Dredging Market Expectations & Growth Trends Highlighted from 2022 to 2032

 Revenue from dredging market is predicted to rise from $15.7 billion in 2022 to $22.3 billion by 2032. The dredging market will increase at a CAGR of 3.7% throughout the forecast period, according to FMI. Increasing global trade and urbanisation projects boost growth, assuming that more than 70% of trade by volume and 80% by value is conducted by sea. Overall seaborne trade volumes will exceed 10 billion tonnes in 2020, according to the United Nations Conference on Trade and Development (UNCTAD), with cargo traffic declining by 4% as a result of Covid-19.

The outlook for global seaborne remains overly optimistic, with upcoming projects such as the One Belt One Road Initiative (OBOR) likely to provide dredging manufacturers with growth opportunities. The dredging industry’s prospects are inextricably linked to broader developments in the global tourism sector, as the construction of new airports and beach replenishments accounts for a sizable portion of total revenues generated by dredging companies.

Future Market Insights (FMI), ESOMAR-certified market research and consulting firm, has published an updated edition to its widely cited report on the global dredging market.  The study revises its earlier forecast on dredging market growth, readjusting key indicators for COVID-19 impact.

Get a Sample Copy of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-4821

Downturns are largely attributed to volatility in the oil & gas sector, a key end-use industry for dredging projects. However, government efforts to address flooding problems in coastal areas and low-lying plains is likely to keep dredging projects demand sustained in the long term.

Furthermore, efforts to sustain global trade volumes to reinvigorate the economy is providing much-needed stimulus to the market.

Key Takeaways

  • High urbanization rate across emerging economies to fuel dredging projects in the long run
  • Government agencies to comprise over 40% of the dredging equipment customer base
  • Adoption of innovative equipment monitoring technologies such as smart virtual software growing
  • East Asia to emerge as the largest market, expanding at over 4% CAGR
  • Trade maintenance to be a key application area, accounting for 3 out of 10 projects through 2030

“Rising concerns over possible environmental damage is prompting dredging corporations to collaborate with governmental and private players to develop eco-friendly approaches to expand their projects,” concludes an FMI analyst.

COVID-19 Impact Insights

The COVID-19 pandemic has resulted in an unprecedented recession which is expected to influence the dredging market size to a large extent. Massive production crunches across the oil & gas and tourism sectors are adversely impacting the dredging market.

As the pandemic spread, the grounding of aeroplanes and automobiles led to a massive downswing in the transportation sector. This resulted in an abrupt demand shock across the oil and gas industry, compelling oil-producing giants to cease production, leading to a glut in product inventories.

Fortunately, recent months have witnessed a shoring up of oil prices. Still, OPEC+ countries have curbed supply, with cuts amounting to 7.7 million barrels per day prevailing until December 2020. Such downswings are impacting dredging projects throughout the entire world.

The present-day slump in oil prices is akin to the 2008 financial crisis. Possible recovery is anticipated in 2021 or 2022, restoring prices to pre-crisis levels of US$ 50-60 per oil barrel. This projected favourable outlook is likely to restore prospects for the global dredging market, as companies are expected to resume exploration projects.

Competitive Landscape

The global dredging market comprises of numerous regional and global vendors, rendering the market highly competitive. Players rely on strategic alliances, joint ventures and the development of technologically advanced solutions to penetrate lucrative markets.

In 2019, Jan De Nul Group initiated maintenance dredging works in Nieuwpoort, Belgium. This project was part and parcel of the company’s commitment to reduce CO2 emissions by 15%. To achieve this, it incorporated renewable biofuel from sustainable waste flows.

In October 2020, Royal Boskalis Westminster N.V secured multiple dredging contracts across Germany worth € 45 million from a host of regional maritime transport vendors. These contracts aim to provide flood protection, construction of a shipping fairway and port maintenance across numerous locations.

For More Information on this Report @
https://www.futuremarketinsights.com/reports/dredging-market

Key Segments

By Customer Type:

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

By Application:

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East & Africa

Comments

Post a Comment

Popular posts from this blog

Automated Sortation System Market Analysis, Segments, Leading Player, Application & Forecast 2022 to 2030

 Future Market Insights, an ESOMAR certified market research firm in its latest report pegs the global market for automated sortation system  to surpass a valuation of US$ 14.34 Billion by the end of 2030. With accuracy and efficiency of automated sortation systems set to boost KPIs, manufacturers are steadily scaling up logistics and warehousing businesses to improve sorting and picking. Automated sortation are giving and uptick to profit margins by a respectable 1% gain and helping to reduce the total cycle time for orders. With newer sortation systems having sortation rates close to 100%, operators within the automated sortation system market are increasing their own reliability index through timely deliveries thus gaining an edge in the overall market. Better throughputs help stakeholders prepare well for capacity forecasts. Request a Sample Copy of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-11931 Key Takeaways of Automated Sort...
Read more

Industrial Motors Market Analysis, Key Players, Segments & Forecast 2022 to 2032

 The worldwide  industrial motors market  is estimated to develop at a 3.5% CAGR from 2022 to 2032, reaching a value of more than US$ 917.3 million in 2032. Several government entities, like the European Water Association (Europe), the Environmental Protection Agency (US), and the India Water Works Association (India), are actively drafting legislation and regulations governing water disposal and reuse programmes. The Environmental Protection Agency (EPA) in the United States, for example, has made it essential for companies to purify water before disposing of it. In this regard, specifications for maximum allowed contamination levels have been devised. Furthermore, severe government laws have been put in place for the construction of water projects to produce power, handle water waste, and stop deposit exploitation, among other things. These industrial water and wastewater projects are expected to have a direct impact on the growth of the industrial motors market from 20...
Read more

Deployable Military Shelter Market Outlook, Current and Future Landscape Analysis 2022 to 2029

 According to Future Market Insights (FMI), the Global Deployable Military Shelter Market will grow at a 4.7% year-on-year rate in 2022, reaching a value of approximately US$ 1,068.2 million by the end of 2022. The evolving battleground requirements have necessitated increased military unit deployment in distant warzones and diverse terrains for strategic operational and training purposes. Ascending military spending of governments and notable rise in border conflicts continues to push sales of deployable military shelters on a global level. The global deployable military shelter market will most likely surpass the value of US$ 1,464.0 Million by 2029, as projected by a new Future Market Insights (FMI) report. Witnessing healthy growth in revenues over 2022 – 2029, demand for deployable military shelters will be prominent in temporary military bases in conflict affected areas as well as overseas. Key Takeaways – Deployable Military Shelter Market Study North America’s deploya...
Read more