Dredging Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Mechanical Dredger, Hydraulic Dredger, and Other Dredgers), By Application (Gold and Coal Mining, Environment Protection, Water Navigation, Canal and Channel, Harbor, and Other Applications), Forecast From 2024 To 2031

Updated On: 08 July 2024

DREDGING EQUIPMENT MARKET REPORT OVERVIEW

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The global dredging equipment market size is expected to be USD 5166.7 Million in 2022 and the market is expected to touch USD 7762 Million by 2031, exhibiting a Compound annual growth rate (CAGR) of 4.6% during the forecast period. 

The global COVID-19 pandemic was unprecedented & staggering, with dredging equipment experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times.

Dredging is an excavation process carried out in shallow waters to collect bottom sediments and dispose of them at different locations. It is the maritime transportation of natural materials from the water to specialized dredging vessels. The primary purpose of dredging equipment consists of keeping waterways and ports navigable, coastal protection, land reclamation, and collecting sediments such as sand and gravel used by the construction industry.

The dredging equipment industry in the Asia Pacific region is significantly driven by the increasing demand for dredging from its major ports. The dredging sector is gaining prominence across the region owing to the recent innovations to encourage local manufacturing and the government's focus on developing the maritime industry. Asian ports focus on accommodating larger vessels and fulfilling global standards in port infrastructure to achieve scale economies.

COVID-19 Impact: Closure of Manufacturing Factories Hampered Supply Chain and Demand

The closure of manufacturing and product activities due to lockdowns and the pandemic prompted the shutdown of supply chain activities and severely impacted the region's industrial growth. The sudden halt in manufacturing led to massive losses for investors and leading players worldwide. This led to a lowered demand for the product, rising inflation, and a slump in markets worldwide. However, the market is set to see exponential growth in the industry post the pandemic.

LATEST TRENDS

"Water-Borne Trade to Propel Market Growth"

The dredging industry is significantly driven by water-borne trade as goods are transported through accessible water routes and ports. Water trade accounts for most of the world trade. It is primarily determined by economic developments worldwide, creating an omnipresent requirement for expanding existing ports, maintaining the existing waterways, and constructing new ports and waterways in developed regions. This work will be done by dredging companies situated worldwide, thus driving the global market share and growth.

DREDGING EQUIPMENT MARKET SEGMENTATION

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• By Type

The market is subcategorized based on types into mechanical dredgers, hydraulic dredgers, and other dredgers.

• By Application

The market is subcategorized based on gold and coal mining applications, environment protection, water navigation, canal and channel, harbor, and other applications.

DRIVING FACTORS

"Land Reclamation and Urbanization to Drive Market Growth"

The global population is growing rapidly, and countries in the Asia Pacific are developing their urban areas in regions to keep up with the forecasted increase in population. With the growing population pressuring countries' space to urbanize, government initiatives are expanding their land area, thus alleviating this problem. Therefore, this has resulted in land reclamation becoming a significant driver for the dredging equipment market growth. Thus, the growing population in developing regions will act as a driver for the market.

"Technological Innovations to Fuel Market Share "

With companies launching advanced technological equipment with the development of technology and innovations, the dredging industry will grow massively during the forecast period. Leading industrial players and investors cite the Asia Pacific and North America as potential hotspots for equipment that will significantly drive the market growth and share of the industry, leading to massive profits and revenue generation for them. Along with this, rising disposable income worldwide is a significant factor influencing the market.

RESTRAINING FACTORS

"High Installation Costs to Impede Market Growth "

High installation costs to operate dredging equipment and the rising raw material prices due to ongoing tensions in Europe will impede the market growth of the dredging industry. Due to high demand and low supply, the cost of installing the equipment has risen exponentially, which can affect revenue and profit generation by leading companies and investors worldwide. Thus, market share and growth will be affected due to this factor and the lack of infrastructure in developing countries to operate the system.

DREDGING EQUIPMENT MARKET REGIONAL INSIGHTS

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"North America to Lead Market Share Owing to Presence of Leading Players"

The presence of leading players in the North American region will lead the dredging equipment market share as the demand for dredging equipment increases. The rise in manufacturing is due to declining inflation, affordable raw material prices, and a rise in disposable income worldwide. Thus, the market will see an exponential increase in product manufacturing and the resumption of supply chain activities in developed regions such as North America and Europe.

KEY INDUSTRIAL PLAYERS

"Key Industry Players to Foster Market Growth "

The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the points after a comprehensive analysis, thus generating future possibilities for the market. Therefore, the factors mentioned in the report are subject to change as the dynamics and situation of the market change. North America will lead the market share, with the U.S. leading the market growth.

List of Market Players Profiled

• Damen (Netherlands)
• Dredge Yard (U.A.E.)
• Ellicott Dredges (U.S.)
• American Marine and Machinery (U.S.)
• Royal I.H.C. (Netherlands)
• D.S.C. Dredge (U.S.)
• Largersmit (Netherlands)
• Holland Dredge Design (Netherlands)
• I.M.S. Dredges (U.S.)
• Dredge America (U.S.)
• Nwakama Dredge (Nigeria)
• V.M.I. (U.S.)

INDUSTRY DEVELOPMENT

• August 2022: Netherlands-based leading industrial player Damen has launched a new cutter suction dredger with technological innovations in Kuwait. The rapid development and delivery of the equipment have left a benchmark as innovations continue to flow in the market. The dredger is named CSD650 and was developed in cooperation with Kuwait. This development has put the company in a top spot, leading to record sales and revenues.

REPORT COVERAGE

The report examines elements that affect the demand & supply and estimates dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dredging equipment industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.