According to new Fact.MR study, the global dredging market is anticipated to grow at a value CAGR of ~3% during the forecast period, to reach a market share of ~USD 21 Bn by 2029 from an estimated value of ~USD 15 Bn in 2019. Over the past decade, the dredging market has come across ups and downs in terms of share across the globe. However, with the restoration in the global economy, the seaborne trade has also grown notably. Increased in global infrastructure activities create needs for the development of new ports and expansion of existing ports. Across the globe, ~ 85% trade occurs through sea trade. Maintaining existing pathways and developments of new ones have gained importance. According to UNCTAD, supported by 2017 year’s upswing in economy, the global seaborne trade is flourishing. Expanding at 4%, the global seaborne trade volume has reached 10.7 billion tons and has gathered momentum in the shipping industry.
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Fact.MR opines that urbanization in the last two decades has led to the development of many cities as centres of growth and innovation. However, along with its advantages, it has also posed challenges to governments in terms of planning and accommodation. According to UN Habitat’s 2016 report, ~54% of the world’s population lives in cities. As urbanization shows no signs of abating, with more people moving towards cities in developing countries, administrators have been hard-pressed to provide space for millions of people who teem in cities every year. The focus has shifted towards public housing; however, with the acute shortage of land supply, offering public housing has also become a challenge. In view of these factors, land reclamation is becoming the go-to option for city planners dealing with overwhelming pressures from urbanization. From the East Lantau Metropolis (ELM) project in Hong Kong, The Manila Land Reclamation Project in the Philippines, Singapore’s Land Use Plan 2030, and ongoing land reclamation projects in the Middle East, city planners are banking on land reclamation to deal with immediate and long-term needs of the urban population. This has led to an increase in dredging activities to reclaim land.
Limitations of Deep Sea Mining to Hamper the Dredging Market Growth
Governments across the globe are focusing on deep sea mining on account of the huge potential in the area of marine mineral resources. Shrinking reserves and burgeoning demand have led to renewed interest in deep sea mining. According to certain estimates, by 2030, the global production of cobalt, zinc, and copper could be from their concentrations on the ocean floor. Although dredging remains a feasible option for extracting materials from water sources, the limitation of equipment available currently to dig 5,000 metres below the sea level leads various operators to look for other excavation methods. The lucrativeness of deep sea mining has still not been vanished from the dredging industry, and several plans are underway to develop advanced dredging equipment that can be used in future projects related to deep sea mining.
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East Asia will Emerge as Frontrunner in the Sprint for Market Share
The dredging market is analyzed across different primary regions, which include North America, Latin America, Europe, East Asia, South Asia and Oceania, and the Middle East & Africa. Among all regions, the East Asian region in the global dredging market is expected to grow with an estimated market share of ~30% by 2029 end, owing to the developing seaborne trade and significant number of regional players operating in the dredging market. The dredging market in regions like South Asia and Oceania and the Middle East is observing a high seaborne trade and widening the scope for the dredging market. This will pave the way for worthwhile opportunities for the dredging market over these regions.
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