Watertight Door Market is Expected to Reach USD 463 Million in 2028 Growing at a Significant CAGR Rate at 5.8%
According to analysts at Vantage Market Research, the Watertight Door Market accounted for USD 295 Million in 2020 and is expected to reach USD 463 Million by 2028, growing at a CAGR of more than 5.8% from 2021 to 2028.
Watertight door serves as a door that is used specifically to stop the excess of water to travel from one compartment to another in a ship during flooding or collision and act as a safety barrier for the limitation of water spread inside the compartments of the ships or other marine vessels. The manufacturing of the watertight door is a complex process and should be made with precision in order to prevent high pressure and fast load of water into the vessels of ship.
The market is primarily driven by the rising demand in the substation of offshores and growing inclination of consumers towards the advanced newly developed doors that can stimulate growth of the global watertight door market. Moreover, the increasing investment in the development of blast proof, soundproof watertight door in order to offer consumer with high quality products is expected to drive the overall watertight door market in subsequent years.
Due to the COVID-19 pandemic the market has seen a downfall with the subsequent reduction in the workforce due to the governmental implementation been imposed as a precautionary measure for the mitigation and spread of infection from the deadly virus. Even the major application sector i.e., the marine sector has been halted which has resulted in the reduction of demand for the global watertight door market.
Moreover, the market has been anticipated to have an opportunity which has been seen due to the increasing development in the production and manufacturing of storage and offloading vessels and rising marine trade activity. Whereas, the growth of the market is hampered due to the decreased demand for the marine transportation.
Globally, the Asia-Pacific region is expected to grow at the highest rate on accounts of having a major value share. The growth of this region is attributable to the increased governmental investment in the developing countries for the development of advanced with enhanced features been incorporated in the watertight door and demand for high quality products.
Major key players in the global watertight door market are Fisher Panda Generators, Sea Recovery, Lofrans/NavimoUSA and Mastervolt.