The global dredging market continues to be driven by increasing focus on land reclamation in coastal areas. Building of port infrastructure is also likely to create growth opportunities for dredgers worldwide. Oil and gas exploration activities are also likely to provide growth opportunities to manufacturers during the forecast period. However, dredging activities are also linked to environmental degradation which has made obtaining approvals a difficult task. This is likely to slow down the pace of the market in some countries. These insights are according to a new report added to the vast repository of Market Research Reports Search Engine (MRRSE). The report is titled “‘Dredging Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2022)”.
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According to the report, increasing pace of urbanization is one of the key factors that is leading to increasing dredging activities around the globe. Governments around the world are facing immense challenges in terms of providing housing to millions of people who migrate from rural to urban areas every year. The pressure on land has meant that governments often have to make do with utilizing the available land in a more efficient manner. On account of this, land reclamation is growing, which is creating opportunities for global dredging industry. These factors are likely to have an impact on the global dredging market during the forecast period.
Growing sea route trade is also likely to impact the global demand for dredging equipment and services. As more ports need to be built to have seamless sea traffic, there is an increasing need for expanding the infrastructure at ports. These factors are likely to positively influence the growth of the market during the review period.
Although the outlook on dredging remains positive, concerns about the negative effects of dredging are likely to impede market growth during the forecast period. Dredging activities have been linked to damage of ecological balances and deaths of different types of fishes. Ombudsmen and environment protection groups around the world are opposing dredging activities in places where ecological balance is fragile. The dredging industry will need to work in collaboration with municipal and environment bodies so that their activities are not harmful for the environment.
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Among the various end-users of dredging, the oil and gas industry has traditionally remained quite lucrative. This industry is likely to offer significant opportunities to dredging industry during the forecast period.
The leading companies in the global dredging market include Royal Boskalis Westminster N.V, Jan De Nul N.V., National Marine Dredging Co.,Great Lakes Dredge & Dock Corporation Hyundai Engineering & Construction Co., Ltd., China Harbour Engineering Company Ltd., DEME Group, Weeks Marine, Inc., and Van Oord NV.
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