From 2017 to 2021, sales in the dredging market increased at a 1.2% CAGR. As per FMI, demand is expected to grow by 3.1% in 2022. This increase in year-over-year growth in 2022 is higher than increasing dredging services for various applications such as coastal protection, urban development in coastal areas, and trade maintenance activities.
The integrity of many coastal nations’ dynamic shores needs to be maintained often. Dredging offerings are used to perform shoreline protection initiatives and offer beach replenishment. Side outcomes of weather change, which include excessive weather and rising sea stages, have an immediate impact on quite populated coastal or low-lying towns, along with an impending threat of flooding, especially as a result of herbal screw-ups.
With the aid of 2030, it is anticipated that greater than half of the arena’s populace would stay inside 100 kilometers of the shoreline. This thing is projected to have a fantastic effect on the dredging market growth in the coming years.
Seaports need to carry out preservation again and again due to soil erosion or soil degradation within the location. Therefore, for the renovation of ports, increasing dredging preservation sports will improve income within the dredging market.
Increasing attention on enhancing the tourism area has additionally led to an upward push in dredging initiatives. The Maldives, for example, is bolstering its vacationer enterprise with its formidable ihavan initiative. That is likely to extend the scope of reclamation initiatives, giving the dredging market more traction.
Emerging markets and developing countries, as well as domestic demand and investment rebound in industrialized economies, fueled growth in 2017. The predominance of the mega-cities, which have a population of more than 10 million people, is expected to increase in the Asia Pacific. There are 39 megacities across the globe, with the majority of urban areas in flood-prone zones, which is expected to expand to 41 by 2030, requiring dredging services for coastal protection.
- HYUNDAI E&C
- Royal IHC
- Dredging, Environmental and Marine Engineering NV (DEME)
- Great Lakes Dredge & Dock Company, LLC
- TOA Corporation
- Penta-Ocean Construction Co., Ltd.
- National Marine Dredging Company
- About Dredging and Shipping Ltd.
- CALLAN MARINE, LTD.
- CASHMAN DREDGING, INC.
- China Communications Construction Company Limited
- COTTRELL CONTRACTING CORPORATION
- Dredge America