Global Dredging Market to Experience Deceleration amid COVID-19: FMI

The global dredging market is expected to grow modestly, expanding at approximately 4% through 2030, attributed to stagnation induced by the COVID-19 pandemic. 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.

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According to the 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.

Dredging 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 a 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.

COVID-19 Impact on Dredging Market Insights

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.

Fortunately, recent months have witnessed a shoring up of oil prices. Still, OPEC+ countries have curbed supply, with cuts amounting to 7.7 million barrels per day prevailing until December 2020. Such downswings are impacting dredging projects throughout the entire world.

The present-day slump in oil prices is akin to the 2008 financial crisis. Possible recovery is anticipated in 2021 or 2022, restoring prices to pre-crisis levels of US$ 50-60 per oil barrel. This projected favorable outlook is likely to restore prospects for the global dredging market, as companies are expected to resume exploration projects.

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Dredging Market Key Segments

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)
Dredging Market Competitive Landscape

The global dredging market comprises numerous regional and global vendors, rendering the market highly competitive. Players rely on strategic alliances, joint ventures, and the 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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More Insights on the Dredging Market

Future Market Insights provides a comprehensive overview of the global dredging market, including a historical forecast from 2015 to 2019 & an opportunity assessment from 2020-2030. The study provides compelling insights on the global dredging market on basis of application (trade activity, trade maintenance, energy infrastructure, urban development, coastal protection & leisure) and customer (government, O&G companies, mining companies, renewables & others) across six major regions.

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