Despite witnessing a downfall in 2020 due to the onset of the COVID-19 pandemic, the dredging market is gradually recovering, and is projected to exhibit steady growth over the coming years, reports the Fact.MR.
For example, the United States passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which unlocked the Harbor Maintenance Trust Fund (HMTF); this will be invested in the dredging of ports in the near future.
Likewise, growing demand from governments around the world for dredging equipment and services is set to give impetus to market growth through 2031.
According to Fact.MR, the global dredging market is forecast to be valued at US$ 21 billion in 2031. Rise in demand from the oil & gas industry too is expected to propel demand for dredging as time goes by.
Key Takeaways from Dredging Market Report
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