Dredging Services in the US - Industry Market Research Report

Hit the Beach: Increased Demand for Dredging Services Will Attract New Operators to the Industry

Funds made available through various federal agencies have promoted growth for dredging companies. The outbreak of COVID-19 negatively impacted dredging companies, as many had to halt operations because of outbreaks on vessels, making it challenging to satisfy time constraints in their contractual obligations. Industry-wide revenue has been growing at a CAGR of 1.2% over the past five years and is expected to total $5.0 billion in 2023, when revenue will inch up by an estimated 0.6%. Profit has dipped recently as labor shortages pushed up wage costs and inflationary pressures increased operational costs. 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.