US Dredging Market
DUBLIN, June 24, 2024 (GLOBE NEWSWIRE) — The “U.S. Dredging Market: Regional, Competitive, Forecast, Opportunities, 2019-2029F” report has ResearchAndMarkets.com Recruitment.
The U.S. dredging market is experiencing a period of significant growth, a trend that is projected to continue through 2029.
Driven by a variety of factors including large-scale infrastructure development, coastal protection efforts, and increasing trade volumes, the market is expected to maintain a steady compound annual growth rate (CAGR) of 2.7%. This expansion is a testament to the vital role the dredging sector plays in facilitating maritime trade and strengthening defense against climate change.
Dredging’s key role in enhancing coastal resilience
Dredging has become a vital part of efforts to protect the U.S. coastline amidst the ever-increasing threats posed by climate change. Dredging plays a central role in maintaining navigable waterways, building and strengthening coastal defenses, and preventing erosion and siltation. Coastal communities face more frequent and intense weather events, increasing the demand for resilience-focused dredging services, further fueling the market growth.
Economic and environmental factors driving demand
A vibrant economy and growing environmental awareness continue to drive the demand for dredging market. Technological advancements in dredging equipment are facilitating more efficient and sustainable operations in line with the industry trend of minimizing environmental impact. Furthermore, the dredging sector plays a vital role in meeting the demands of an expanding economy and growing population by enabling larger vessels to navigate waterways and increasing trade efficiency.
Confronting industry challenges head on
Despite its growth, the U.S. dredging market faces challenges including regulatory complexity and ensuring environmental compliance.
Additionally, project funding constraints and seamless integration of technological advancements pose obstacles for market players. However, the industry is addressing these challenges through strategic collaborations, adoption of cutting-edge technologies, and innovative operational practices.
Leadership in Dredging Innovation
The United States continues to set the benchmark in dredging excellence, with market-leading companies such as Great Lakes Dredge & Dock Corporation and Weeks Marine Inc. driving innovation.
These leading companies, along with others such as Cashman Dredging and Marine Contracting, Manson Construction, etc., are poised to capitalize on the opportunities arising from the industry’s growth trajectory. Their joint efforts will play a key role in enhancing the country’s maritime infrastructure capabilities.
The US dredging market is at the forefront of supporting critical infrastructure and environmental sustainability amid dynamic economic climate and changing climatic conditions. With stable growth prospects and resilient market players ready to meet new challenges, the sector is well positioned to continue its upward trajectory in the coming years.
Key attributes:
|
Report Attributes |
detail |
|
number of pages |
83 |
|
Forecast Period |
2023 – 2029 |
|
Estimated market value in 2023 (USD) |
$5.2 billion |
|
Market value forecast to 2029 (USD) |
$6.16 billion |
|
Compound Annual Growth Rate |
2.7% |
|
Target area |
America |
Report Scope:
In this report, the United States dredging market is segmented into following categories:
US Dredging Market, By Type:
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Dipper
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Water injection
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air pressure
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Bed Leveller
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others
US Dredging Market, by Customer:
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government
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Oil and Gas Companies
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Mining Company
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Renewable energy
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others
U.S. Dredging Market, By Application:
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Trade Activities
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Trade Maintenance
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Energy Infrastructure
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Urban Development
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Coastal Protection
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leisure
U.S. Dredging Market, by Region:
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south america
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West Central US
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Northeast United States
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US West
Company Scope:
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Great Lakes Dredge & Dock Corporation
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Weeks Marine Co., Ltd.
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Cashman Dredging and Marine Contracting, Inc.
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Manson Construction Co., Ltd.
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Marinex Construction Co., Ltd.
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Kavash Co., Ltd.
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Mike Fuchs
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Great River Energy
For more information on this report, please visit: https://www.researchandmarkets.com/r/5n1ng2
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