Dredging Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033 | Royal Boskalis Westminster NV, Van Oord NV, Dredging Environmental and Marine Engineering NV

"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.

Market Overview -
Dredging is the removal of debris and sediment from the bottoms of rivers, shallow seas, harbors, lakes, and other bodies of water. This debris and sediment are collected and disposed of at different locations and must be periodically removed by dredging.

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Seaborne Trade Expansion Fuels Robust Growth In The Dredging Market
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.

Competitive Landscape -
Major companies operating in the dredging market report are Royal Boskalis Westminster NV, Van Oord NV, Dredging Environmental and Marine Engineering NV, Jan De Nul NV, Great Lakes Dredge & Dock Corporation, National Marine Dredging Company, Hyundai Engineering and Construction Co. Ltd., Penta-Ocean Construction Co. Ltd., TOA Corporation, Weeks Marine Inc., Harbour Engineering Company Ltd., Cottrell Contracting Corporation, Amrut Dredging and Shipping Ltd., Cashman Dredging Inc., Callan Marine Ltd., China Communications Construction Company Limited, China Harbour Engineering Company Ltd., Manson Construction Co., Orion Marine Group, CCCC Dredging Company Ltd., Gulf Cobla LLC, J.F. Brennan Company Inc., Dredging Corporation of India Limited, Boskalis Westminster LLC, Great Lakes Dock and Materials LLC, Royal IHC, Dredging International NV, Dredging and Maritime Management SA, Heinrich Hirdes GmbH, International Seaport Dredging Private Ltd., Irish Dredging Company Ltd., Middle East Dredging Company, Mijnster Zand- en Grinthandel BV, Mordraga LLC, Royal Smals BV

Cutting-Edge Innovations Reshaping The Dredging Market
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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