Dredging Market Sales

The dredging market is currently going through a rough patch during the pandemic owing to the stagnation of trade and marine transport activity. In addition, the drop in oil, gas, and mining activity in freshwater, harbors, and shallow sea areas will also impact the dredging industry in the mid-term

The dredging market is expected to surpass a valuation of US$ 17 Bn by the end of the projection period (2020 – 2030). Growth in terms of port facilities and inland river transport will continue to contribute to the rise of the dredging market. The rapid rise of populations in coastal areas will also help in the recovery of the industry once the pandemic subsides, reveals the Fact.MR report.

“The steady rise in sea levels have frequently resulted in floods in coastal areas, making dredging absolutely essential for the prevention of natural disasters and subsequent reduction in loss of life and property. These factors, are very important for the dredging market to sustain growth in the years ahead post pandemic,” says the FACT.MR analyst.

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Dredging Market – Major Takeaways

According to new Fact.MR study, the global dredging market is anticipated to grow at a value CAGR of ~3% during the forecast period, to reach a market share of ~USD 21 Bn by 2029 from an estimated value of ~USD 15 Bn in 2019. Over the past decade, the dredging market has come across ups and downs in terms of share across the globe. However, with the restoration in the global economy, the seaborne trade has also grown notably. Increased in global infrastructure activities create needs for the development of new ports and expansion of existing ports. Across the globe, ~ 85% trade occurs through sea trade. Maintaining existing pathways and developments of new ones have gained importance. According to UNCTAD, supported by 2017 year’s upswing in economy, the global seaborne trade is flourishing. Expanding at 4%, the global seaborne trade volume has reached 10.7 billion tons and has gathered momentum in the shipping industry.

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