In 2022, the dredging marketdredging is projected to be worth US$15.6 billion. The report projects that by 2032, the dredging market will be worth US$ 22.3 billion and will have grown at a CAGR of 3.7%.
Currently, the government sector makes up more than 40% of all customers who use dredging services for various purposes, including coastal protection, trade activities, and mining projects.
A rise in mining and trade activity is expected to give East Asia a dominant share of 29.6% of the global dredging market.
Sales in the dredging market grew at a 1.2% CAGR from 2017 to 2021. Demand is anticipated to increase by 3.1% in 2022, according to FMI. The increase in dredging services for various applications, such as coastal protection, urban development in coastal areas, and trade maintenance activities, is what is causing the year-over-year growth in 2022 to be higher.
Growth in 2017 was driven by emerging markets and developing nations, as well as domestic demand and a rebound in investment in industrialized economies. In the Asia Pacific, the dominance of megacities—cities with a population of more than 10 million—is anticipated to rise. 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.
China is expected to hold 25% of the East Asia dredging market share in 2022. Due to increasing trade and trade maintenance activities in the country, and the well-developed oil & gas industry, China is anticipated to create opportunities for growth for dredging equipment manufacturers.
Sales in the India dredging market are projected to increase at a 3.4% CAGR over the forecast period, reaching a valuation of US$ 796.6 Mn by 2032. Expansion of industries such as energy, mining, and oil and gas, is propelling the demand for dredging across the country. Also, increasing capital investments and maintenance dredging activities at Indian ports will accelerate growth in the forthcoming years.
Demand in the U.S. dredging market is anticipated to increase at a CAGR of 2.1% during the forecast period. The nation’s total sales are projected to be worth roughly US$ 1.5 billion by the end of 2032.
Increasing investments in port infrastructure improvement and rising mineral output are two factors that are boosting sales in the dredging market. Chellie Pingree (D-Maine), the U.S. representative for Maine, has announced an additional $8,225,000 in infrastructure investment funding for the U.S. Army Corps of Engineers to dredge and survey the Scarborough River and the Josias River close to Perkins Cove in 2022.
Key Segments Covered in Dredging Market Analysis
- O&G Companies
- Mining Companies
- Trade Activity
- Trade Maintenance
- Energy Infrastructure
- Urban Development
- Coastal Protection
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Middle East & Africa