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Dredging Global Market Estimated to Surge at a CAGR of 4.0% to Reach $15.18 Billion By 2028
Dredging Global Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The increasing demand in oil and gas industries is expected to propel the growth of the dredging market going forward. The oil and gas industries refer to the sectors involved in the exploration, extraction, refining, transportation, and distribution of petroleum and natural gas. There is a rising need for dredging services to maintain navigable waterways, construct and maintain offshore infrastructure, and facilitate efficient transportation of goods as energy exploration and production activities expand, fostering the overall development of the dredging industry. For instance, in October 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the increasing demand in oil and gas industries is driving the growth of 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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Major Key Players of the Market:
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
Dredging Market 2024 Key Insights:
• 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%.
• Seaborne Trade Expansion Fuels Robust Growth In The Dredging Market
• Cutting-Edge Innovations Reshaping The Dredging Market
• Asia-Pacific was the largest region in the dredging market share in 2023
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