Dredging Services in the US Market Research Report

Press Release
Friday, September 14, 2012

IBISWorld report indicates that government & private funding is expected to boost revenue for the US dredging industry.

Excerpts from the report are as follows:

A weak economy has made growth for dredgers slower than expected. Nevertheless, increased government and private-sector funding is expected to boost revenue for the industry over the next five years.

While lacking in prominence, the Dredging Services industry is an essential part of the US economy. This is because two vital sectors of the US economy – maritime tourism and international trade – depend heavily on dredging services. Additionally, dredging services play an important role in restoring and preserving wetlands, coastlines and maritime habitats. As such, the industry benefits from public and private restoration projects.

According to IBISWorld industry analyst Kevin Boyland, strong underlying demand for dredging services is expected to grow industry revenue 2.8% to $2.2 billion in 2012. 


The US dredging industry is highly fragmented and is characterized by its many small operators. Larger operators focus on capital dredging projects that are usually awarded through competitive bidding. Smaller dredging firms tend to service inland areas and focus on rivers and lakes. The majority of dredging services are privately held. Federal funds allocated toward dredging services are provided by Congress through the Harbor Maintenance Trust Fund (HMTF) and administered by the US Army Corps of Engineers. Over the past five years, funds allocated toward dredging services have been insufficient to meet demand, even though the HMTF is operating at a surplus, says Boyland.

While $1.9 billion in stimulus funds earmarked for dredging services benefitted the industry in 2009, US ports, harbors and waterways have been insufficiently dredged due to a weak economic environment and a budgeting deadlock on Capitol Hill. Consequently, industry growth has not been as strong as it could have been over the past five years. Nevertheless, over the five years to 2012, IBISWorld estimates that industry revenue will increase at an annualized rate of 4.6%. 


For more information click here.

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

News

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1301 sec (8 req/sec)