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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Dredging market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Dredging
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The global dredging market is estimated at USD 15.7 Billion in 2022 and is forecast to reach USD 21.4 Billion by 2032, growing with a CAGR of 3.3% from 2022 to 2032.
Market Segments Covered in Dredging:
By Application Trade Activity Trade Maintenance Energy Infrastructure Urban Development Coastal Protection Leisure
By Customer Government O&G Companies Mining Companies Renewables Others
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Key Takeaways from Dredging Report
The application of dredging in trade maintenance is expected to fuel sales, with its share projected to be around 30% in 2031. The government sector will maintain its lead as a dominating customer for dredging, holding a share of over 40% by the end of the forecast period. China is expected to emerge as a lucrative destination for dredging, and will be the epicenter of the East Asia region. On the whole, Asia Pacific is expected to hold close to 50% of the global market share in 2031. The United States, Canada, Germany, the United Kingdom, Italy, and Japan will also be lucrative regional markets with high demand for dredging. After initial setbacks due to the COVID-19 pandemic, demand for dredging is picking pace across the world, and the market is set to progress at a steady CAGR of over 3% through 2031.
“With gradual rise in trade, trade maintenance, and other activities from the latter half of 2020, and increase in requirements from the oil & gas industry, the value of the global dredging market is set to increase steadily over the coming years. According to the International Energy Agency (IEA), global oil demand is predicted to rise by a total of 5.7 mb/d, with China and India accounting for around half of this growth,” says a Fact.MR analyst.
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Competitive Landscape
According to the dredging industry analysis, Royal Boskalis Westminster N.V, China Harbour Engineering Company Ltd, Van Oord NV, Dredging Environmental and Marine Engineering NV (DEME) Group, Jan De Nul N.V., Great Lakes Dredge & Dock Corporation, National Marine Dredging Co, Hyundai Engineering & Construction Co. Ltd., Penta-Ocean Construction Co. Ltd and Toa Corporation are identified as key players providing dredging.
The aforementioned players have robust network of customer around the globe. The front runners in the market are tech giants with deep pockets which allows them to participate greatly in development.
Moreover, these companies also deal with diversified services which are custom-made as per individual customer. The growth strategies implemented by prominent players are contracts & agreements, new product developments and collaborations to resist their market position.
Some of the key developments in the market are:
In 2020 , Dredging Environmental and Marine Engineering NV (DEME) Group has signed a major dredging and land reclamation contract for Abu Qir port in Egypt. In 2020 , Jan De Nul Group had partnership with Dogger Bank Wind Farm to transport and install offshore wind. In 2020 , Penta-Ocean Construction Co. Ltd announced to acquire the Singapore based company named as M&E Pte Ltd . In 2020 , TOA Corporation has signed a contract with Bangladesh Economic Zones Authority (BEZA) for land development at Japanese Economic Zone.
Similarly, recent developments by top providers of dredging have been tracked by the team at Fact.MR, which are available in the detailed report.
More Valuable Insights on Dredging
Fact.MR, in its new report, offers an unbiased Market Analysis of Dredging, Sales and Demand of Dredging, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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