Dredging Market is Projected to Surpass a Valuation of US$ 22.3 Billion from 2022 to 2032, Get Insights FMI

Revenue from dredging market is predicted to increase from US$ 15.7 billion in 2022 to US$ 22.3 billion by 2032. According to FMI, the market will increase at a 3.7% CAGR during the forecast period. Growing global trade and urbanisation initiatives promote growth, with more than 70% of trade handled by sea by volume and 80% by value. 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 global seaborne outlook remains overly optimistic, with upcoming projects such as the One Belt, One Road Initiative (OBOR) likely to provide opportunities for growth for dredging manufacturers. Because new airport construction and beach replenishment account for a significant portion of dredging companies’ total revenues, the dredging industry’s prospects are inextricably linked to broader developments in the global tourism sector.

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, accounting for the impact of COVID-19 on key indicators.

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Volatility in the oil and gas sector, a key end-use industry for dredging projects, is largely to blame for downturns. However, government efforts to address flooding problems in coastal areas and low-lying plains are likely to sustain long-term demand for dredging projects.

Furthermore, efforts to maintain global trade volumes in order to re-energize the economy are providing the market with much-needed stimulus.

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

About Us

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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