Dredging Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2031

Published on : Jan-2021 | List of Tables : 70 | List of Figures : 101 | No. of Pages : 170 | Report Code : FACT922MR |

About the Report

Dredging, an act of excavating unwanted materials from water environment (underwater dredging), involves quite a large market, including export, import, supply, and manufacturing of related equipment. The industry basically flourishes on innumerable port maintenance dredging contracts issued by governments and port management authorities.

While dredging equipment manufacturers experienced sluggish growth in the past year due to low trade activities owing to the COVID-19 pandemic, the market is on its way to recovery, and expected to grow steadily over the coming years. In its new report, Fact.MR provides detailed analysis of the global dredging market, along with insights into its growth, restraints, and scope. Trade activity, trade maintenance, and coastal protection are major application areas for dredging. The report also dives deep into why Asia Pacific will offer the most opportunities to stakeholders through 2031.

How Do Historical and Future Trends in Dredging Match Up?

Dredging equipment manufacturers and suppliers have thrived over the years on rising demand from governments across regions, while huge requirements from oil & gas, mining, and other industries has further augmented growth over the past decade. According to Fact.MR, the global dredging market grew at around 3% CAGR over the last five years (2016 and 2020). However, 2020 has been a year of exception for suppliers, as the COVID-19 pandemic decreased trade-related activities.

As the requirement for dredging is rising again with the world getting over the impact of the pandemic, manufacturers are set to leverage new opportunities coming their way. Increasing demand in energy infrastructure, coastal protection, urban development, and others is projected to raise the revenue of dredging manufacturers in the near future. According to Fact.MR, the global dredging market is expected to expand at over 3% CAGR through 2031.

Why is Demand for Dredging Growing from the Energy Infrastructure Sector?

Demand for dredging is growing steadily with rise in requirements from various infrastructure projects, such as hydro, solar, and other renewable energy sectors. Rise in investments towards various energy infrastructure plans are further spurring the growth of dredging manufacturers.

As per a report titled “The Investment Plan for Europe and Energy: Making the Energy Union a Reality”, published by the European Commission (EC) in June, 2016, the investment plan for Europe and the Energy Union is substantially strengthening energy infrastructure in Europe. As stated in the report, with key projects in energy infrastructure, renewable energy, and energy efficiency, the financial cornerstone of the investment plan (EFSI, European Fund for Strategic Investments) has allocated to the energy sector 29% of financing approved by the European Investment Bank (EIB).

Such statistics reveals the high potential of dredging market and the growth scope of key players over the coming years.

How is the Oil & Gas Industry Important for Dredging Equipment Providers?

Demand for dredging is growing exponentially with the expansion of the oil & gas industry. According to a report “Oil 2020- Analysis”, published by the International Energy Agency (IEA) in March 2020, global oil production capacity is predicted to rise by 5.9 mb/d through 2025. The report also stated that, Non Organization of the Petroleum Exporting Countries (Non-OPEC) supply will rise by 4.5 mb/d, while OPEC is building another 1.4 mb/d of crude and natural gas liquids capacity. According to the United States Energy Information Administration (EIA), in the United States, distillate fuel consumption will reach at 4.0 million b/d on an average by 2021, which is 97% of 2019 consumption.

With such increase in oil & gas production and consumption, manufacturers in the dredging industry will come across greater opportunities to leverage on in the near future.

How Has the COVID-19 Pandemic Affected Sales of Dredging Equipment?

The outbreak of novel coronavirus has significantly declined growth of the dredging market since the beginning of 2020. As trading-related activities have been hampered during long lockdown periods, manufacturers have suffered huge setbacks. Furthermore, the financial crisis and scarcity of raw materials & labor made the situation worse for suppliers. As the focus of governments has shifted toward more emergency sectors such as hospitals, emergency health services, diagnostic clinics, and others, there has been shortage of funds to invest in trade maintenance or coastal activities.

However, with the commencement of vaccination and acceptance of new norms, the world is gradually getting back on track. As demand for dredging is rising again, equipment manufacturers are expected to gain higher revenues over the coming years. With end-use industries such as trade, energy infra, urban development, coastal protection, leisure, and others getting back on track, dredging activities are picking pace, thereby gradually surging demand for dredging material management.

dredging market

Country-Wise Analysis

Why is China a Heavyweight in the Global Dredging Market?

China is the epicenter of the world’s largest dredging market - East Asia, and has a share above 80% in this important regional market. Backed by increasing trade and trade maintenance activities in the country, and well as a developed oil & gas industry, China has high potential for dredging equipment manufacturers. According to a report published by the World Integrated Trade Solution (WITS) in 2018, China had total exports of around US$ 2.5 trillion, and total imports of around US$ 2.1 trillion, leading to a positive trade balance of approximately US$ 400 billion, while trade growth is 2.31% as compared to the world growth of 3.5%.

Recently, the Government of China decided to lower import tariffs on more products that are in high demand. While trade activities slowed down in 2020, they are likely to bounce back from 2021, which, in turn, is expected to provide heightened benefits to dredging players in the regions and elsewhere.

What’s Spurring Growth of the U.K. Dredging Market?

The United Kingdom is a dominating country in Europe’s dredging market. Growing demand from energy infrastructure, mining, oil, and others is expected to propel growth in the country. The Government of the United Kingdom stated in its report published in 2019 that, contribution by U.K. energy industries to the U.K. economy is 2.5% of Gross Value Added (GVA), which was 0.08% higher than in the previous year.

With increase in import and export activities, dredging equipment manufactures the United Kingdom are expected to experience further surge in demand over the coming years. According to the United Kingdom Trade Statistics published by The World Bank in 2018, the country had total exports of around US$ 491 billion, and total imports of around US$ 671 billion, while trade growth was 3.97% as compared to the world growth of 3.5%.

 As these rates are expected to rise further, the U.K. is set to sustain its high position in this space over the coming years.

What Makes France Have a Leading Dredging Share in Europe?

France has emerged as another lucrative market for dredging in Europe. Rapidly evolving energy sectors coupled with rise in demand from the government is bolstering growth of the market in France. According to the Government of France, the renewable energy industry is expanding fast and expected to rise to 32% of final energy consumption by 2030, and to 40% of electricity production, which will be half of the total energy consumption by France in 2050.

As per a report named “Oil & Gas Regulation 2020”, published by the International Comparative Legal Guides (ICLG), energy production in France increased to 137.7 million tonnes of oil in 2018, while primary energy production increased by 4.2% year-on-year by the end of 2018. As these rates are likely to grow further, demand for dredging is expected to increase further in the near future.

What’s Fuelling Demand for Dredging Equipment & Services in Germany?

Germany, being a key country in the Europe dredging market, is set to exhibit hegemony over the coming years. While rapid growth of the energy industry is boosting demand for dredging, surge in trade activities is further bolstering market growth.

According to IEA, in Germany, wind power surpassed both, nuclear and natural gas, to become the second-largest source of electricity generation in the country. As per this report, the Government of Germany has taken initiative to further increase the share of renewables in electricity to 50% by 2030, 65% by 2040, and 80% by 2050.

A report titled “Germany Trade Statistics” published by the WITS in 2018 stated that, Germany had total exports of around US$ 1.5 trillion, and total imports of close to US$ 1.3 trillion, leading to a huge positive trade balance, while trade growth was 3.15% as compared to the world growth of 3.5%. As these growing rates get prominent, manufacturers are anticipated to increase their sales footprint further through 2031.

Will India’s Dredging Market Remain Lucrative in Future?

India is a lucrative and leading market for dredging in the world’s second-largest dredging market - South Asia & Oceania. Highly advanced oil & gas, mining, and energy industries have spurred demand for dredging across the country.  According to A report published by the India Brand Equity Foundation (IBEF) in 2020, India is the world’s third-largest energy consumer, globally. As per this report, the oil & gas industry in India is growing robustly, and is expected to attract investments worth US$ 25 billion for exploration and production by 2022.

While the Government of India has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects, the FDI limit for public sector refining projects has been raised to 49% without any disinvestment or dilution of domestic equity in existing PSUs. Demand for dredging has been highly progressive in India, and the region is attracting more investors and manufactures to tap the high potential of the market.

Why are Dredging Equipment Manufacturers Looking at Japan with Keen Interest?

Japan has emerged as another key region as far as dredging activities are concerned, with increasing requirements from the government. According to the Japan Trade Statistics published by the World Integrated Trade Solution (WITS) in 2018, the country had total exports of US$ 738.20 billion and total imports of US$ 748.22 billion, while trade growth was 1.50% as compared to the world growth of 3.50% in 2018.

Furthermore, rise in demand from oil & gas and mining industries is fuelling the sales of dredging equipment in Japan. According to a report published by the United States Energy Information Administration (EIA) in October 2020, Japan was the fifth-largest oil consumer and fourth-largest crude oil importer in the world in 2019. While Japan has no international oil or natural gas pipelines, its oil & gas industry holds high potential, owing to the its exclusive dependence on tanker shipments of Liquefied Natural Gas (LNG) and crude oil.  As per the report, in 2018, Japan consumed most of its oil in the transportation (38%), industrial (24%), and non-energy use (16%) sectors, in 2018. Also, the country increased its crude oil imports from Iran in 2016, when U.S. and European sanctions imposed on Iran’s oil exports were lifted.

As stated in the report by EIA, oil is the largest source of primary energy in Japan, which contributes 40% of total energy consumption, as in the year 2019. According to the International Energy Agency (IEA), Japan’s oil consumption was an estimated 3.7 million b/d in 2019, making it the fifth-largest petroleum consumer in the world behind the United States, China, India, and Russia. This is why dredging equipment suppliers and manufacturers are eyeing Japan in order to increase their sales footprint over the coming years.

Why is Demand for Dredging in South Africa Surging?

South Africa is a key region for dredging in the Middle East and Africa. Rise in demand in trade activities and growing oil & gas industry have kept South Africa in the spotlight for excavation equipment manufacturers. After GCC countries combined, South Africa experiences the most dredging activities. According to a report titled “South Africa Trade Statistics” published by the World Bank in 2018, South Africa trade growth was 3.65% as compared to the world growth of 3.5%.

A report published by the World Oil in 2019 stated that, South Africa imports around 60% of its oil products in the form of crude, which is processed at local refineries. As the Government of South Africa is set to revive the oil & gas industry further by investing US$ 100 billion by 2023, dredging equipment suppliers are expected to benefit from this market over the coming years.

Category-wise Insights

Why is Trade Maintenance the Leading Application of Dredging?

With the rise in import and export activities, the need for dredging in trade maintenance has been growing since the past decade. According to the European Commission (EC), the global export of goods has risen to 13636.6 billion EUR in 2019 from 11646.2 billion EUR in 2014 and is forecast to rise further. The statistics indicates the trade maintenance segment will remain in the position through 2031.

Dredging in urban development, trade activity, energy infrastructure, coastal protection, and industrial dredgers are some of the key application areas.

Will Governments Continue to Remain Leading Customers for Dredging?

Growing requirement of dredging and rise in investments by government are fuelling the growth of dredging stakeholders. Several governmental initiatives are expected to further boost growth in the near future. The Dredging Corporation of India (DCI) is intending to charter out its vessels trailer suction hopper dredgers and cutter suction dredgers on long-term basis to reputed and established entities in the business of dredging, in order to strengthen the dredging industry. Oil & gas companies, mining companies, renewables, and others are also expected to remain key customers throughout the forecast period.

Competitive Landscape

The global dredging market is getting highly competitive in nature, which, in turn, is compelling key players to opt for strategic approaches. Top companies have started with launching more advanced dredging equipment and services to widen their growth scope. For instance,

  • Jan De Nul Group launched its extensive range of dredging equipment, such as Cutter Suction Dredgers, Suction Hopper Dredgers, Split Hopper Barges, and others, in the last year.
  • Penta-Ocean Construction Co., Ltd. launched its extensive range of dredging equipment and solutions, such as END® (Environmental Dredging) and other solutions, in the last year.
  • The National Marine Dredging Co. launched is new range of Water Master Dredgers equipped with world-class vessels and other equipment, to work on diverse categories of projects, in the last year.

Some of key players operating in the 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.
  • Hyundai Engineering & Construction Co., Ltd.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Report Scope

 Attribute

Details

 Forecast Period

 2021-2031

 Historical Data Available for

 2016-2020

 Market Analysis

 USD Million for value

 Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa
  • Oceania

 

 Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Vietnam
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

 Key Segments Covered

  • Application
  • Customer
  • Region

 Key Companies Profiled

  • 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.
  • Hyundai Engineering & Construction Co., Ltd.

 Report Coverage

  • Market Forecasts
  • brand share analysis
  • competition intelligence
  • DROT analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

 Customization & Pricing

 Available upon Request

Dredging Market Segmentation by Category

Application

  • Trade Activity
  • Trade Maintenance
  • Energy Infrastructure
  • Urban Development
  • Coastal Protection
  • Leisure

Customer

  • Government
  • O&G Companies
  • Mining Companies
  • Renewables
  • Others

Region

  • North America
  • Latin America
  • Europe
  • Middle East and Africa (MEA)
  • East Asia
  • South Asia
  • Oceania

Key Questions Answered in Report

  • At what CAGR is the global dredging market expected to expand?

According to Fact.MR, the global dredging market is expected to progress at over 3% CAGR (volume) during the forecast period of 2021 to 2031.

  • Which are the top companies operating in the dredging market?

Some of the top companies competing in the global dredging market are TOA Corporation, Jan De Nul Group, Penta-Ocean Construction Co., Ltd., and others.

  • Which application of dredging accounts for higher sales?

Presently, dredging in trade maintenance accounts for the highest sales, and is expected to sustain its position over the coming years.

  • Which are some of the lucrative markets for dredging?

China, Germany, the United Kingdom, France, Mexico, The United States, Canada, and a few others are lucrative markets for dredging.

  • Which segment of customers is bolstering growth of the dredging market?

Currently, the government segment is the leading customer of dredging equipment and services.

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Is this research conducted by Fact.MR?

Yes, the research has been conducted by expert analysts of Fact.MR, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses demand-side assessment of the market, and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request. 

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Dredging Market – Report Scope

A recent study by Fact.MR on the dredging market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the dredging industry. The study also provides the dynamics that are responsible for influencing the future status of the dredging market over the forecast period.

A detailed assessment of the dredging value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the dredging market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including demand, product development, revenue generation, and sales in the dredging market across the globe.

A comprehensive estimate on the dredging market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.

Segmentation

Fact.MR’s research study assesses the global dredging market in terms of application, customer, and region. This report presents extensive market dynamics and trends associated with these different segments of the market, and their influence on the growth prospects of the market for the coming years.

Application

  • Trade Activity
  • Trade Maintenance
  • Energy Infrastructure
  • Urban Development
  • Coastal Protection
  • Leisure

Customer

  • Government
  • O&G Companies
  • Mining Companies
  • Renewables
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa (MEA)

Key Questions Answered in Report

  • Which are the most lucrative markets for dredging?
  • Which factors will have the most impact the growth of the dredging market?
  • How will changing trends impact the strategy of market players operating in this sector?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the global dredging market?
  • What are the winning strategies of stakeholders in the dredging market?

Inspected Assessment on Regional Segments

Key sections have been elaborated in the dredging market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period of 2021 to 2031.

Country-specific valuation on demand for dredging has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the research report.

Detailed breakup in terms of value for emerging countries has also been included in the report.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the dredging market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of this market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the dredging market report as a primary resource.

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Dredging Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2031