Future Market Insights (FMI) recently released a report on the global Dredging market in which they noted that the market is slated to touch a value of nearly $16,500 million in the year 2022.
According to the report, as the population of the world keeps on increasing, particularly in the coastal areas, more amount of coastal land needs to be reclaimed and protected from erosion and floods, giving rise to the need of dredging in the coastal areas.
Also, due to the increasing sea levels because of global warming, more and more coastal areas are experiencing floods and to prevent such natural disasters or to mitigate their effects, dredging is required.
Moreover, as the volume of global trade increases, more and more goods are shipped through the sea using large vessels or ships. Due to this, port infrastructure needs to be expanded and for this purpose dredging is required to keep the ports working.
Also, due to a rising demand of oil and gas, exploration for such energy resources is done in remote areas, requiring construction of ports where dredging is required.
Lastly, since global tourism industry is also increasing, beaches are needed to be kept in good condition and for this reason dredging is done in such areas as well.
4 Forecast Highlights on Global Dredging Market
- As per the forecast of Future Market Insights, the trade maintenance application type segment is slated to touch a value of nearly US$ 3,150 million in the year 2022. This represents a sluggish CAGR growth during the assessment period of 2017-2022.
The trade maintenance application type segment is estimated to account for nearly one-fifth of the revenue share of the application segment by the year 2017 end and is expected to lose in market share by the year 2022 end.
- As per the forecast of Future Market Insights, the O&G companies customer type segment will reach a value of nearly US$ 3,330 million in the year 2017. This represents a sluggish CAGR growth during the forecast period.
The O&G companies customer type segment is estimated to account for nearly one-fourth of the revenue share of the customer type segment in the year 2017 end and is expected to gain market share by the end of the year 2022.
- As per the forecast of Future Market Insights, the mining companies customer type segment is slated to reach a value of nearly US$ 1,030 million in 2022. The mining companies customer type segment is expected to lose some market value by the end of the year 2022. The largest share is contributed by the APEJ region in the mining companies customer type segment.
- Future Market Insights forecasts the China dredging market to grow from nearly US$ 3,320 million in 2017 to nearly US$ 3,800 million in 2022. This represents a compound annual growth rate (CAGR) of 2.7% from 2017 to 2022.