An Incisive, In-depth Analysis on the Watertight Doors Market
This study offers a comprehensive, 360 degree analysis on the Watertight Doors market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Watertight Doors market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
High Demand for Offshore Vessels and Construction of New Ships to Propel Demand for Watertight Doors
Watertight doors minimize flooding during the grounding or collision of a ship or when a ship undergoes structural damage and thus, minimize the risk of sinking as in the event of severe structural damage, the ship might be flooded with water. Thus, watertight doors are crucial for all marine vessels including commercial, yachts, cruiser, coastal military patrol vessels and combat ships as they restrict the entry of water. Increasing significance and criticality of marine surveillance through maritime naval patrol vessels has positively impacted demand for watertight doors. The global watertight doors market is estimated to be valued at US$289.9 Mn by the end of 2018 and is projected to reach US$546.1 Mn by the end of 2028, expanding at a CAGR of 6.5% over the forecast period.
Growth of Coastal and Marine Tourism Globally to Drive Watertight Doors Market Growth
Coastal tourism can be defined land and sea based travel for pleasure taking place along the coast and within proximity to the sea. Marine tourism is similar to coastal tourism, but is more focused on sea-based activities. The tourism industry, from a global perspective, has witnessed healthy growth post the recession era, recording more than 1 Billion tourists for the first time in 2012 and growing at around 4% annually. This has positively impacted coastal and marine tourism as well with Europe pegged as the worlds’ most visited tourist region. The number of tourists arriving in Europe has been growing 6% annually, according to estimates published by WTO, with a large percentage of tourists (an average of 200 Million visitors yearly) concentrating on the Mediterranean Coastal region. This trend of tourists taking part in marine tourism has led to an increase in the sales of marine vessels such as farriers, boats and cruise ships and thus, has been indirectly contributing to the sales of watertight doors. According to a study published by E.C. 2011, more than 60% of tourists prefer to visit coastal areas over inner lands.
Increasing Exploration & Production of Natural Gas to Boost the Market of Marine Vessels and Subsequently, that of Watertight Doors
Global natural gas production grew by approximately 2.2% in 2015 as compared to the the preceding year, whereas the consumption of natural gas increased by 1.7% in the same time frame. Countries such as Australia, Qatar and Norway have been contributing to the increasing export of natural gas significantly.
The demand for LNG is expected to witness significant growth over the forecast period. Global trade of LNG was pegged at around 244.8 MT in 2015, with an increase of nearly 4.7 MT as compared to 2014. Numerous new liquefaction and regasification terminals that will accommodate processing facilities and bulk storing are under construction in Asia Pacific, Europe, and the Americas and are expected to start operating during the forecast period
According to reports, over 410 liquid bulk carrier fleets were active in 2015, which could meet over 30% of the global LNG demand. Also, around 416 ships were reported under construction, which are estimated to join the supply chain during the forecast period. The new construction of ships is expected to positively impact the sales of watertight doors during the forecast period.
Increasing emphasis on the use of natural gas by large economies as well as developing nations in Southeast Asia and increasing exploration activities are expected to boost the demand for offshore vessels, which in turn is estimated to propel the demand for services in the SEA market throughout the forecast period.
Asia Pacific to Remain a Prominent Region in Watertight Doors Market
On the basis of geography, the global watertight doors market has been segmented into Americas, Asia Pacific, Europe and Middle East & Africa. The Asia Pacific watertight doors market accounts for a major value share and the region is projected to remain prominent in the global watertight doors market over the forecast period. The China watertight doors market is expected to account for a 31.6% market share in the Asia Pacific watertight doors market, in terms of value, by the end of 2018, projecting a CAGR of 7.3% between 2018 and 2028. The watertight doors market in South Korea is expected to represent an incremental opportunity of US$ 49.5 Mn between 2018 and 2028.
On the basis of product type, the watertight doors market has been segmented into sliding watertight doors and hinged watertight doors. Hinged watertight doors are expected to account for a high share in the global watertight doors market during the forecast period.
Key Market Participants in Watertight Doors Market
The report highlights some of the major companies operating in the watertight doors market, including 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.
Prominent manufacturers of watertight doors are found to be involved in collaboration activities to improve their market presence across the shipbuilding market. Further, offering efficient & well-structured watertight doors along with an improved sales network in the shipbuilding industry are the major growth strategies being adopted by the manufacturers of watertight doors to reach end users.
Future Market Insights analyzes the global watertight doors market in its new publication titled “Watertight Doors Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028”. The research provides thorough analysis and key understandings on the watertight doors market on the basis of product type, source, type of vessel and region for the historical period 2013–2017 and forecast period 2018–2028. The objective of the report is to assess the dynamics in the watertight doors market and provide key information pertaining to the segments of the global watertight doors market. To deliver a better understanding and support investors for decision making and market breakdown, the report has been incorporated with the analysis of restraints, drivers and developments that influence the current market situation and are anticipated to influence the global watertight doors market during the forecast period.The research provides statistics for 2017 with an inclusive market forecast for the period 2018–2028.
Watertight Doors Market: Segmentation
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Report Description
To ascertain and comprehend the watertight doors market trends and opportunities, the global watertight doors market report has been categorically split into different sections based on product type, source, type of vessel and region. The global watertight doors report starts with a market overview and provides market definitions and taxonomy along with drivers, value chain, & pricing analysis pertaining to the watertight doors market. Subsequently, the watertight doors market background has been covered, which includes the factors affecting the watertight doors market, such as macro factors, global maritime trade growth outlook, seaborne trade and world GDP and private participation in port infrastructure investments.
The macro-economic factors in the watertight doors market include the global statistics of shipbuilding, ship repair and global trade. The market background also covers the market challenges that affect the watertight doors market. The dynamics covered in the report include opportunities, restraints and trends. The watertight doors research study also contains the value chain analysis, in which the flow of watertight doors from raw material manufacturers, manufacturers of watertight doors to end-users through various distributors and retailers involved is listed. The final part in the watertight doors market background is the forecast factors, which include the factors that are expected to have an impact on the global watertight doors market.
The sections that follow include the global watertight doors market analysis by product type, source, type of vessel and region/country. All the above sections evaluate the watertight doors market on the basis of various factors. Each section discusses the qualitative and quantitative aspects of the global watertight doors market. To give a brief idea about the revenue opportunities from the product type, source, type of vessel and region segments, the report also provides watertight doors market value (US$ Mn) data, growth rates, watertight doors market shares and year on year growth indices for each segment over the forecast period (2018–2028).
In the final chapter of the watertight doors market report, we have provided detailed company analysis with company performance and market share in order to provide report viewers with a market structure view of key manufacturers operating in the global watertight doors market along with their business goals. This would enable clients to assess strategies deployed by key market leaders in the watertight doors market and help them develop effective schemes accordingly.
Research Methodology
For watertight doors market data analysis, the report uses 2017 as the base year with market values and volumes estimated for 2018 and estimates made for 2018–2028. The FMI assessment is based on a multipronged approach that comprises primary, secondary and triangulations of data obtained there from. In the initial phase of research work, product mapping was done, in which the type of products offered by main players with respect to production area were identified. Further, in primary and secondary research, data available in public domains such as company annual reports, industry association, publications, white papers, government sites and journals, among others sources was gathered and accordingly, a set of data points were built. For the same, a top-down approach has been used to evaluate market numbers for each type and a bottom-up approach was used to counter-authenticate the market estimation. The forecast presented in the report estimates the actual market size in volume (units) & value (US$ Mn) in 2017 with regard to watertight doorsand the estimated market value in the global watertight doors marketfor the forecast period.
FMI has also analyzed the various segments of the global watertight doors marketin terms of BPS (basis point share) to understand each segment’s comparative contribution to market growth. This comprehensive level of information is important for identifying several key trends leading the global watertight doors market. The report also analyses the global watertight doors marketbased on the global absolute $ opportunity and incremental $ opportunity. This is usually neglected while estimating the market forecast; however, from a business development perspective, it is essential to identify the market attractiveness in terms of three indices, viz. CAGR index, market share index and incremental $ opportunity to classify the high potential resources in the watertight doors market. Moreover, the watertight doors market attractiveness index is the key to understanding the key segments in terms of their growth and performance in the global watertight doors market. This market attractiveness index would help clients identify real market opportunities in the global watertight doors market.
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