According to a report available on XploreMR, the Global Dredging Market is slated to scale new heights between 2020 and 2030.
The Dredging Market is basically driven by pressure being exerted on existing water and land reserves with increasing urbanization. Research states that as compared to the year 2000, urbanization has risen by 46% in the economies like the Asia-Pacific. North America stand at 3.4% and Europe at 3.9%, respectively. So, it could be inferred that North America and Europe are refurbishing the land reserves whereas the Asia-Pacific is newly into the refurbishment.
The outbreak of Covid-19 has resulted in downswing regarding transportation sector. This has, in turn, prompted the oil and gas industry to suspend production, so much so that OPEC+ countries have curtailed supply close to 7.7 Mn barrels/day. Recovery is expected to come through post vaccination against Covid-19. As of now, it’s the UK, US, and Canada administering vaccination.
The Global Dredging Market constitutes North America (Canada, US), Eastern Europe (Russia and Poland), Western Europe (Luxembourg, The Netherlands, Belgium, Nordic countries, Italy, Spain, France, UK, Germany), Asia-Pacific (New Zealand, Australia, ASEAN, Japan, India, China), MEA (North Africa, Southern Africa, GCC), and Latin America (Chile, Peru, Brazil, Mexico, and others).
As far as North America is concerned, Ocean Floor Geophysics Inc. (OFG) entered into collaboration with EMGS (Electromagnetic Geoservices ASA) for promoting use of CSEM (controlled source electromagnetic) technology for several extraction and dredging operations. Also, in Feb 2020, the US Army Corps did table 2020 Work Plan, part and parcel of the US Federal Budget. Close to US$ 85 Mn were allocated for initiating construction of deepening Mississippi River Ship Channel near Louisiana to 50 ft.
In Europe, Denmark, Belgium, The Netherlands, UK and Germany are amongst the opportunistic markets. The Asia-Pacific is also growing with Belt & Road Initiative (BRI) by China. Coming to MEA, The NMDC (National Marine Dredging Company), in Sep 2020, did secure a contract to expand Lake Manzala (northeastern Egypt). The objective is regulation of freshwater inflow in line with increasing BOD (Biochemical Oxygen Demand).
The key players in the Dredging Market include China Communications Construction Company Limited, Jan De Nul Group, Royal Boskalis Westminster N.V, DEME (Dredging, Environmental and Marine Engineering NV), Van Oord, Great Lakes Dredge & Dock Corporation, Royal IHC, National Marine Dredging Company, Penta-Ocean Construction Co., Ltd., TOA Corporation, Hyundai Engineering & Construction Co. Ltd., Vosta LMG, and J.F. Brennan.
On the developments’ front, Royal Boskalis Westminster N.V, in Oct 2020, did secure multiple dredging contracts all across Germany from hoards of maritime transport vendors. The objective of these contracts is that of providing protection against floods, constructing shipping fairway, and maintaining ports across several locations.
Also, in the year 2019, Jan De Nul Group did initiate maintenance of the dredging work in Nieuwpoort (Belgium). This project forms a part of the organization’s commitment to lessen emissions of CO2 by close to 15%. It has incorporated renewable biofuel through sustainable waste flows for achieving this.
Besides, Great Lakes Dredge & Dock Co., of late, did announce transferring the corporate headquarters from Oak Brook to Houston. This transfer ought to reach out to regional clients along Mississippi river in Gulf Coast.
It needs to be noted that government entities are bound to stand tall as customers of Dredging equipment, with around 40% of the purchases undertaken by the state-sponsored dredging ventures. The adoption is expected to be the highest across oil & gas sector due to continual investments in projects involving oil exploration. The projects worth noting include Rovuma LNG Project and Alaska LNG Liquefaction Project.