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Dredging Services in the US - Industry Market Research Report

Dredging Services in the US - Industry Market Research Report

  • January 2019
  • 32 pages
  • ID: 5103995
  • Format: PDF
  • By Ibisworld

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Digging deep: Demand for dredging services will rise to accommodate larger oceanic vessels

Abstract

Dredging Services
The Dredging Services industry is an essential and underlying service in the US economy that facilitates port functionality and supports two vital sectors, maritime tourism and international trade. Additionally, dredging services play an important role in restoring and preserving wetlands, coastlines and maritime habitats. While government budget cuts have stemmed growth, average precipitation levels have increased, generating demand for industry services. Moreover, an increasing total trade value has stimulated the expansion of ports and harbors to accommodate larger vessels and higher trade volumes. As ocean freight lines develop and incorporate enormous cargo vessels into their fleets to improve shipping efficiencies and scale economies, the need for dredging services will increase. Furthermore, the completion of the Panama Canal expansion project in 2016 enables a larger class of New Panamax ship to pass through the canal. This will create additional demand for industry services, as US ports will need to be altered to accommodate these larger vessels. Additionally, the recent instance of high-frequency and high-intensity hurricanes will likely stimulate demand to alter inland waterways to avoid future flooding, benefiting industry revenue growth.

This industry provides dredging services, such as moving deep-water sediment, to keep waterways open for commerce and replenish beaches and other maritime and wetland environments.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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