The dredging market is currently going through a rough patch during the pandemic owing to the stagnation of trade and marine transport activity. In addition, the drop in oil, gas, and mining activity in freshwater, harbors, and shallow sea areas will also impact the dredging industry in the mid-term
The dredging market is expected to surpass a valuation of US$ 17 Bn by the end of the projection period (2020 – 2030). Growth in terms of port facilities and inland river transport will continue to contribute to the rise of the dredging market. The rapid rise of populations in coastal areas will also help in the recovery of the industry once the pandemic subsides, reveals the Fact.MR report.
“The steady rise in sea levels have frequently resulted in floods in coastal areas, making dredging absolutely essential for the prevention of natural disasters and subsequent reduction in loss of life and property. These factors, are very important for the dredging market to sustain growth in the years ahead post pandemic,” says the FACT.MR analyst.
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Dredging Market – Major Takeaways
- Jet lift vehicles will account for a major share of global dredging activities, owing to performance parameters.
- Oil & gas exploration and production activities account for significant dredging applications.
- Coastal protection activities are anticipated to generate new remunerative activities on a global scale.
- North America will remain at the forefront of the dredging industry, driven by the growth of the oil and gas industry here. Asia Pacific will provide major opportunities in telecommunication and oil exploration activities.
Dredging Market – Top Driving Factors
- Rising volumes of global trade carried out through sea-based container vessels is the primary driver for dredging activities.
- Construction and expansion of port facilities are essential for operations in remote areas, supporting the demand for dredging.
- Growing environmental concerns associated with the decimation of beaches, will also support dredging activities for restoration.
- Government investments in land reclamation projects are key contributors to dredging industry revenues.
Dredging Market – Key Constraints
- High costs associated with the dredging process and equipment restrict industry activity.
- Environmental concerns associated with dredging activities are holding back the expansion of the dredging market.
Anticipated Impact on the Market by the COVID-19 Outbreak
The global coronavirus outbreak has hit the marine and transport industry hard. China’s industrial productivity has slumped, while global trade has been severely impacted. Further, crude oil prices have witnessed a sudden fall. These trends are having an adverse impact on the global dredging market.
The dredging industry will have to set up contingency plans to mitigate ripple effects. Insurance will remain a key aspect of sustainability practices in the market. The market is likely to move towards recovery towards the latter half of 2020, as lockdown and trade restrictions are gradually relaxed around the world.
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Top players in the dredging market include but are not limited to Hyundai Engineering and Construction Co., Royal Boskalis Westminster, Weeks Marine Inc., China Harbor Engineering Company, Dock Corp, Van Oord, Great Lakes Dredge, Deme Group, and Jan De Nul. These players are pushing for long term contracts with companies in multiple end use verticals including port, oil & gas, and mining among others. This trend will allow for sustained growth and revenues in the industry.
For instance, Great Lakes Dredge & Dock Corporation has entered into a shipyard contract in Illinois. Similarly, Royal Boskalis Westminster N.V. has won two contracts from the Finnish government for dredging activity in the Harbor Basin and Vuosaari Fairway near Helsinki.
More about the Report
The FACT.MR’s market research report gives exhaustive insights on dredging market. The market is analyzed in terms of application (trade activity, trade maintenance, energy infrastructure, urban development, coastal protection, and leisure), and customer (government, oil & gas companies, mining companies, renewables, and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).