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Dredging Industry Looks for a Revival in Government Contracts: Fact.MR Study


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NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Despite sluggish returns in 2020 due to unprecedented COVID-19 outbreak, the global dredging market is expected to report 3.3% YOY growth in 2021, a significant improvement over 3.5% y-o-y exhibited in 2020, finds Fact MR in a new study. The overall growth outlook remains positive, especially as applications in trade activity, maintenance, and urban development among others continue to rise. The market will vastly gain with demand in government sector rising. Fact MR in a new study has forecast government to account for over 43% of overall share through 2031.
Besides this, demand in the oil and gas industry will continue rising through the course of the report's forecast period. According to the "Oil 2020- Analysis", published in March 2020 by the International Energy Agency (IEA), the global oil production capacity is expected to rise by 5.9 mb/d through 2025. It was also stated in the report that supply from Non Organization of the Petroleum Exporting Countries (Non-OPEC) will rise by 4.5 mb/d. With oil and gas production and consumption poised to surge, dredging applications will potentially soar in the near future.

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