The global watertight doors market is anticipated to reach a valuation of USD 380 million in 2023 and is expected to grow to USD 730 million by 2033, trailing a CAGR of 6.7% during the forecast period.
Several factors are driving the positive growth of the watertight doors market. These include ongoing commercialization, increased trade practices, heightened awareness of crew member safety, and the rise in offshore renewable energy projects. Additionally, the adoption of advanced technologies for manufacturing environmentally friendly and fuel-efficient ships presents profitable opportunities for market players.
The marine industry is poised for favorable growth, driven by globalization, commercialization, and increased trade. The marine watertight door market has benefited from industry modifications, including the implementation of multinational and multilateral agreements aimed at boosting global trade. As the global economy expands, the demand for watertight doors is expected to grow. The growth of the shipping industry is projected to further propel the marine watertight door market during the forecast period. Additionally, dispersed manufacturing is a key driver contributing to the growth of the global marine watertight door market.
The increasing demand for enhanced safety and security measures for crew members on 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, coupled with increased exploration activities, is anticipated to boost the demand for offshore vessels and related services in the market during the forecast period.
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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
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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