As the world population grows around coastal areas, more land needs to be reclaimed and protected, giving rise to dredging in the coastal areas. In addition, global warming is leading to a rise in the sea levels, raising the risk of natural calamities, especially in coastal areas. To prevent these natural disasters, dredging is required.
The global trade carried out through the sea is also rising and more goods are being shipped through the sea using large container vessels and ships. Due to this reason, port infrastructure needs to be expanded and for this purpose dredging is required to keep the ports in working condition. In addition, since the global demand for energy and gas is rising, exploration of oil and gas is done mostly in remote areas and in this process, dredging companies are required to construct ports. Dredging is also being carried out on beaches to keep them in prime condition.
Dredging is an activity of excavation carried out underwater, in the shallow seas or in freshwater areas in order to gather up bottom sediments from the seabed or the riverbed. Dredging is used to keep the waterways navigable and to create an anti-sludge path for boats. Dredging is also used to refill sand on the beaches, where the sand has been lost due to coastal erosion.
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This Future Market Insights report on the global dredging market forecasts that the global dredging market will touch a value of nearly US$ 16,500 Mn in the year 2022 and grow at a sluggish CAGR during the assessment period.
APEJ Market Set to Dominate the Global Dredging Market in Terms of Revenue
The market in APEJ is set to dominate the global dredging market in terms of value and this trend is projected to sustain itself throughout the assessment period. Although the global dredging market will grow at a sluggish pace, there will be opportunities in Asia Pacific excluding Japan (APEJ).
Trade Activity Application Type Segment Poised to Touch a Value of Nearly US$ 2,600 Mn in 2022
As per the forecast of Future Market Insights, the trade activity application type segment is expected to reach a value of nearly US$ 2,600 Mn in the year 2022. This represents a sluggish CAGR during the forecast period of 2017-2022. Trade activity application type segment is expected to account for nearly one-fifth of the revenue share of the application type segment by the year 2017 and is expected to lose market share by the end of the year 2022.
Government Customer Type Segment to exhibit a CAGR of 2.4% During the Assessment Period
As per the forecast of Future Market Insights, the government customer type segment is slated to touch a figure of nearly US$ 6,450 Mn in the year 2022. This represents a CAGR of 2.4% during the assessment period from 2017 till the year 2022. This segment is expected to lose market share by the end of the year 2022. The government customer type segment is expected to account for nearly half of the revenue share of the customer type segment by the year 2017.
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The report also profiles companies that are expected to remain active in the expansion of global dredging market through 2022, which include Royal Boskalis Westminster N.V, China Harbour Engineering Company Ltd., Van Oord NV, DEME Group, Jan De Nul N.V., Great Lakes Dredge & Dock Corporation, Weeks Marine, Inc., National Marine Dredging Co. and Hyundai Engineering & Construction Co., Ltd.