAGR. Furthermore, the United States harbor deepening market is the foremost contributor in the North American market with more than 66% market share.

The East Asian harbor deepening market holds for a second-largest market share of the global harbor deepening market in 2022. It is likely to offer an absolute $ opportunity of USD 372 Million during the assessment period.

Further, the Chinese harbor deepening market has acquired nearly 55% market share in the East Asian market. It is projected to grow at a CAGR of 6.7% and create an absolute dollar opportunity throughout the forecast period.

Further, South Asia & Oceania harbor deepening market has expanded significantly in the last few years. It has acquired a closely 14% market share in the global harbor deepening market with a growth of 2.5%. Further, South Asia & Oceania is projected to gain around 53 BPS and offer an absolute dollar opportunity of nearly USD 284 Million during the assessment period.

From the segmental analysis, the application in trade maintenance grew 1.1X in the previous 5 years and it is expected to upsurge by 2X in coming years. Further, the capital deepening is projected to surge at 4.2% CAGR and create an absolute dollar opportunity of around USD 559 Million by the end of the forecast period.

Fact.MR projects the harbor deepening market is expected to note the growth of 3.5% CAGR throughout 2022 & 2032 in contrast to a CAGR of 2.4% with which it grew from 2017 and 2021.

Increasing Seaborne Trade is Likely to Boost the Harbor Deepening Market Growth

The global harbor deepening market has seen its fair share of disadvantages, particularly during the global recession of 2007-08. However, as the global economy has improved, worldwide trade has increased dramatically.

A surge in global infrastructure activity has demanded the extension and maintenance of existing harbors, as well as the building of new ones. And, given that over 85 percent of global trade is carried out by water, preserving existing routes and building new ones has acquired priority.

Furthermore, UNCTAD reports that worldwide seaborne trade volume fell by 3.3% and reached 10.6 billion tons in 2020, with shipments increasing by more than 2%. The global seaborne prognosis remains unduly optimistic, with major projects such as the One Belt and One Road Initiative (OBOR) set to create growth possibilities for dredging firms.

Market is estimated to register 1.4X growth during the forecast period on the backdrop of mounting sales of harbor deepening from different applications due to the rising energy consumption around the globe.

Harbor Deepening Industry Focusing on Technological Solution to Meet Emission Guidelines

Stringent emission guidelines have forced the harbor deepening industry to adapt and innovate. Although emission legislation varies across governing bodies, a majority of them usually measure levels of NOx, Total Hydrocarbons (THC), Particulate Matter (PM), and Sulphur Oxides.

In a bid to meet evolving emission challenges, the harbor deepening industry is banking on advancements in technology. The focus has invariably shifted to areas where energy consumption can be reduced. These include a change in the hull and pump design, and using highly efficient excavation tools. In addition to technological innovation, the dredging industry is also working on developing equipment that works on alternative fuel sources. Natural gas and hydrogen gas are being touted as promising alternatives for the harbor deepening industry.

Privatization of Ports May Boost the Demand amid Assessment Period

According to UNCTAD, seaborne trade has decreased by 3.3% in 2020 reaching 10.6 billion tons of cargo. With increasing seaborne trade, demand for development of new port and continuous maintenance of existing one is increasing.

As port management becomes complex and tough, federal governments are looking for port privatization. For instance, the federal governments of the USA and Canada are facing problems with the trade surge, as a result, policies are being formed regarding port developments under private organizations. With port privatization, emerges the need for harbor deepening services for trade maintenance activities. Hence augmenting the market opportunities.

Country-wise Insights

What is the European Harbor Deepening Market Scenario?

Since, a larger portion of sea-based trade activities was concentrated around European countries such as the Netherlands, Belgium, and the UK, the European region has been the traditional hub for the international dredging market. Thus the global dredging market has long been dominated by European operators.

Nevertheless, with increasing complexity and widening trade clusters across the globe, harbor deepening projects have increased in terms of complexity and required expertise in terms of more efficient dredgers needed to reduce unit costs. Considering the requirement, the global harbor deepening market over the past decade has begun to open for international players.

The development of new deepening techniques and the addition of larger vessels in the fleet has paved the way for international harbor deepening fleet operators. Furthermore, deepening contracts needed stringent adherence to the environmental regulations, which can only be abided by professional companies. Those contractors able to meet stringent environmental requirements are, therefore, better placed to win contracts.

The European harbor deepening market holds largest market share nearly 24.5% of the global market share. It is expected to increase at a 4.1% CAGR in the forecast period.

Which Region holds for More Higher Demand for harbor deepening Market?

The Asia Pacific markets have been distributed into two major regions including East Asia and South Asia & Oceania markets. East Asia harbor deepening market is one the very lucrative market. It has captured the 2nd largest market share of the global market.

In addition, the East Asian market is mainly occupied by the Chinese harbor deepening market which holds around 53% market share followed by Japan. East Asia is projected to increase at a 4.6% CAGR and generate an absolute dollar opportunity of more than USD 372.8 Million by the end of 2032.

Category-wise Insights

Which Application of Harbor Deepening is expected to be the significant Contributor through the Assessment Period in Harbor Deepening Market?

Two leading segments of the global harbor deepening market i.e. trade maintenance and capital deepening which collectively accounts for over 76.5% of the market share in value terms is projected to reflect stable CAGR of 3.5% and 2.7% respectively during the assessment period and remain dominant in application segment for harbor deepening.

A positive outlook for all the segments is anticipated in the global harbor deepening market, creating a healthy market environment for investments, owing to persistently increasing penetration of harbor deepening among potential end use industries.

Which End-Use Industry is poised to Show lucrative Growth in Harbor Deepening Market?

The historical trend is anticipated to persist over the years, with government organizations in harbor deepening market persistently growing end-user market. By the end of 2032, the global harbor deepening market by government organizations is projected to retain a share of 32.2%, against 67.8% of other end users. 

Although harbor deepening for government organizations reported the largest share among end users but government policies to procure more private firm investments in harbor maintenance is forecast to increase private organizations share.

It is projected to swell at a 2.6% CAGR throughout the assessment period. This is estimated to lose 145 BPS over the assessment years of 2022 & 2032.

Competitive Landscape: Top Companies in Harbor Deepening Market

The market composition for harbor deepening includes majorly international European players like Jan De Nul and DEME. These players operate for onshore, offshore, civil works, marine solutions and environmental projects.

Further, with a large fleet size and wide business portfolio, major players are gaining global share. Mid-size companies are growing their market share rapidly by engaging operations with big players in international projects. A firm grip on the international market is strengthening the big players while regional dominance in the closed market of North America and China gives an edge to small domestic players.

Fact.MR has provided detailed information about price points of top manufacturers of harbor deepening market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

• In 2020, Dredging Environmental and Marine Engineering NV (DEME) Group has signed a dredging and land reclamation contract for Abu Qir port in Egypt.
• In 2020, Penta-Ocean Construction Co. Ltd. has announced to acquire the Singapore based company named as M&E Pte Ltd.

Global Harbor Deepening Market Segments

• By Application :

  • Capital Deepening
  • Trade Maintenance
  • Urban Development
  • Coastal Protection

• By End-Use :

  • Government Organizations
  • Private Organizations
  • Mining & Energy Companies
  • Oil & Gas Companies

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA