Dredging Excavator Market REPORT OVERVIEW
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The global dredging excavator market size was USD 420.8 million in 2021. As per our research, the market is expected to reach USD 684.62 million in 2031, exhibiting a CAGR of 5.0% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with dredging excavators experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Dredging excavators are large, bulky pieces of construction machinery. Dredging is defined as an excavation process that often takes place in shallow water environments, at least partially underwater, with the goal of collecting and disposing of bottom sediments. It is a sort of maritime transportation that involves using specialized dredging vessels to move natural resources from one area of the aquatic environment to another. On construction sites, excavators are used to excavating foundations, trenches, and holes. Excavators are employed in mining and forestry activities in addition to construction. Other uses include dredging and demolition projects.
Dredging's primary goals include maintaining the navigability of waterways and ports, building new ports, protecting coastal areas, reclaiming land, and obtaining sediments like sand and gravel that are utilized in the construction sector. Excavators that are used for dredging in shallow water are known as dredging excavators. They are more suitable for use in swamp/wetlands activities than conventional barge-mounted dredgers thanks to their pontoon undercarriages. For deeper freshwater channels, barge-mounted dredgers are more appropriate.
COVID-19 Impact: Halt on Manufacturing Operations to Slow Down Market Growth
Due to disruptions in routine business operations and a reduction in the availability of raw materials, the global COVID-19 pandemic has severely hampered output and growth in a number of industries. The market for dredging is gradually gaining momentum. Following the rules set down by the government, the producers are getting ready to resume their production facilities. Many construction-related activities have been put on hold due to the pandemic, which has had a detrimental effect on the Dredging Market industry's expansion. However, with the recovery of the construction sector, the development in the dredging market sector is increasing steadily.
LATEST TRENDS
"Significance in Water-Borne Trading Operations to Boost Market Growth"
According to reports, governments all over the world have carried out dredging operations due to the necessity to clean water reservoirs and improve water flow, which has resulted in a significant increase in the dredging excavator market for amphibious excavators. Dredging will become more necessary due to a significant increase in water-borne trading operations in shallow waters, which will influence market patterns. Additionally, the strong construction industry has made a significant contribution to the dredging excavator market share of amphibious excavators.
Dredging Excavator Market Segmentation
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- By Type Analysis
As per the type, the market is classified as follows: Large Dredging Excavators, Medium Dredging Excavators, and Small Dredging Excavators. Large dredging excavators occupy the largest dredging excavator market share.
- By Application Analysis
Based on application, the market is segmented as follows: Dredging, Pipeline Construction, Environmental Remediation, and Levee Construction. Increased funding for numerous dredging projects is fueling the expansion of the dredging excavator market growth even more.
DRIVING FACTORS
"Demand for New Port Construction to Facilitate Market Development"
The waterborne trade is a primary driver of the dredging sector. Accessible ports and waterways are used for cargo transportation. The majority of international trade is carried out by sea, and it is heavily influenced by changes in the world economy. Due to this, there is a constant demand for new port construction, as well as for maintaining and extending current ports and waterways. Dredging businesses located all over the world perform this operation, boosting the global dredging excavator market. Sales of products will increase in the next years as dredging activities in shallow water bodies increase globally. Increased maritime traffic, new port development, and renovation of aging ports will all boost dredging excavator market expansion.
"Expanding Global Population to Promote Industry Progress"
The population of the world is increasing steadily and consistently. Countries must continue to develop their urban regions in order to keep up with the anticipated rise in population. The capacity to increase their buildable land area can help countries with constrained urbanization space when pressure from a growing population causes this. Land reclamation became a significant engine for the dredging business as a result of this necessity. Thus, the dredging excavator market is driven by the expanding population.
RESTRAINING FACTORS
"High Cost of Investment to Hinder Market Growth"
The high cost of investment, on the other hand, may serve as a possible limitation on the dredging excavator market as a whole. When huge volumes of construction work and the water-borne operation takes place, dredging excavation may be the priciest choice. The prices of heavy machinery like excavators, bulldozers, loading trucks, and other treatment systems are extremely high throughout the excavation and treatment procedures.
Dredging Excavator Market REGIONAL INSIGHTS
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"Increase in Construction Activity to Propel Market Progress in North America"
An increase in construction activity for homes and businesses in nations like America drives the dredging excavator market. The construction industry's greatest market is the US. The need for more energy-efficient dredging excavator market systems in the area is being driven by the nation's steadily rising energy usage. There is abundant potential for market expansion due to the strong presence of service providers, government restrictions to reduce electricity usage, and public awareness of the installation of building automation systems. The market for dredging excavators will also grow as demand for heavy equipment to clear silty ditches, marshlands, and silty clay increases.
KEY MARKET PLAYERS
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Waterking B.V. (Netherlands)
- Wilco Manufacturing (U.K)
- Marsh Buggies Inc (MBI) (U.S.)
- Normrock Industries (Canada)
- Wetland Equipment (U.S.)
- Bell Dredging Pumps (Netherlands)
- EIK International (U.S.)
- Ultratrex (Malaysia)
- Remu (U.S.)
- Powerplus Group (Singapore)
- Doosan (South Korea)
- Hyundai (South Korea)
- XCMG (China)
- Hitachi (Japan)
- Kobelco (Japan)
REPORT COVERAGE
The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 420.8 Million in 2021 |
Market Size Value By |
US$ 684.62 Million by 2031 |
Growth Rate |
CAGR of 5% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the dredging excavator market expected to touch by 2031?
Based on our research, the dredging excavator market is projected to touch USD 684.62 million by 2031.
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What CAGR is the dredging excavator market expected to exhibit by 2031?
The dredging excavator market is expected to exhibit a CAGR of 5.0% by 2031.
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Which are the driving factors of the dredging excavator market?
The demand for new port construction and increase in global population are the driving factors of the dredging excavator market.
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Which are the top companies operating in the dredging excavator market?
Waterking B.V., Wilco Manufacturing, Marsh Buggies Inc(MBI), Normrock Industries, Wetland Equipment, Bell Dredging Pumps, EIK International, Ultratrex, Remu, Powerplus Group, Doosan, Hyundai, XCMG, Hitachi, and Kobelco are the top companies operating in the dredging excavator market.