The global watertight doors market share is anticipated to attain a valuation of US$ 380 million in 2023 and is expected to reach US$ 730 million by 2033, trailing a CAGR of 6.7% during the forecast period.
Factors such as ongoing commercialization, growing trade practices, heightened crew member safety awareness, and the rise in offshore renewable energy contribute positively to the watertight doors market. Additionally, the adoption of advanced technologies for manufacturing carbon-friendly and fuel-efficient ships presents profitable opportunities for market players.
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The marine industry is poised for favorable growth, propelled by factors like globalization, commercialization, and increased trade. The marine watertight door global market has witnessed growth due to the modifications in the industry, including the implementation of multinational and multilateral agreements aimed at boosting global trade. The demand for watertight doors is further expected to grow in tandem with the expanding global economy. The shipping industry’s growth is expected to propel the marine watertight door market during the forecast period. Additionally, dispersed manufacturing serves as a prominent driver, contributing to the growth of the global marine watertight door market.
The growing demand for enhanced safety and security measures for crew members in ships and vessels is expected to drive the growth of the global marine watertight door market. The rising focus on natural gas utilization by major economies and developing nations in Southeast Asia, along with increased exploration activities, is anticipated to drive the demand for offshore vessels and related services in the market during the forecast period.
Key Takeaways
- The United States watertight doors market is expected to grow with a CAGR of 6.7% during the forecast period.
- The demand for watertight doors in China is expected to grow with a CAGR of 6.6% during the forecast period.
- By product type, sliding watertight doors are projected to grow with a CAGR of 7.1% during the forecast period.
- North America is expected to grow with a significant CAGR of 6.5% throughout the forecast period.
“The increasing demand for enhanced safety and security measures for crew members in ships is expected to fuel the demand for watertight doors during the forecast period,” comments an FMI Analyst
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Competitive Landscape
The market for watertight doors is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players MML Marine Limited, IMS Groups, REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o., Baier Marine Company Inc. Westmoor Engineering Ltd., Ocean Group, Van Dam B.V., AdvanTec Marine, SeaNet SA and Winel B.V.
Some key developments in the watertight doors market are:
- In 2021, Survitec, a global safety solutions provider, collaborated with Viking Life-Saving Equipment to offer a comprehensive range of watertight doors and other safety equipment for the marine industry.
- In 2020, Van Dam, a Dutch company specializing in shipbuilding and marine equipment, launched a new line of watertight doors featuring advanced sealing technology and improved durability.
- In 2019, AdvanTec USA Manufacturing successfully acquired USA Sliding Doors Inc. This acquisition aligns with AdvanTec’s strategic goal of becoming a comprehensive marine solutions provider and delivering the best possible service to end consumers.
- In 2018, IMTRA partnered with Libra, a Norwegian producer of hatches, vessel doors, and storage solutions. IMTRA will act as the agent for Libra-brand products across the United States, creating growth opportunities and expanding market share in the hatches, doors, and storage solutions segment.
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Key Segments Profiled in the Watertight Doors Market Industry Survey
By Type:
- Hinged
- Sliding
By Source:
- Hydraulic
- Electric
By Type of Vessel:
- Commercial
- Oil & Chemical Tankers
- Bulk Carriers
- General Cargo
- Container Ships
- Gas Carriers
- Offshore Vessels
- Passenger Ships & Ferries
- Mega Yachts and Other Vessels
- Military
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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