“Global Dredging Equipment Market to reach a market value of USD 7.0 Billion by 2031 growing at a CAGR of 5.9%”
The Global Dredging Equipment Market size is expected to reach $7 billion by 2031, rising at a market growth of 5.9% CAGR during the forecast period.
Dredging equipment plays a crucial role in harbor and port development projects by deepening navigational channels, maintaining harbor basins, and expanding berthing facilities to accommodate larger vessels and enhance port capacities. Consequently, the construction segment would acquire nearly 10% of the total market share by 2031.
Ports worldwide are experiencing a trend towards larger vessels, including container ships and bulk carriers, driven by economies of scale in maritime shipping. In addition, ports are crucial hubs for international trade, serving as gateways for goods movement between countries and regions. Thus, increasing demand for port infrastructure is driving the market's growth.
Additionally, Coastal erosion, exacerbated by sea level rise and extreme weather events associated with climate change, threatens coastal communities, infrastructure, and ecosystems. Similarly, this equipment plays a crucial role in beach nourishment projects by sourcing and depositing sand onto eroded beaches to restore their natural profile and recreational value. Therefore, coastal protection and climate change adaptation propel the market's growth.
However, this equipment, such as cutter suction dredgers (CSDs), trailing suction hopper dredgers (TSHDs), and other specialized machinery, are highly sophisticated and require significant capital investment. Likewise, smaller companies and new market entrants often struggle to secure the capital to invest in expensive equipment. Hence, high initial investment costs are driving the growth of the market.
Based on type, the market is divided into mechanical dredger, hydraulic dredger, and others. The mechanical dredger segment attained a 35% revenue share in the market in 2023. Mechanical dredgers are often more cost-effective for certain projects than other dredging methods. They are efficient in dredging cohesive and compacted sediments, such as clay and rock, where hydraulic dredgers may be less effective or more costly.
On the basis of application, the market is segmented into navigational channels, land reclamation, environmental remediation, construction, and others. In 2023, the land reclamation segment attained a 22.18% revenue share in the market. This equipment is essential for land reclamation projects to create new landmasses from underwater or marshy areas. By dredging and reclaiming submerged land, this equipment enables the expansion of coastal areas, waterfront developments, and urban infrastructure projects.
Free Valuable Insights: Global Dredging Equipment Market size to reach USD 7.0 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed 37% revenue share in the market in 2023. The Asia-Pacific region is experiencing rapid economic growth and urbanization, leading to increased maritime trade volumes and the need for expanded port capacities. This equipment is essential for deepening navigation channels, expanding harbor facilities, and improving berthing conditions to accommodate larger vessels and enhance port efficiency.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.5 Billion |
| Market size forecast in 2031 | USD 7.0 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.9% from 2024 to 2031 |
| Number of Pages | 175 |
| Tables | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Liebherr-International AG, American Marine Corporation (Holco Group), Dredge Yard B.V., DSC Dredge, LLC, Ellicott Dredges, LLC (Markel Corporation), GeoForm International Inc., Holland Dredge Design, IHC Merwede Holding B.V., Shandong Haohai Dredging Equipment Co., Ltd. and US Aqua Services |
By Type
By Application
By Geography
This Market size is expected to reach $7 billion by 2031.
Increasing demand for port infrastructure are driving the Market in coming years, however, High initial investment costs restraints the growth of the Market.
Liebherr-International AG, American Marine Corporation (Holco Group), Dredge Yard B.V., DSC Dredge, LLC, Ellicott Dredges, LLC (Markel Corporation), GeoForm International Inc., Holland Dredge Design, IHC Merwede Holding B.V., Shandong Haohai Dredging Equipment Co., Ltd. and US Aqua Services
The expected CAGR of this Market is 5.9% from 2024 to 2031.
The Hydraulic Dredger segment led the Market by Type in 2023; thereby, achieving a market value of $3 Billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.7 Billion by 2031.
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