Dredging Equipment Market to See 5.3% Annual Growth Through 2024
Industry Boosted by Urban Development
WELLESLEY, Mass., October 31, 2019 (Newswire.com) - Urban development and the increasing need for coastal protection are two factors which drive growth of the global dredging equipment market, according to a report by BCC Research, "Dredging Equipment: Global Markets and Technologies."
The market expects to see a compound annual growth rate (CAGR) of 5.3% through 2024, when it could be worth $5.7 billion.
- The hydraulic dredgers market should grow from $3.1 billion in 2019 to reach $4.0 billion by 2024 at a CAGR of 5.6% for the period of 2019-2024.
- The mechanical dredgers market should grow from $1.2 billion in 2019 to reach $1.5 billion by 2024 at a CAGR of 4.6%.
- Other dredgers market should grow from $163.8 million in 2019 to reach $199.4 billion by 2024 at a CAGR of 4.0%.
Read the full report here: https://www.bccresearch.com/market-research/manufacturing/dredging-equipment-market-report.html
“Much growth over the last decade has focused on capital dredging projects — those large-scale projects that include land reclamation,” writes analyst Robert Eckard. “These projects have brought dredging into the news and the public eye, with high-profile outcomes. However, well over half of the overall global market for dredgers and dredge equipment is utilized outside of this application segment. Other key applications, including energy/oil and gas; environmental remediation and restoration; aggregate extraction; mining, navigation and channel maintenance; recreational applications; and other applications are also helping to shape market development.“
The Continued Advance of Global Trade
Global trade is the backbone driver behind dredging markets in the second largest of the application categories considered in this report — namely navigation dredging and navigation-related channel maintenance. In spite of global trade volatility under the Trump administration in the U.S., global ocean-borne trade has been advancing nonetheless. In the last 10 years, global trade volumes have increased from 8.2 billion tons shipped up to nearly 11 billion tons shipped. This increase represents a growth rate of about 3% per year, including the effects of the global downturn, which hit the industry in 2009. Trade volume growth may slow slightly during 2019, but growth is nonetheless expected to continue for at least two to three years, in spite of some regional volatility.
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Source: BCC Research