UK ‘key player’ in European dredging

Increasing demand from sectors such as oil, mining, and energy infrastructure is expected to drive growth in the coming years as is an escalating need for land reclamation owing to population growth.

Fact.MR estimates the global dredging market was worth US$15.7 billion in 2022, and is anticipated to reach US$21.4 billion by 2032, marking a steady growth with annual growth of 3.3% over the decade from 2022 to 2032.

Fact.MR predicts that oil and gas are poised for significant growth in the forecast period, driven by increasing global population, with mining companies and governments emerging as major customers for the dredging industry. There is also anticipation of increased adoption of hydraulic dredges for transporting water ores to plants.

The global emphasis on creating energy infrastructure, primarily fuelled by the demand for renewable energy sources, is also expected to present lucrative opportunities exceeding US$875.9 million.

Competitive Landscape

Firms in the industry maintain their prominence through investing substantial resources in developmental initiatives and offering diverse, tailored services, says Fact.MR

Key players include Royal Boskalis Westminster, China Harbour Engineering Company, Van Oord, Dredging Environmental and Marine Engineering (DEME) Group, Jan De Nul, Great Lakes Dredge & Dock Corporation, National Marine Dredging Co., Hyundai Engineering & Construction Co., Penta-Ocean Construction Co., and Toa Corporation.

Recent noteworthy development in 2020 includes:

• DEME Group secured a significant dredging and land reclamation contract for Abu Qir port in Egypt.
• Jan De Nul Group forged a partnership with Dogger Bank Wind Farm for the transportation and installation of offshore wind structures.
• Penta-Ocean Construction Co. announced its acquisition of the Singapore-based company M&E.
• TOA Corporation inked a contract with Bangladesh Economic Zones Authority for land development at the Japanese Economic Zone.