The Dredging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Dredging Global Market Report 2024, The dredging market size has grown steadily in recent years. It will grow from $12.49 billion in 2023 to $12.96 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to early port development, coastal protection initiatives, canal construction, mining and material extraction, river and waterway maintenance..
The dredging market size is expected to see steady growth in the next few years. It will grow to $15.18 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to government infrastructure spending, tourism and recreation investments, remediation and waste management, trade route expansion, global infrastructure projects.. Major trends in the forecast period include port expansion and maintenance, coastal protection and climate change, infrastructure development, river restoration and flood management..
Increasing sea-borne trade is expected to propel the growth of the dredging market going forward. Seaborne trade refers to the transportation of goods that takes place through accessible water routes and ports. Dredging helps sea-borne trade by expanding existing ports, maintaining existing waterways, and building new ports and waterways. For instance, in October 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, Asian ports received approximately 7.1 billion tons in 2021, which is equal to 64% of all commodities discharged globally. Therefore, increasing water-borne trade is driving the growth of the dredging market.
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The dredging market covered in this report is segmented –
1) By Type: Dipper, Water Injection, Pneumatic, Bed Leveler, Other Types
2) By Application: Trade Activity, Trade Maintenance, Energy Infrastructure, Urban Development, Coastal Protection, Leisure
3) By End User: Oil And Gas Companies, Mining Companies, Renewables, Other End Users
Product innovations have emerged as a key trend gaining popularity in the dredging market. Major companies operating in the dredging sector are focused on developing new innovative products to strengthen their position in the market. For instance, in May 2022, Damen Shipyards, a subsidiary of Netherlands-based Damen Holdings, introduced the new Trailing Suction Hopper Dredger (TSHD) series that ranges from 800 m³ to 5,000 m³ which is efficient in operation, practical in maintenance, and customizable for each specific dredging operation. They are unique in that they use their own propulsion during the excavation of deposits from a borrow area and then can cart the material to the placement area.
The dredging market report table of contents includes:
- Executive Summary
- Dredging Market Characteristics
- Dredging Market Trends And Strategies
- Dredging Market – Macro Economic Scenario
- Global Dredging Market Size and Growth
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- Global Dredging Market Competitive Benchmarking
- Global Dredging Market Competitive Dashboard
- Key Mergers And Acquisitions In The Dredging Market
- Dredging Market Future Outlook and Potential Analysis
- Appendix
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