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, reports the Fact.MR.
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 billion in 2031. Rise in demand from the oil & gas industry too is expected to propel demand for dredging as time goes by.
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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