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Marine watertight doors are special purpose doors that are designed to prevent the ingress of water from one compartment to other during accidents or flooding. Hence, it acts as a safety barrier. Such doors limit the water spread inside the vessel. As these doors restricts entry of water, they are essential for all marine vessels such as yachts, cruiser, commercial, coastal military patrol vessels, and combat ships. In addition, the marine watertight doors are made by various materials and they are even customized as per the requirements of consumer.
The market for osteoporosis drugs is expected to reach rise at a CAGR of 6.4 percent during the forecast period. Surge in fishing and shipping activities across the globe drives the growth of the marine watertight doors Market.
Ongoing commercialization and globalization have led to the significant growth in global marine industry. This is one of the major factors fuelling growth of the market. In addition to this, increasing multilateral and multinational agreements to boost global trade is expected to push the demand of marine watertight door over the forecast period. Also, the dispersed manufacturing is one of the prominent drivers for the marine watertight door market growth. Moreover, continuous growth in demand for security and safety of crew in ships and vessels significantly contributes to the growth of the global market size. On the other hand, the rising investment of various economies in the navy is anticipated to create lucrative opportunities for the global marine watertight doors market. Also, the prominent factors such as investment in warships and submarines, rise in cruise industry owing to the growing sea tourism, and surge in ocean expeditions are responsible for the estimated growth of the market during the upcoming years.
Throughout the forecast period, hinged watertight doors will continue to hold a dominant share of the global marine watertight doors market. This type of doors has a pivoting motion about one vertical or horizontal edge. The growth of the segment is mainly driven by its growing application for steering compartment as well as watertight bulkhead of engine room. However, the sliding watertight doors segment is projected to witness highest growth rate during the forecast period.
Based on material type, the global marine watertight doors market was dominated by stainless steel segment. This is attributed the ability of stainless-steel material to provide excellent strength & durability as well as it the prevention from corrosion by saline sea water. However, the Aluminium material segment is projected to witness highest growth rate during the forecast period.
MARINE WATERTIGHT DOOR MARKET SEGMENTATION:
By Ship Type
By Material Type:
By Sales Channel:
Asia-Pacific is likely to be the most profitable region throughout forecast period. This is due to a growing manufacturing industry, flourishing shipbuilding industry, and rise in sea tourism. The countries such as Japan, China, and Singapore are the major contributor to the market growth in Asia-Pacific region. Moreover, highest growing economies such as India and China in Asia Pacific significantly contribute to the market growth. Furthermore, increased emphasis on the use of natural gas by developing nations as well as large economies in Southeast Asia along with the rising exploration activities are projected to boost demand for offshore vessels. This is the prominent factor that propels the demand for marine watertight doors in the Southeast Asia market during the forecast period.
On the other hand, commercialization, industrialization, and growing demand for the commodities and consumer goods has boosted the demand for transportation across the Middle East and Africa. This factor is projected to drive the marine watertight door market in this region.
However, North America and Europe region are expected to witness significant growth rate during the forecast period. This is attributed to the large amount of disposable income in these regions which is estimated to fuel the international trade. In addition to this, surge in demand for more efficient, corrosion resistant, tough, and cost reliable marine watertight door in North America and Europe is projected to accelerate the market growth of marine watertight door. On the contrary, the growing coastal and marine tourism in the Europe fuels growth of the market. For instance, the Europe is worlds’ most visited tourist region according to estimates published by WTO, with many tourists (an average of about 200 Million visitors yearly) concentrating on the Mediterranean Coastal region.
FEW KEY PLAYERS IN MARINE WATERTIGHT DOOR MARKET:
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