Fact.MR – a market research and competitive intelligence provider foresees the global dredging market is likely to reach a valuation of around USD 15.7 Billion in 2022. The revenue generation of dredging is likely to accelerate at a steady CAGR of 3.3% to top USD 21.4 Billion by 2032. The demand for energy infrastructure in application is likely to increase at a CAGR of 4.5% over the forecast period of 2022 to 2032.
The trade activity in the dredging market is expected to reach a valuation of USD 4 Billion by the end of 2032. And, considering the fact that over 70% of trade by volume and 80% of trade by value are carried through sea. According to United Nations Conference on Trade and Development (UNCTAD), the overall seaborne trade volumes surpassed 10 Billion tons in 2020, with shipment trade to fall by 4.1% due to Covid-19 in 2020.
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.