In a recent published report, Kenneth Research has updated the market report for U.S. Dredging Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Dredging Services Market products.
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The U.S. dredging services market was valued at USD 2,160 million by 2017, growing with 1.31% CAGR during the forecast period, 2018-2025
Dredging is the removal of debris and sediments from the bottom of rivers, harbors, and other water containing locations. Dredging is vital to economic and social development, in particular to the construction and maritime infrastructure upon which worldwide economic prosperity and environmental well-being depends. Growing demand from harbour and port operations coupled with favourable government funding for transportation support the industry growth. Harbor and port accounted for the largest downstream marketplace as dredging services are essential to maintaining efficient and safe navigation channels. There is currently increasing demand for dredging services in most of the country’s ports. As per the U.S. federal agency, “US Army Corps of Engineers”, approximately one-third of commercial vessels at the U.S. ports are constrained due to inadequate channel depths.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
In addition, growing acceptance of dredging as a means of environmental preservation and restoration will further stimulate the market demand. However, funds allocated to dredging services in the country have been insufficient to meet demand which will slow down the industry growth to some extent. In addition, high start-up costs of dredging equipment and vessels are a significant barrier to entry for new players.
In terms of products, the market is categorized as;
Of the different products, capital dredging accounted for the highest revenue share. Capital dredging services are provided to create a new harbor, berth or waterway, or to expand existing waterways to allow larger ships to access them. This segment also covers trench digging for tunnels, cables, construction of breakwaters, canals and other marine locations.
In terms of application, the market is categorized as;
Private projects account for a very small portion of industry revenue. Such projects include dredging ponds and lakes on private land and work along riverbanks. Public infrastructure and public land segment is expected to grow with promising growth rate over the forecast period.
Key Vendors Takeaway
SOLitude Lake Management
Great Lakes Dredge and Dock Company
Eco Waterway Services
Manson Construction Company
AE Commercial Diving Services
The industry is highly fragmented, with the presence of large number of small scale companies. Smaller dredging operations tend to service inland areas and focus on rivers and lakes, as opposed to coastal waterways. Key players in the industry have invested in larger, more fuel-efficient dredges to improve operational efficiencies and reduce operational costs.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
MARKET, BY APPLICATION
About Kenneth Research
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