Revenues from dredging market are expected to rise from US$ 15.7 billion in 2022 to US$ 22.3 billion by 2032. According to FMI, the market will expand at a 3.7% CAGR during the forecast period. Growing global trade and urbanisation projects support growth, assuming that more than 70% of trade by volume and 80% by value is carried 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 shipment trade falling by 4% as a result of Covid-19.
With impending initiatives like the One Belt One Road Initiative (OBOR) likely to present growth possibilities for dredge producers, the forecast for global seaborne remains too positive. Since that a significant amount of the total revenue earned by dredging businesses comes from beach replenishment and new airport building, the future of the dredging industry is closely related to broader trends in the global tourism industry.
Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, has updated its widely cited global dredging market report.
The study revises its earlier forecast for dredging market growth, adjusting key indicators for the impact of COVID-19.
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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.
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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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