Some friends asked me if it was a good movement to switch from #OilandGas Industry to #Dredging. There are some facts that I would like share with you guys, specially my friends from #Brazil, where dredging does not play the role that it should play, unfortunately.
The global demand for dredging is growing fast as new economic and infrastructural needs are coming. This year the marine dredging market is valued at around USD 14.8 billion and is expected to grow 3.4% per year reaching something like US$ 25.16 billion by 2034.
There are 3 main key drivers for this growing industry and I mention them below in some details.
The 1st key driver is the #Infrastructure and #PortDevelopment that we can basically divide into trade expansion and coastal protection.
As global trade continues to rise, ports need to receive larger vessels, so they need dredging to keep harbors and channels accessible. Major ports in the #UnitedStates, Europe, and Asia/Middle East are continuously undergoing upgrades and expansions.
Rising sea levels and extreme weather events are driving the need for coastal defense projects, many of which involve significant dredging activities.
The 2nd key driver is made by the projects in the #Energy Sector, as #OffshoreWindFarms, #LNGTerminals, and oil & gas facilities require seabed preparation for the #Subsea equipment and cable installations, fueling the demand for dredging services then.
The 3rd key driver is made by the urban and environmental projects.
#Urbanization and #LandReclamation projects, especially in regions like #SoutheastAsia and the #MiddleEast, heavily rely on dredging for creating new land and maintaining coastal areas.
Environmental initiatives, including beach nourishment and habitat restoration, also contribute to the demand.
Today, #NorthAmerica and #Europe are leading in terms of market value, driven by their robust port infrastructure and ongoing offshore energy projects.
The fast industrialization and urban development in Asia/Middle East countries like #China, #Singapore and #GCC countries are also significant growth drivers for dredging activities.
However, there are huge challenges and environmental concerns ahead.
The environmental #Sustainability is a "must to have" factor and dredging can disrupt marine ecosystems, release pollutants, and impact coastal communities. This has led to stringent regulations and a push for more environmentally friendly dredging technologies. Countries such as #Indonesia and #Vietnam, for example, have implemented bans on marine sand exports to mitigate environmental impacts.
Overall, while the marine dredging industry is essential for supporting economic development and protecting coastlines, it must navigate regulatory and environmental challenges to ensure sustainable operations.
In this scenario #ESG (#Environment, #Social and #Governance) policies, are still not that known in this industry but they play an important role to develop it by respecting everything that around.
Vice President, Engineering at Diamond Offshore
3moGreat to see the channel to Hartlepool being widened. Adding and depth to it??