Rapid Urbanization to drive the Dredging Market
As per a report available on XploreMR, the global dredging market is slated to scale new heights between 2020 and 2030.
The dredging market is basically driven by pressure being exerted on existing water and land reserves with increasing urbanization. Research states that as compared to the year 2000, urbanization has risen by 46% in the economies like the Asia-Pacific. North America stand at 3.4% and Europe at 3.9% respectively. So, it could be inferred that North America and Europe are refurbishing the land reserves whereas the Asia-Pacific is newly into the refurbishment.
The outbreak of Covid-19 has resulted in downswing regarding transportation sector. This has, in turn, prompted the oil and gas industry to suspend production, so much so that OPEC+ countries have curtailed supply close to 7.7 Mn barrels/day. Recovery is expected to come through post vaccination against Covid-19. As of now, it’s the UK, US, and Canada administering vaccination.
The global dredging market constitutes North America (Canada, US), Eastern Europe (Russia and Poland), Western Europe (Luxembourg, The Netherlands, Belgium, Nordic countries, Italy, Spain, France, UK, Germany), Asia-Pacific (New Zealand, Australia, ASEAN, Japan, India, China), MEA (North Africa, Southern Africa, GCC), and Latin America (Chile, Peru, Brazil, Mexico, and others).
As far as North America is concerned, Ocean Floor Geophysics Inc. (OFG) entered into collaboration with EMGS (Electromagnetic Geoservices ASA) for promoting use of CSEM (controlled source electromagnetic) technology for several extraction and dredging operations. Also, in Feb 2020, the US Army Corps did table 2020 Work Plan, part and parcel of the US Federal Budget. Close to US$ 85 Mn were allocated for initiating construction of deepening Mississippi River Ship Channel near Louisiana to 50 ft.
In Europe, Denmark, Belgium, The Netherlands, UK, and Germany are amongst the opportunistic markets. The Asia-Pacific is also growing with Belt & Road Initiative (BRI) by China. Coming to MEA, The NMDC (National Marine Dredging Company), in Sep 2020, did secure a contract to expand Lake Manzala (northeastern Egypt). The objective is regulation of freshwater inflow in line with increasing BOD (Biochemical Oxygen Demand).
The key players in the dredging market include China Communications Construction Company Limited, Jan De Nul Group, Royal Boskalis Westminster N.V, DEME (Dredging, Environmental and Marine Engineering NV), Van Oord, Great Lakes Dredge & Dock Corporation, Royal IHC, National Marine Dredging Company, Penta-Ocean Construction Co., Ltd., TOA Corporation, Hyundai Engineering & Construction Co. Ltd., Vosta LMG, and J.F. Brennan.
On the developments’ front, Royal Boskalis Westminster N.V, in Oct 2020, did secure multiple dredging contracts all across Germany from hoards of maritime transport vendors. The objective of these contracts is that of providing protection against floods, constructing shipping fairway, and maintaining ports across several locations.
Also, in the year 2019, Jan De Nul Group did initiate maintenance of the dredging work in Nieuwpoort (Belgium). This project forms a part of the organization’s commitment to lessen emissions of CO2 by close to 15%. It has incorporated renewable biofuel through sustainable waste flows for achieving this.
Besides, Great Lakes Dredge & Dock Co., of late, did announce transferring the corporate headquarters from Oak Brook to Houston. This transfer ought to reach out to regional clients along Mississippi river in Gulf Coast.
It needs to be noted that government entities are bound to stand tall as customers of dredging equipment, with around 40% of the purchases undertaken by the state-sponsored dredging ventures. The adoption is expected to be the highest across oil & gas sector due to continual investments in projects involving oil exploration. The projects worth noting include Rovuma LNG Project and Alaska LNG Liquefaction Project.
Dredging Market – Report Scope
A recent study by XploreMR on the dredging market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the dredging industry. The study also provides the dynamics that are responsible for influencing the future status of the dredging market over the forecast period.
A detailed assessment of the dredging value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the dredging market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including demand, product development, revenue generation, and sales in the dredging market across the globe.
A comprehensive estimate on the dredging market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
XploreMR’s research study assesses the global dredging market in terms of application, customer, and region. This report presents extensive market dynamics and trends associated with these different segments of the market, and their influence on the growth prospects of the market for the coming years.
Key Questions Answered in Report
- Which are the most lucrative markets for dredging?
- Which XploreMRors will have the most impact the growth of the dredging market?
- How will changing trends impact the strategy of market players operating in this sector?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the global dredging market?
- What are the winning strategies of stakeholders in the dredging market?
Inspected Assessment on Regional Segments
Key sections have been elaborated in the dredging market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period of 2021 to 2031.
Country-specific valuation on demand for dredging has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the research report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
In XploreMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the dredging market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of this market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the dredging market report as a primary resource.
Dredging Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2031Buy Now
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