The rising demand for maritime transportation is anticipated to drive growth in the market for modular floating drydocks. The growth of the maritime industry is anticipated to fuel the demand for these drydocks. Additionally, the rising need for repairing and maintaining ships is projected to propel the market growth.
The need for the market arises due to the growing demand for the construction and maintenance of marine infrastructure globally. The modularity and flexibility offered by these drydocks make them an ideal choice for the construction and maintenance of marine infrastructure, which is expected to drive the growth of this market.
Another significant element propelling the expansion of this market is the increased demand for defence vessels. The following are a few benefits of using modular floating drydocks:
1. Ease of installation - Modular floating drydocks can be easily installed without the need for extensive on-site infrastructure or cranes. This makes them ideal for locations where traditional drydock construction would be impractical.
2. Flexibility - Modular floating drydocks can be configured to suit a wide range of vessel sizes and types. This makes them suitable for use in a variety of industries, including defence, civil engineering, and maritime transportation.
3. Cost-effectiveness - Modular floating drydocks are typically more cost effective than traditional drydocks, due to their shorter construction time and lower installation costs.
Modular floating drydocks are self-contained units that can be used to support the construction, repair and maintenance of ships and other vessels. They are typically composed of a pontoon-style hull with a number of compartments that can be filled with water to provide stability, as well as a crane or other lifting system for moving heavy objects.
The Floating Drydocks market is expected to grow at a CAGR of around 3.85% during the forecast period. The Global Market for Modular Floating Drydocks was 6.1 Billion in 2021 and is expected to reach 8.28 Billion in 2031.
The increasing demand for modular floating drydocks from the maritime industry and its applications in defence and civil use are the major factors driving the growth of this market.
There are several restraining factors that are impacting the growth of the modular floating drydocks market. The global market is facing challenges with respect to the high initial investment costs and lack of harmonization in standards. In addition, the modular floating drydocks market is also impacted by uncertainties in the global economic scenario, which has led to deferred investments by end-users. However, the market is expected to grow on account of rising maritime trade activities and the increasing need for ship repair & maintenance facilities.
The key players of the global modular floating drydocks market are Marinette Marine Corporation (U.S.), BAE Systems plc (U.K.), Austal USA LLC (U.S.), General Dynamics NASSCO (U.S.), Vard Holdings Limited (Singapore), COSCO Shipping Heavy Industry Co., Ltd. (China), China Merchants Heavy Industry Co., Ltd. (China), Dalian Shipbuilding Industry Company Limited (China) and others. These companies have been profiled in the report on the basis of their business overview, financial overview and business strategy.
The Ton-Tons segment forms the major portion of the market
During the forecast period, the Tons-Tons segment is anticipated to expand at a CAGR of about 4%. This growth can be attributed to the growing demand for medium-sized modular floating drydocks from various end-use industries such as maritime, fishing, and others.
The Defense Application Segment to be on top of the market
During the projection period, the defence application segment is anticipated to expand significantly. The need for modular floating drydocks in this application segment is driven by the increasing number of naval ships and vessels being built worldwide.
America will command the market.
Due to the existence of numerous shipyards in the US, the market in North America is anticipated to develop at the highest CAGR during the forecast period. The Asia Pacific region is also expected to witness significant growth due to increased demand from countries such as China and Japan.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the global economy, with the maritime industry being one of the hardest-hit sectors. The International Chamber of Shipping (ICS) estimates that the pandemic could cost the global shipping industry up to $12 billion in 2020. The drop in global trade has led to a decrease in demand for maritime transportation services, resulting in lower utilisation rates and freight rates. This has had a knock-on effect on the market for modular floating drydocks, with many projects being put on hold or cancelled due to a lack of funding.
Latest Innovations in the Global Modular Floating Drydocks Market: A Snapshot
• In November 2019, Raytheon Technologies completed the merger of Collins Aerospace and United Technologies Corporation. The global market for aeroplane interiors is anticipated to develop as a result of this combination.
• In February coronavirus outbreak began in China and gradually spread worldwide, affecting all sectors including aviation. Because of the coronavirus pandemic, the demand for air travel has declined significantly as a result airlines have had to cancel or suspend their flight services. The outbreak has severely affected the aerospace industry, thereby hampering the growth of the global aircraft interiors market during the forecast period.
Modular Floating Drydocks Market Scope
|Revenue forecast in 2031
|USD 8.28 Billion
|CAGR of 3.85% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Marinette Marine Corporation (U.S.), BAE Systems plc (U.K.), Austal USA LLC (U.S.), General Dynamics NASSCO (U.S.), Vard Holdings Limited (Singapore), COSCO Shipping Heavy Industry Co., Ltd. (China), China Merchants Heavy Industry Co., Ltd. (China), Dalian Shipbuilding Industry Company Limited (China) and others.
Key Segment of Global Modular Floating Drydocks Market
By Type Overview 2021-2031, (USD Billion)
- Below 4000 Tons
- 4000 Tons-9000 Tons
- 9000 Tons-15000 Tons
- Above 15000 Tons
By Application Overview 2021-2031, (USD Billion)
- Civil Use
By Region Overview 2021-2031, (USD Billion)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa