According to analysts at Vantage Market Research, the Global watertight door market is expected to reach USD 0.69 Billion by 2028, growing at a CAGR of 6.29% from 2021 to 2028. The increasing criticality of marine surveillance and rising significance towards maritime patrol impacted the high demand of the Watertight Doors market. Furthermore, high investment towards the redevelopment of blast-proof products for consumers with Watertight Doors will propel the growth of the watertight door market in the years to come.
- Hinged watertight doors are estimated to have a high share in the Global watertight doors market at a CAGR of 7% during the forecast period. These doors are used in many ships as a safety barrier. These include offshore vessels, container vessels, large passenger ships, and oil exploration vessels which propel the segment demand in the market.
- The hydraulic watertight doors segment is projected to grow at a CAGR of 5% during the forecast period. Manually operated doors are crucial for safety reasons than electric or other doors in every naval vessel. If any major system failure occurred such as electricity failure or other, hand-operated watertight doors are useful to preserve the integrity of the ship.
- North America is projected to grow at a CAGR of 4.6% during the forecast period. A decrease in the traffic in major areas within the shipping lines and in the country is impacting product adoption. In addition, rising demand for commercial vessels and increasing shipbuilding pertaining to the battle forces will demand the watertight door market growth.
The major key players of the watertight door market are Baier Marine Company Inc. Westmoor Engineering Ltd., Ocean Group, Van Dam B.V., AdvanTec Marine, SeaNet SA, Wine B.V., MML Marine Limited, and IMS Groups, among others.
The high investment towards the redevelopment of blast-proof products for consumers with watertight doors will propel the growth of the watertight door market during the forecast period. These high-quality products are basically developed as a safety barrier in many ships. This is also one of the reasons for the high demand for a watertight door market. The demand for seaborne trade is rapidly expanding which brings benefits for consumers across the world. This in turn expands the demand for these doors in various countries. The increased economic liberalization and growing efficiency of shipping for transportation purposes are expected to strengthen the further growth of the market.
Asia-Pacific has been accounted the most profitable region for the watertight door market due to the growing shipbuilding activities specifically in South Korea, Japan & China. Also, the increasing number of joint ventures with multiple brands which are internationally established propel the market growth. In addition, the trade of crude oil in Asia-Pacific is a major factor driving the market in the region.