Rockville, MD , Dec. 17, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Dredger Rental Market is estimated to reach a valuation of US$ 3,726.4 million in 2024 and is expected to grow at a CAGR of 5.5% during the forecast period of (2024 to 2034).
Dredger equipment are increasingly vital across various industries, significantly influencing the growth of the dredger rental market. These solutions are flexible, economic and efficient, making them essential for projects in sectors such as construction, environmental remediation, and port maintenance.
The ongoing infrastructure development of roads, bridges, and waterways, requires reliable dredging equipment for the purpose of sediment removal and waterway navigation. This rising demand for dredging services is a key factor in the growth of the rental market, since companies mostly prefer renting such high-cost dredgers for short term rather than investing in expensive, long-term equipment purchases.
Companies may expand their operations according to the particular needs of each project due to the flexibility of dredger rental alternatives, which further propels the expansion of the worldwide dredger rental market. For instance, the Sri Lankan government awarded a contract to dredging International, a division of the DEME Group, in 2024 for dredging services at the Colombo Port. This project is part of a broader port expansion plan. It aims to increase the port's capacity for larger container ships.
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Key Takeaways from Market Study:
- The global dredger rental market is projected to grow at 5.5% CAGR and reach US$ 6,365.2 million by 2034
- The market created an opportunity of US$ 812.9 million growing at a CAGR of 4.7% between 2019 to 2024
- North America is a prominent region that is estimated to hold a market share of 21.6% in 2034
- Predominating market players include Royal IHC, GeoForm International Inc., US Aqua Services, VMI, Inc., Crisafulli, Inc., LAXYO, EDDY Pump Corporation, Barge Rent, Damen Shipyards Group and Inland Dredging Services Ltd.
- Cutter suction dredgers under Dredger type are estimated to grow at a CAGR of 5.5% creating an absolute $ opportunity of US$ 618.9 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 1,754.1 million collectively from 2024 to 2034
“The dredger rental market is witnessing growth, due to the expansion in industries such as construction, mining, and environmental management, which rely on rented equipment for efficient sediment removal and waterway excavation, boosting demand.” says a Fact.MR analyst.
Leading Players Driving Innovation in the Dredger Rental Market:
Key players in the Dredger rental market are Inland Dredging Services Ltd, Royal IHC, US Aqua Services, Damen Shipyards Group, Barge Rent, GeoForm International Inc., VMI, Inc., Crisafulli Inc., LAXYO and EDDY Pump Corporation.
Market Development:
To strengthen their position in the market, major players in the worldwide dredger rental market have been concentrating on expansion plans, equipment improvements, technology breakthroughs, and strategic partnerships. These businesses hope to take a larger share of the expanding demand for dredging services across infrastructure, port development, and environmental projects by incorporating state-of-the-art dredging technologies, ensuring optimal operational efficiency, and completely adhering to regulatory and environmental requirements.
• On October 2023, Boskalis signed the contract with the Dutch shipbuilding company Royal IHC in regard to construct a new large trailing suction hopper dredger of a 31,000 m³ capacity. This new vessel is designed for methanol as an alternative fuel, including a significant step towards sustainability. The vessel's advanced design and state-of-the-art technology highlights Boskalis's efforts to reduce environmental impacts.
Dredger Rental Industry News:
- Royal IHC announced a contract signing with the Eastern Shipbuilding Group (ESG) in April 2024. In order to design and construct a highly automated, cutting-edge medium-class hopper dredge for the US Army Corps of Engineers (USACE), the firms partnered.
- For the leasing of a 24-inch hydraulic cutter head dredge, associated equipment, and discharge pipeline for the yearly maintenance dredging of ten Mississippi River ports, Inland Dredging Co. awarded the Memphis District a US$11.5 million contract in February 2024 for important harbor dredging works. It is anticipated that this project will be finished by January 2025.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global dredger rental market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the dredger type (Trailing Suction Hopper Dredgers, Cutter Suction Dredgers, Backhoe Dredgers, Bucket Dredger, Dustpan Dredger, Grab Dredger, and Environmental Dredger), application (Maintenance Dredging, Coastal Protection, Land Reclamation, Oil and Gas Industry, Mining, and Environmental Remediation), end use industry (Port Authorities and Shipping, Oil & Gas, Construction, Government and Defense, and Environmental Agencies) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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