Global Dredging Market Is Estimated At USD 15.7 Billion In 2022

Global Dredging Industry Current and Future Outlook

The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.

However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Dredging Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.

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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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Energy Consumption in the US is Leading to High Adoption of Dredging Market Systems

The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Dredging Market industry negatively.

However, the development in the Dredging Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Dredging Market systems in the region.

Prominent players in the Dredging Market industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Dredging Market industry gradually recover from the blow of the pandemic.

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.

Technological Advancements are Leading Innovations in the Dredging Market in China
China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.

Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Dredging Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.

India is Experiencing High Adoption of Dredging Market Systems
The Indian Dredging Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.

With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Dredging Market industry negatively, affecting the overall growth of the industry.

Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.

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Key Long-Term Trends
The global Dredging Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Dredging Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:


Internet of Things (IoT)

The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Dredging Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.


Edge Computing

As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Dredging Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.

For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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