The dredging market is expected to grow at a significant CAGR during the forecast period. The factors that affect the market growth include the rise in population in the coastal areas that with more land require to be protected and reclaimed. Also, the rising sea levels and coastal areas experiencing flood are also the driving factors of the market, as dredging assists in the prevention of natural disasters and mitigate their effects. Moreover, the government regulations and acts supporting the dredging such as Coastal Wetlands Planning, Protection, and Restoration Act of 1990 and the RESTORE Act in 2012, are also supporting in saving natural resources.
Rising population in emerging countries such as India and China are pressurizing governments for the investment and funding on land reclamation that energies the dredging market. Also, areas including the Middle East, South Asia, and Oceania are anticipated to upsurge in a number of large cities in coastal areas, that fuels the growth of the dredging market in the region. Moreover, Europe is also considered as the region having top dredging operating companies across the globe that further drives the dredging market across the globe.
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Further, according to NITI Ayog, there are numerous opportunities for India to open up its dredging market so as to surplus the trade business by its major ports. These ports are presently impotent to handle huge vessels in the absence of proper draft depth. Thus, it is expected that there are numerous growth opportunities in the region. The limited set of private vendors along with Dredging Corporation of India are operating in the Indian dredging market. Additionally, to support this, the government is supporting and attracting a large number of players in the dredging market to increase and uphold draft depth at ports to attract large vessels and enable them to become hub ports.
Current Market Trends Covered in the market report:
The Report Dredging Market - Segmented by Type, and End-User
By Type
o Bucket Dredger
o Grab Dredger
o Backhoe Dredger
o Suction
o Cutter Suction Dredger
o Trailing Suction Hopper Dredger
o Barge Unloading Dredger
By End-User
The Report Dredging Market – Segment by Region
North America
Europe
Asia-Pacific
Rest of the World