Dredging Market

Global Dredging Market Growth Size (2024 to 2029)

As per our analysis report, the global Dredging Market is expected to reach USD 12.02 billion by 2029 from USD 10.56 billion in 2024, growing at a compound annual growth rate (CAGR) of 2.62% during the forecast timeline.

Current Scenario of the Global Dredging Market

Growing population places pressures on countries with limited space to urbanize, and the ability to expand their buildable land area, which can alleviate this problem, propels the growth of revenue of the Dredging market.

The rapid growth of population and technological advancements by major key players, increase in global trade carried out through the sea, and also the rise in transportation of goods through the sea using the large container vessels and ships are some of the growth-supporting factors of the market of Dredging revenue rate during the outlook period. Another major growth driving factor of the Dredging market was the increased investments by the major key players of the dredging market for R&D activities and also for the new technological advancements. These applications require a high investment which is one of the restraints that hinder the Dredging Market's growth. High capital investment is needed for dredging and also for maintenance, as well companies need to spend a huge amount of money which acts as a huge challenge for the Dredging market.

Impact of COVID-19 on the Dredging Market

The dredging market has been affected very badly due to the COVID-19 pandemic since the government authorities announced strict lockdown regulations, which a break to the entire supply chain of almost all industries, which has impacted the production of industries, including the dredging companies. The Dredging market has also been affected very badly due to the COVID pandemic, but as per the analysis, the market of Dredging in real estate is expected to increase more post-COVID pandemic.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Dredging Market By Type

The suction vessel is again bifurcated into two types namely trailing suction and cutter suction. Among these segments, the suction vessel segment holds the major share of the market as it operates by sucking through a long tube. This suction vessel segment is expected to hold dominance during the forecast period. However, the Airlift segment is also expected to increase the market value in the upcoming years to come.

Global Dredging Market By End-User

The oil & gas segment holds the major share of the market among the other segments and is expected to hold dominance during the forecast period.

REGIONAL ANALYSIS

The Asia Pacific region holds the major share of the market due to the factors such as rising population across the developed economies such as India and China.

Coupled with an increased need for oil exploration and telecommunication purposes from different sources beneath the water. Furthermore, the increasing of major key players in the region is also one of the major driving factors that propel the growth of the market of Dredging in the Asia Pacific region. 

North America region holds the second-largest share of the Dredging market due to factors such as an increase in oil & gas activities in offshore regions, especially in some of the emerging economies such as the United States and Canada.

Europe region is expected to increase the market value of Dredging owing to the rapid increase in marine activities.

The Latin America region also has a great revenue rate in the upcoming years due to the increase of oil and gas in some of the countries of the region.

The Middle East and Africa region is also expected to increase the demand for the dredging market attributed to the presence of major key players in the region.

KEY MARKET PLAYERS

Major Key Players in the Global Dredging Market are Royal Boskalis Westminster N.V., Jan De Nul N.V., Dredging Environmental and Marine Engineering N.V., Great Lakes Dredge and Dock Co., Van Oord N.V., Coastal Dredging Company, Inc., Weeks Marine, Inc, and others.

RECENT HAPPENINGS IN THE MARKET

• JAN DE NUL N.V. company has launched its fourth ultra-low emission vessel in Singapore, which concerns the 6000 m3 trailing suction hopper dredger Sanderus built at the Keppel offshore & marine shipyard.
• Great Lakes Dredge & Dock Corporation has received a contract from the Corpus Christi Ship Channel Improvement project, which was worth 93 million US dollars in which. The company has started dredging the site to deepen the entrance channel, and the work has already been finished.
• National Marine dredging company has received a contract from ADNOC, which was worth 5 billion AED, to build the multiple artificial islands in the first phase of the development of Ghasha Concession.

DETAILED SEGMENTATION OF THE GLOBAL DREDGING MARKET INCLUDED IN THIS REPORT

This research report on the global Dredging market has been segmented and sub-segmented based on type, end-user, application, and region.

By Type

• Suction
• Jet lift
• Airlift
• Bucket
• others

By End-User

• Oil & Gas
• Trading
• Tourism

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa