Global Dredging Market
Global Dredging Market Size By Customer Type, By Application, By Geographic Scope, Competitive Landscape And Forecast
According to Verified Market Research, the Global Dredging Market was valued at USD 10.30 Billion in 2018 and is projected to reach USD 12.60 Billion by 2026, growing at a CAGR of 2.62% from 2019 to 2026.
Dredging is defined as an excavation activity which is usually carried out at least partly underwater, in shallow water areas to gather up bottom sediments and dispose of them at a different location. It is a type of maritime transportation of natural materials from one part of the water environment to another utilizing specialized dredging vessels. The main purpose of dredging includes keeping waterways and ports navigable, creation of new ports, coastal protection, land reclamation, the winning of sediments such as sand and gravel, which are used by the construction industry.
The dredging industry is majorly driven by the water-borne trade. Transportation of goods takes place through accessible water routes and ports. Seaborne trade accounts for the bulk of world trade and largely determined by global economic developments. This has created an omnipresent need for expanding existing ports and further maintaining the existing waterways as well as constructing new ports and waterways. This work is carried out by dredging companies situated globally, thus driving the global market.
The world population is continuously growing at a steady pace. To keep up with the projected increase in population, countries must continue to develop their urban areas. When growing population places pressure on countries with limited space to urbanize, the ability to expand their buildable land area can alleviate this problem. This need resulted in land reclamation becoming a major driver for the dredging industry. Thus, the growing population acts as a driver for the market. On the other hand, the high cost of investment can act as a potential restraint for the overall market.
Dredging Market study report offers a valuable insight with an emphasis on the global market including some of the major players such as Royal Boskalis Westminster N.V, Van Oord NV, DEME Group, Jan De Nul N.V., Great Lakes Dredge & Dock Corporation, and others.
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