The COVID-19 outbreak has led to an unprecedented recession which is anticipated to impact the dredging market size to a huge extent. A halt in manufacturing across the tourism and oil & gas sectors have negatively impacted the dredging market.
A huge downswing in the transportation industry caused an abrupt demand shock across the oil & gas sector, compelling market players to cease manufacturing. However, a possible recovery is anticipated during 2021-2022, restoring the market scenario to the pre-crisis level. This will further restore opportunities for the dredging market since players will resume exploration ventures.
Competition Landscape
The global dredging market is inclusive of several global and regional vendors, making the market highly competitive. Companies rely on joint-ventures, strategic alliances, and growth of technologically progressed solutions to enter lucrative markets. For instance,
Royal Boskalis Westminster N.V obtained numerous dredging contracts over Germany worth € 45 Mn from several local maritime transport vendors. These contracts assist to offer construction of a shipping fairway, flood protection, and port maintenance over several locations.
Further companies are entering lucrative market by launching manufacturing units and regional offices. For instance, Great Lakes Dredge & Dock Co. declared the handover of its corporate headquarters to Houston, Oak Brook-based. This relocation will assist it a little closer to its regional clients in the Gulf Coast together with the Mississippi River.
Major companies identified in the global dredging market include China Communications Construction Company Ltd, Royal Boskalis Westminster N.V, Jan De Nul Group, Van Oord, Dredging, Environmental and Marine Engineering NV (DEME), Royal IHC, Great Lakes Dredge & Dock Corporation, Penta-Ocean Construction Co., Ltd., National Marine Dredging Company, Hyundai Engineering & Construction Co. Ltd., TOA Corporation, J.F. Brennan and Vosta LMG.
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