Dredging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029
Dredging Market: Overview
Dredging vessels are specialized vessels that are used for maritime transportation, especially for the transportation of natural materials. Dredging activities are usually taken to deepen or widen the sea bottom or sea channel. The drive for keeping waterways and ports navigable is a key trend in the evolution of the dredging market. A range of underwater construction activities are made possible by the creation of new ports, land reclamation, and coastal protection. Burgeoning water-borne trade in several parts of the world has helped spurred the prospects in the dredging market. Strides being made by maritime construction industry have bolstered the expansion of the dredging market.
Seaborne trade is one of the key indicators of economic activity. Rising demand for expanding maritime activities in developing nations has helped in the evolution of the dredging market. Mining industry is one of the primary end users of dredging vessels. An example is the use of hydraulic dredges to transport water-ore mixture directly into the plant.
Key product types are cutter suction dredger, suction dredger, barge unloading dredger, and trailing suction hopper dredger.
Dredging Market: Key Trends
Rapid pace of urbanization is a key trend has pushed a significant part of population to coastal areas. Reclaiming of coastal areas is also boosting the expansion of the dredging activities. The dredging market has also gathered traction from rise in tourism activities that involve keeping beaches in good condition. Rising demand for oil and gas, has led energy exploration companies have to look toward remote areas. Rising demand for dredging services in oil and gas industry and beaches is boosting the dredging market.
The growing demand for anti-sludge pathways for boats is also boosting the dredging market. In recent years, more and more coastal areas are experiencing floods, which has generated interest in dredging market. However, sometimes the high cost of dredging activities has dampened the demand in the mining industry.
Dredging Market: Competitive Analysis and Key Developments
Players in the dredging market are expected to increasingly focus on offering dredging wheels to meet the demands for heavy minerals mining. In 2019 Jan De Nul Group has launched its fourth Ultra-Low Emission vessel (ULEv) in Singapore, which is a medium-sized green vessel. The dredging vessels feature advanced exhaust gas filtering system. The emission control technology is compliant with land and inland waterways emission regulations. Over the years, more such product launches have kept the dredging market lucrative.
Many players are getting into agreements and contracts to consolidate their positions in the dredging market. Cases in point are Great Lakes Dredge & Dock Corporation and National Marine Dredging Company.
Some of the other players in the dredging market are Weeks Marine, Inc., Coastal Dredging Company, Inc., Van Oord N.V., Great Lakes Dredge and Dock Co., Jan De Nul N.V., and Royal Boskalis Westminster N.V.
Dredging Market: Regional Analysis
Some of the regions in the dredging market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America and the Middle East have been lucrative markets. The growth is on the back of rapid strides made by oil and gas industry. Rise in investments on building new dredging vessels is opening new revenue streams in Asia Pacific. Players in the regional market are also focusing on meeting the rising demand in the mining industry.
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