Future Market Insights delivers crucial insights on the global Watertight Doors market in its latest report titled ‘Watertight Doors Market: Global Industry Analysis (2013–2017) and Opportunity Assessment 2018–2028’. The long-term outlook for the global Watertight Doors market remains positive and the market value is expected to increase at a CAGR of 6.6% during the forecast period (2018–2028). Among segments, by product type, the hinged doors segment is expected to expand at significant CAGR, in terms of value and volume, over the forecast period. The global sales of Watertight Doors is estimated to have been valued at US$ 289.9 Mn by the end of 2018. The Asia Pacific Watertight Doors market is estimated to have accounted for a value share of 77.5% in the global Watertight Doors market by 2018 end and is expected to maintain its dominance throughout the forecast period. Future Market Insights, in this report, throws light on drivers and restraints likely to impact the Watertight Doors market during the forecast period.
Growing Focus on Use of Natural Gas to be a Key Driver for the Market
The high level of emission from power and automobile industries has made it mandatory for manufacturers to find an alternative to conventional fuels, such as coal and other petroleum-based fuels.
The global natural gas production grew by approximately 2.2% and consumption of natural gas increased by 1.7% in 2015 as compared to 2014. Countries, such as Australia, Qatar and Norway, have been witnessing increased export of natural gas significantly.
Increasing emphasis on the use of natural gas by large economies as well as developing nations in Southeast Asia and increasing exploration activities will give a boost to the shipping and shipbuilding industry, thereby also boosting the watertight doors market over the forecast period.
Global Watertight Doors Market: OBOR and Intra-Asian Trade Could Impact Market Growth
There are many developments and circumstances which are hard to predict in a demand requirement forecast. Perhaps intra-Asian trade will grow substantially and there will be a sharp increase in demand for short sea vessels in Asia. Alternatively, a lot of this new intra-Asian traffic could be containerized immediately. Another interesting potential development is likely to be unmanned ships, which might lead to replacement of existing manned ships with newly built unmanned short sea ships turns. Also, continuous growth in several energy- and resource-rich countries of Africa could spur the demand for shipbuilding and ship repairs, which is in turn, will support the growth of the watertight doors market over the forecast period.
Global Watertight Doors Market: Segmentation Analysis
The Watertight Doors market can be segmented on the basis of product type into hinged and sliding doors. On the basis of product type, the hinged doors segment is anticipated to continue to dominate the watertight doors market in terms of value over the forecast period.
- The hinged watertight doors market is anticipated to grow at a comparatively high CAGR during the forecast period. The segment is projected to create total incremental opportunity worth US$ 224.4 Mn during the forecast period (in between 2018 & 2028)
Global Watertight Doors Market: Regional Segmentation
The Asia Pacific Watertight Doors market is expected to witness significantly high incremental opportunity between 2018 and 2028. It is also projected to expand at a significant CAGR, in terms of value and volume, over the forecast period. Sales of Watertight Doors in Asia Pacific is expected to create total incremental opportunity worth US$ 207.2 Mn between 2018 and 2028.
Key Market Participants in Watertight Doors Market The report highlights some of the top companies operating in the Watertight Doors market, such as 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
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