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The global dredging market review is likely to grow somewhat at a CAGR of nearly 4% for the 2020-2030 projection period. Growth is underpinned by growing global trade and urbanization projects, assuming the fact that over 70% of trade by volume and 80% of trade by value are carried through the sea. According to United Nations Conference on Trade and Development (UNCTAD), the overall seaborne trade volumes surpassed 10 Billion tons in 2020, with shipment trade falling by 4% due to Covid-19 in 2020.

The outlook on global seaborne remains overly positive, with upcoming projects, such as the One Belt One Road Initiative (OBOR) likely to provide growth opportunities to dredging manufacturers. The prospects of the dredging industry are closely tied with the broader developments in the global tourism sector, as the construction of new airports and beach replenishments accounts for a sizeable share of total revenues generated by dredging companies.

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Future Market Insights (FMI), ESOMAR-certified market research and consulting firm, has published an updated edition to its widely cited report on the global dredging market.  The study revises its earlier forecast on dredging market growth, readjusting key indicators for COVID-19 impact.

Downturns are largely attributed to volatility in the oil & gas sector, a key end-use industry for dredging projects. However, government efforts to address flooding problems in coastal areas and low-lying plains is likely to keep dredging projects demand sustained in the long term.

Furthermore, efforts to sustain global trade volumes to reinvigorate the economy is providing much-needed stimulus to the market.

“Rising concerns over possible environmental damage is prompting dredging corporations to collaborate with governmental and private players to develop eco-friendly approaches to expand their projects,” concludes an FMI analyst.

The COVID-19 pandemic has resulted in an unprecedented recession which is expected to influence the dredging market size to a large extent. Massive production crunches across the oil & gas and tourism sectors are adversely impacting the dredging market.

As the pandemic spread, the grounding of aeroplanes and automobiles led to a massive downswing in the transportation sector. This resulted in an abrupt demand shock across the oil and gas industry, compelling oil-producing giants to cease production, leading to a glut in product inventories.

Fortunately, recent months have witnessed a shoring up of oil prices. Still, OPEC+ countries have curbed supply, with cuts amounting to 7.7 million barrels per day prevailing until December 2020. Such downswings are impacting dredging projects throughout the entire world.

The present-day slump in oil prices is akin to the 2008 financial crisis. Possible recovery is anticipated in 2021 or 2022, restoring prices to pre-crisis levels of US$ 50-60 per oil barrel. This projected favourable outlook is likely to restore prospects for the global dredging market, as companies are expected to resume exploration projects.

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The global dredging market comprises of numerous regional and global vendors, rendering the market highly competitive. Players rely on strategic alliances, joint ventures and the development of technologically advanced solutions to penetrate lucrative markets.

In 2019, Jan De Nul Group initiated maintenance dredging works in Nieuwpoort, Belgium. This project was part and parcel of the company’s commitment to reduce CO2 emissions by 15%. To achieve this, it incorporated renewable biofuel from sustainable waste flows.

In October 2020, Royal Boskalis Westminster N.V secured multiple dredging contracts across Germany worth € 45 million from a host of regional maritime transport vendors. These contracts aim to provide flood protection, construction of a shipping fairway and port maintenance across numerous locations.

Key Segments Covered in Dredging Market Analysis

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor  the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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