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

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