According to a Future Market Insights (FMI) estimate, the market for watertight doors would be worth US$ 311 Mn in 2021. Between 2021 and 2031, FMI expects sales of watertight doors to grow at a compound annual growth rate (CAGR) of 6.3 percent.
Between 2016 and 2020, the market had a CAGR of 2.9%. Despite being hampered by the COVID-19 epidemic, the market for watertight doors grew by 6.7% annually between 2020 and 2021.
The top five players—MML Marine Limited, REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o., AdvanTec Marine, Westmoor Engineering Ltd., and SeaNetGroup—are anticipated to account for 10% of the watertight doors market in 2021 despite fierce rivalry.
Watertight Doors Market
Federal initiatives to promote marine safety have worked in favour of high-scale production of marine components, such as watertight doors. For instance, the Government of Canada is introducing additional measures for enhancement of navigation safety and emergency response in the Canadian waters.
The measures were presented in the form of an official announcement and acknowledged as a part of Canada’s ‘Oceans Protection Plan’. On 14th June 2018, the U.S. Coast Guard announced two workforce initiatives in line with the ‘Marine Safety Program’. Particulars as such provide enough credence to the promising outlook of watertight doors market in 2019 and beyond.
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“Investments in various forms of sustainable tourism, including coastal and marine tourism, is underway. This, in turn, has resulted in augmented production of marine vessels and associated components for safety, such as watertight doors. Rising vigor of ocean-based industries, such as offshore exploration and production, is supporting growth of offshore marine vessels and related components, including watertight doors”, says an analyst at FMI.
The report opines cruise ship revitalization and overhauls to be a prominent trend with profound influences on sales of watertight doors. The increasing demand for upgrading older ships by including advanced amenities and components is complementing the growth of building and repair activities, favouring high-scale production and sales of watertight doors.
As per the report, installation of hinged watertight doors is proliferating at an impressive rate, with global sales likely to cross 71,000 units in 2019. Robust watertight seal withstanding adverse conditions remains a key USP enhancing the visibility of hinged watertight doors over the sliding variants.
According to the report, end-users remain biased toward hydraulic as a viable source over electric ones in the watertight doors landscape, with global sales estimated to exceed 71,348 units in 2019. Hydraulic watertight doors have been traditionally employed in commercial and military vessels alike, owing to their attribute of greater power delivery through smaller force. Additionally, relatively higher control accuracy in light of simple push buttons and levers employed, and economic benefits owing to fewer moving parts equipped, are key demand determinants of hydraulic watertight doors.
Manufacturers Seek Approvals From Renowned Organizations To Boost Credibility
The manufacturing framework of watertight doors witnesses major reformations in the light of evolving environmental concerns. Manufacturing companies are switching to sustainability-driven approaches, wherein production processes and value creation for the environment remain closely associated. Manufacturers of watertight doors are seeking approvals from prominent organizations providing marine classification, such as International Association of Classification Societies (IACS), to boost consumer confidence and get repeat sales
Leading manufacturers of watertight doors are vying to offer distinguishable products to gain competitive advantages amid homogeneous competitors, which will help them strengthen their brand equity. Sensing the end-user shift toward high convenience and superior functionality, manufacturers of watertight doors remain focused on offering maintenance free and easy-to-install products for seamless operations on board.
According to the report, the leading manufacturing companies are reinvigorating their technical know-how with high investments in research and development. This, in turn, is fostering their capabilities in terms of offering an ideal amalgamation of intelligent designs, enhanced longevity, and improved usability. Moreover, manufacturers are incorporating industry best drive systems in their products to offer reliable and safe products bolstering end-user convenience. As per FMI analysis, the industry giants remain involved in strategic collaborations with shipyards for seamless supply, which helps them boost their profit margins.
The FMI report traces brimming opportunities in the watertight doors market for the forecast period of 2021-2031. As per the report, the watertight doors market is envisaged to grow at a volume CAGR of over 5.5% through 2031.
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Watertight Doors Market: Segmentation
Product Type:
- Hinged Watertight Doors
- Sliding Watertight Doors
By Source:
- Hydraulic Watertight Doors
- Electric Watertight Doors
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:
- America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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About FMI
Future Market Insights (ESOMAR certified 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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