Dredging Market Trends: Expected to Reach USD 20,638.92 Million by 2034, with a CAGR of 2.15%

Posted on 2024-09-11 by Future Market Insights in Industrial // 0 Comments

The global dredging market is projected to exceed USD 20,638.92 million by 2034, up from USD 16,684.12 million in 2024, reflecting a steady compound annual growth rate (CAGR) of 2.15% throughout the forecast period, according to Future Market Insights (FMI).

A significant driver of this growth is the One Belt One Road Initiative (OBOR), a major infrastructure project spanning multiple continents. This initiative is creating substantial opportunities for dredging companies, particularly in the development of ports, harbors, and associated infrastructure. As the market capitalizes on these opportunities, it is expected to experience considerable expansion and transformation.

The dredging industry is also set to benefit from increased demand for Gulf Coast restoration projects. Companies are enhancing their operations with advanced dredger monitoring systems and upgraded equipment to boost efficiency and performance.

Additionally, rising government investments in dredging projects across both emerging and developed economies are anticipated to further propel market growth. Governments are focusing on the timely and cost-effective dredging of harbors, channels, and waterways to achieve goals related to environmental preservation, restoration, and improvement.

Detailed Market Study: Full Report and Analysis

Key Insights:

In terms of customer segmentation, the government sector is anticipated to maintain a substantial market share of 43.6% in 2022, underlining its pivotal role in driving industry demand.
Regarding application, the energy infrastructure segment is poised for a year-on-year growth of 4.6% in 2024, reflecting the sector’s resilience and potential.
Projections for the U.S. dredging market indicate a steady 2% Compound Annual Growth Rate (CAGR) from 2024 to 2034, reaffirming the country’s significant role in the industry.
Notably, Japan is poised to emerge as a lucrative market, with an estimated sales growth of 5.7% CAGR through 2034, showcasing its increasing importance on the global stage.
China’s prominence remains evident, with its market projected to account for a considerable 25% share of the East Asia dredging market in 2022, underlining its strong regional influence.
Steering toward the future, East Asia is expected to capture a commanding share of 32.9% in the global dredging market by 2034, reinforcing its status as a key player.
These insights collectively paint a picture of a dynamic and evolving dredging industry, where technological advancements, government involvement, and regional dynamics will play instrumental roles in shaping its trajectory over the foreseeable future.

Competitive Landscape:

The competitive landscape of the worldwide dredging market exhibits substantial consolidation across Tier I, Tier II, and Tier III entities. Preeminent participants within the market command a noteworthy 50 to 55% collective share in terms of market value.

Key Players

HYUNDAI E&C
Royal IHC
Dredging, Environmental and Marine Engineering NV (DEME)
Great Lakes Dredge & Dock Company, LLC
TOA Corporation
Penta-Ocean Construction Co., Ltd.
National Marine Dredging Company
Amrut Dredging and Shipping Ltd.
CALLAN MARINE, LTD.
CASHMAN DREDGING, INC.
China Communications Construction Company Limited
COTTRELL CONTRACTING CORPORATION
Dredge America
Dredging Africa (Pty) Ltd

Prominent contenders in this industry sphere encompass:

China Communications Construction Company Limited: Renowned for its strategic prowess, it stands as a key driver of market innovation and progress.
Royal Boskalis Westminster N.V.: A stalwart in maritime solutions, its presence contributes significantly to shaping industry benchmarks.
Dredging, Environmental and Marine Engineering NV (DEME): A vanguard in sustainable practices, it plays a pivotal role in environmentally conscious dredging efforts.
Van Oord: Globally recognized for its expertise, it continually raises the bar with its cutting-edge approaches.
Great Lakes Dredge & Dock Corporation: A foremost force in the field, it is instrumental in major projects that redefine maritime landscapes.
Royal IHC: A distinguished name synonymous with innovation, it consistently delivers state-of-the-art solutions.
National Marine Dredging Company: With a strategic approach, it holds a significant position in driving industry advancements.

Key Segments Covered in Dredging Market Analysis:

Customer Type:

Government
O&G Companies
Mining Companies
Renewables
Others

Application:

Trade Activity
Trade Maintenance
Energy Infrastructure
Urban Development
Coastal Protection
Leisure

Region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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