Impact Assessment of COVID-19 Outbreak on Dredging Market
Dredging Market: Overview
Dredging is an excavation activity usually carried out underwater, in harbors, shallow seas, and freshwater areas with the purpose of gathering up bottom sediments to deepen or widen the sea bottom or sea channel. The dredging technique is often used to keep waterways and ports navigable and create an anti-sludge pathway for boats. It is also used as a way to replenish sand on some public beaches, where sand has been lost due to coastal erosion.
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Dredging Market: Key Segments
The dredging market can be segmented based on type, end-user industry, and region. Different types of dredging vessels are suction, jet lift, air lift, bucket, and others. The suction type of dredging vessel operates by sucking through a long tube, akin to some vacuum cleaners on a larger scale. The suction vessel is further bifurcated into trailing suction and cutter suction. Jet lift dredging vessel uses the Venturi effect of a concentrated high-speed stream of water to pull the nearby water, together with bed material, into a pipe. Airlift is a type of small suction dredging vessel. Bucket dredger is equipped with a bucket dredge, a device that picks up sediment by mechanical means, often with many circulating buckets attached to a wheel or chain. Other types of dredging vessels include pneumatic, water injectors, and snagboat. Based on end-user industry, the dredging market can be segregated into oil & gas, trading, tourism, and others.
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Increase in global trade carried out through the sea and rise in transportation of goods through the sea using large container vessels and ships are factors offering lucrative opportunities to the dredging market. Port infrastructure needs to be expanded; dredging is required to keep ports in working condition. Global demand for energy and gas has been rising. Exploration of oil and gas is carried out primarily in remote areas. For this process, dredging companies are required to construct ports. Dredging is also being carried out on beaches to keep them in prime condition. Dredging is a capital intensive process. This is one of the major restraints of the dredging market. New technological advancements are emerging in order to lower manufacturing costs and increase the productivity of dredging.
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Dredging Market: Regional Outlook
In terms of geography, the dredging market in Asia Pacific is expanding due to the rise in population in the region. This has increased the need for oil exploration and telecommunication purposes from different sources beneath the water. It has also boosted the demand for subsea activities. Hotbeds regions of subsea activities in Asia Pacific are primarily located in Vietnam, Australia, China, Malaysia, and Indonesia. The dredging market in North America has been expanding due to the increase in oil & gas activities in offshore regions. Demand for dredging market has been rising in countries such as France, Germany, and the U.K. in Europe owing to the rapid increase in marine activities. Demand for dredging is expected to increase in Latin America and Middle East & Africa in the near future.
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Dredging Market: Key Players
Key players operating in the Dredging market include Royal Boskalis Westminister, China Harbour Engineering Company, Van Oord, and Deme Group, Jan De Nul, Great Lakes Dredge and Dock Corp, Weeks Marine Inc., Hyundai Engineering and Construction Co. Ltd.
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