Dredging Market Research Report: Overview With Geographical Segmentation By Revenue With Forecast 2030

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.

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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.
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

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Competitive Landscape
The global dredging market comprises of numerous regional and global vendors, rendering the market highly competitive. Players rely on strategic alliances, joint-ventures and development of technologically advanced solutions to penetrate lucrative markets.
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.

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Key Segments
Application
• Trade Activity
• Trade Maintenance
• Energy Infrastructure
• Urban Development
• Coastal Protection
• Leisure
Customer
• Government
• O&G Companies
• Mining Companies
• Renewables
• Others

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