Introduction to Cofferdam
These are temporary enclosures that keep water and soil out by permitting water out of the zones, thereby allowing the construction works inside water bodies such as bridges, locks, dams, and others, through these permanent facilities. It is a temporary structure designed to keep water out of the excavation sites where a bridge or other structures is to be built. As cofferdam is derived from “coffer = box”, it takes up the foundation works in water bodies, to obstruct the flow of water by means of their application where the bed on which cofferdam is rested consists of lower velocity of flow of water.
Market Size and Forecast
The Cofferdam market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product, by purpose, by end user and by region. The product segment is further segmented into earth fill, sand bag, rock fill, timber rock, cellular, movable, single wall and double wall. The type of cofferdam used depends entirely on its application and the area where it is to be built. Hence, most of the segments are projected to grow at a significant rate on account of rising construction activities for various industries. This can be attributed to increasing developments and the demand for innovative technologies and infrastructure in almost every industry globally. The up-gradation procedure for improving the infrastructure requires the use of these cofferdams, thereby resulting in an increasing growth of the market.
Rising opportunities for Cofferdams
By allowing excavations and construction processes in poor environment while providing safe environment and contracting typical measures to achieve the easy installation of piles which can be used for other projects as well. As a result of this, the cost of investment is reduced routinely in order to retain the marginal rates along with the demand for the construction of infrastructure by various sectors. This is predicted to result in the market growth in the coming years.CLICK TO DOWNLOAD SAMPLE REPORT
Globally Improving Infrastructure to Drive the Market Growth
The cofferdam infrastructure all over the world is improving at a fast pace owing to the increasing number of water-zones that are accessible in various geographical areas which results in a growing demand for better services, support and endurance for a number of applications. The growing research and development for technological methods further fuels the steel piling industry. On the back of these, the market is predicted to grow over the forecast period.
Lack of Required Equipment and Skilled Labor to Hamper the Market Growth
Despite the improving infrastructure, there is a shortage of necessary equipment in order to meet the growing demand globally as well as lack of knowledge among the resulting in lower wages. This is estimated to hinder the growth of cofferdam market in the future.
Our in-depth analysis of the cofferdam market includes the following segments:
By product Type
On the basis of regional analysis, the cofferdam market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for cofferdam in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region. Moreover, the growing requirements for continuously improving the steel piling market and diagnostic methods are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing growing infrastructure activities in the region. The improving the developments in the region, especially in countries such as China, India and Japan, further raises the demand for steel piling.
The Cofferdam market is further classified on the basis of region as follows:
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