Future Market Insights (FMI), an 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.
The global dredging market is expected to grow modestly, expanding at approximately 4% through 2030, attributed to stagnation induced by the COVID-19 pandemic.
Get | Download Sample Copy with Graphs & List of Figures:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4821
This sluggishness is a result of volatility in the oil & gas industry, owing to plummeting exploration projects. Consequently, the need for port maintenance and dredging projects has dwindled, leading to a downturn across the near-term forecast.
On the other hand, efforts to sustain international maritime trade are creating pockets of growth.
Dredging projects have experienced an uptick due to the growing focus on boosting the tourism sector. For instance, Maldives is strengthening its tourism sector through its ambitious iHavan project. This is likely to enhance the scope of reclamation projects, providing traction to the dredging industry.
However, cessation of cross-border travel due to COVID-19 is impacting the tourism industry, with the UN World Tourism Organization estimating an over 20% decline during Q1 2020. This is bound to impact dredging operations in the short run.
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 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.
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 airplanes 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.
For More Information or Query or Customization Before Buying, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-4821
Market Structure Analysis
FMI’s dredging market analysis has incorporated the following market players within its ambit*:
- China Communications Construction Company Limited
- Jan De Nul Group
- Royal Boskalis Westminster N.V
- Dredging, Environmental and Marine Engineering NV (DEME)
- Van Oord
- Great Lakes Dredge & Dock Corporation
- Royal IHC
- National Marine Dredging Company
- Penta-Ocean Construction Co., Ltd.
- TOA Corporation
- Hyundai Engineering & Construction Co. Ltd.
- Vosta LMG
- J.F. Brennan
Presence of multiple vendors renders the landscape highly competitive, prompting them to forge strategic alliances, undertake joint ventures and enter into acquisitions. In addition, technological enhancements in dredging technology and equipment are imperative to ensure a firm footing in the market.
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.
Companies are also penetrating lucrative market by establishing regional offices and manufacturing units. Recently, Great Lakes Dredge & Dock Co. announced the transfer of its corporate headquarters to Houston from Oak Brook. This relocation will help it inch closer towards its regional clients in the Gulf Coast along the Mississippi River.
By Segment:
Application
- Trade Activity
- Trade Maintenance
- Energy Infrastructure
- Urban Development
- Coastal Protection
- Leisure
Customer
- Government
- O&G Companies
- Mining Companies
- Renewables
- Others
Region
- North America (U.S & Canada)
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
- Europe (Germany, Italy, France, U.K., Spain, BENELUX & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Oceania (India, Thailand, Malaysia, Singapore, Australia & New Zealand and Rest of South Asia & Pacific)
- Middle East & Africa (GCC, South Africa, Nigeria, Israel & Rest of MEA)
Ask Us Your Questions About This Report:
https://www.futuremarketinsights.com/ask-question/rep-gb-4821
According to Ministry of Tourism, Government of India, in 2019, foreign tourist inflow increased by 3.5%, while domestic tourism surged by a quarter, prompting it to undertake dredging projects. In February 2020, the Kerala tourism department announced the Akkulam lake rejuvenation project worth US$ 8.5 million.
As per the 2019 European Union Tourism Trends Report, 538 million tourists arrived in Europe in 2018, with the EU registering maximum inflow (82.2%). Consequently, the number of dredging projects throughout Europe has witnessed a substantial increase in recent years.
Credible opportunities also exist across Latin America, with Mexico at the forefront. Inbound tourist inflow increased by nearly 1% in August 2020 from July 2020, attributed to a flattening COVID-19 infection curve. Therefore, dredging projects are witnessing an upsurge. In February 2020, the Mexican navy deployed two new dredgers for land reclamation.