The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Dredging market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Dredging
The report offers actionable and valuable market insights of Dredging. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Dredging Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Dredging, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Dredging Market.
Despite witnessing a downfall in 2020 due to the onset of the COVID-19 pandemic, the dredging market is gradually recovering, and is projected to exhibit steady growth over the coming years. For example, the United States passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which unlocked the Harbor Maintenance Trust Fund (HMTF); this will be invested in the dredging of ports in the near future.
Likewise, growing demand from governments around the world for dredging equipment and services is set to give impetus to market growth through 2031. According to Fact.MR, the global dredging market is forecast to be valued at US$ 21 Bn in 2031. Rise in demand from the oil & gas industry too is expected to propel demand for dredging as time goes by.
The latest study by Fact.MR offers a holistic overview of the global dredging market, along with its growth, scope, restraints, and potential over the coming years.
Key Takeaways from Dredging Market Report
- The application of dredging in trade maintenance is expected to fuel sales, with its share projected to be around 30% in 2031.
- The government sector will maintain its lead as a dominating customer for dredging, holding a share of over 40% by the end of the forecast period.
- China is expected to emerge as a lucrative destination for dredging, and will be the epicenter of the East Asia region. On the whole, Asia Pacific is expected to hold close to 50% of the global market share in 2031.
- The United States, Canada, Germany, the United Kingdom, Italy, and Japan will also be lucrative regional markets with high demand for dredging.
- After initial setbacks due to the COVID-19 pandemic, demand for dredging is picking pace across the world, and the market is set to progress at a steady CAGR of over 3% through 2031.
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“With gradual rise in trade, trade maintenance, and other activities from the latter half of 2020, and increase in requirements from the oil & gas industry, the value of the global dredging market is set to increase steadily over the coming years. According to the International Energy Agency (IEA), global oil demand is predicted to rise by a total of 5.7 mb/d, with China and India accounting for around half of this growth,” says a Fact.MR analyst.
Increase in Trade Maintenance Activities Fuelling Growth
With the world getting over the impact of COVID-19, there has been substantial rise in trade and trade maintenance activities across the globe, which is working in favor of dredging equipment manufacturers. According to the World Trade Organization (WTO), trade and trade maintenance activities are set to grow by 7.2% in 2021. This rate is higher than the 9.2% decline in 2020, and definitely a sign of further growth opportunities for market players.
According to the United Nations Conference on Trade and Development, led by an expected rebound in large emerging economies, global trade activities will grow further, paving new paths for dredging equipment suppliers and service providers over the coming years.
Dredging Market Segmentation by Category
- Trade Activity
- Trade Maintenance
- Energy Infrastructure
- Urban Development
- Coastal Protection
- O&G Companies
- Mining Companies
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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More Valuable Insights on Dredging Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Dredging, Sales and Demand of Dredging, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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