Sea-borne trade refers to the transportation of goods that takes place through accessible water routes and ports. Increasing sea-borne trade is expected to propel the growth of the dredging market going forward. They are unique in that they use their self-propulsion during the excavation of deposit from a borrow area and then can cart the material to the placement area. Major companies operating in the dredging sector are focused on developing new innovative products to strengthen their position in the market.įor instance, in May 2022, Damen Shipyards, a subsidiary of Netherlands-based Damen Holdings, introduced the new Trailing Suction Hopper Dredger (TSHD) series that ranges from 800 m to 5,000 m which is efficient in operation, practical in maintenance, and customizable for each specific dredging operation. Product innovations have emerged as a key trend gaining popularity in the dredging market. The countries covered in the dredging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. This is used for various applications such as trade activity, trade maintenance, energy infrastructure, urban development, coastal protection, and leisure, by different end users such as oil and gas companies, mining companies, renewables, and others.Īsia-Pacific was the largest region in the dredging market in 2022. The main types of dredging include dipper, water injection, pneumatic, bed leveler, and others. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
The Russia- Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The dredging market is expected to grow to $14.39 billion in 2027 at a CAGR of 3.4%. The global dredging market is expected to grow from $12.11 billion in 2022 to $12.58 billion in 2023 at a compound annual growth rate (CAGR) of 3.9 %.
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