The market is being driven by factors like rising demand for modular floating docks, their simple installation, and removal process, an increase in water sports like swimming, fishing, and recreational boating, the geographic expansion of coastal areas, an increase in the number of safeties features the docks offer, and affordability. A desirable choice for waterfronts, marinas, and other commercial applications, floating docks are becoming more and more popular. The market for modular floating docks is anticipated to expand due to the anticipated increase in demand for recreational boating activities over the projected period. Additionally, the growing demand for customized modular floating docks and docking technology advances are anticipated to provide the market's participants with attractive chances.
Modular floating docks are becoming increasingly popular, especially for residential and commercial uses, thus there is a need for the market. In contrast to conventional docks, which call for large machinery and take more time to install, modular floating docks are simple to install and remove. For the duration of the projection period, this is anticipated to fuel demand for modular floating docks.
A modular floating jetty is a floating dock that is built out of structural modules such as columns, interconnections, and footings. Because of its low cost, versatility, and simple installation procedure, it is primarily employed in residential and commercial applications. Secondly, it gives users the benefit of personalizing their docks to suit their requirements. The modular floating dock is also eco-friendly since, unlike conventional docks, it has no negative effects on the environment. It doesn't need any additional infrastructure or support, and it can be built anywhere there are different water bottoms.
At a CAGR of 5.1% over the projected period, the floating dock market is anticipated to increase from USD 2.06 billion in 2021 to USD 3.14 billion by 2031. The expansion of this industry can be ascribed to the rising demand for modular floating docks worldwide and to how simple they are to build and remove.
The complexity of maintaining and repairing modular floating docks is the market's key obstacle. Corrosion is brought on by moisture and temperature changes, which impairs the dock's general functionality. Additionally, the materials that make up these docks—concrete, wood, metal, plastic, and others—can harm the environment if they are not disposed of appropriately. Another difficulty the sector faces is the variable cost of these materials. The players in the business face challenges from both the ongoing changes in technology and consumer demands. Companies are attempting to overcome these obstacles and create products that are easy to repair and maintain while still being environmentally friendly. This is anticipated to accelerate this market's shortly future.
The Plastic Floating Dock Type emerged as the Most Booming Segment
The market is divided into categories based on kind, including others, concrete floating docks, wood floating docks, metal floating docks, and plastic floating docks. Varieties of plastic floating docks are anticipated to expand significantly over the predicted period. This is because they have greater safety features and are more lightweight and durable than other kinds of docks.
The Most Prominent Application is the Residential Sector
The market is divided into residential and commercial segments according to applications. Due to its low cost and ease of installation, the residential sector accounts for a large portion of the market for modular floating docks. Additionally, during the projection period, the growing popularity of waterfront homes is anticipated to increase demand for modular floating docks in residential applications.
The Asia Pacific Region to render Ample Revenue Opportunities
The market is divided into North America, South America, Asia Pacific, Europe, and the Middle East & Africa based on region. Due to rising waterfront housing and recreational activities in nations like China and India, the Asia Pacific market is anticipated to have rapid expansion throughout the forecast period. The need for modular floating docks in the area is also anticipated to rise as the number of marinas and coastal regions increases.
COVID-19 Impact and Market Status
The worldwide economy has been severely impacted by the COVID-19 pandemic. Due to the economic slowdown and the lockdown imposed by several nations, the demand for modular floating docks has been negatively impacted. The industry is anticipated to pick up after COVID-19, though, as it offers several significant advantages over traditional docks, such as a simple installation and uninstalling procedure. Meanwhile, during the projection period, government initiatives to promote water sports activities are projected to fuel demand for modular floating docks.
The Candock Group of Companies, Flotation Systems, Inc., Shoremaster LLC, SF Marina System AB, EZ Dock, Bellingham Marine Industries, Inc., BARR Plastics Inc., Flote Dock, Wahoo Docks, Cannons Marina Supply and Services Ltd., and Lorne McBain Ltd. are the major players in the modular floating jetty market. To establish a better position in the market, these competitors engage in a variety of methods, including product releases, collaborations and partnerships, acquisitions and mergers, strategic partnerships, and geographical growth.
Recent Developments in the Modular Floating Jetty Market
• Royal Group, a well-known manufacturer of equipment for water sports and leisure activities, will introduce its new modular floating dock in 2020. This product's flexibility and scalability allow users to quickly and easily construct marinas. Further, it offers secure access to shallow waters for low-draft crafts like kayaks, stand-up paddleboards, pontoons, and more.
• One of the biggest producers of floating docks in the world, De Boer Structures, announced a strategic partnership with Konecranes in 2021 to broaden its product line. For marine activities including fishing, boat docking, and other leisure pursuits, the company seeks to offer high-quality and secure modular floating dock installations.
Modular Floating Jetty Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 3.14 billion|
|Growth Rate||CAGR of 5.1% during 2022-2031|
|Segment Covered||by Type, by Application, by End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Candock Group of Companies, Flotation Systems, Inc., Shoremaster LLC, SF Marina System AB, EZ Dock, Bellingham Marine Industries, Inc., BARR Plastics Inc., Flote Dock, Wahoo Docks, Cannons Marina Supply and Services Ltd., and Lorne McBain Ltd.|
Key Segments of the Global Modular Floating Jetty Market
By Type Overview, 2021-2031 (USD Billion)
- Concrete Floating Dock
- Wood Floating Dock
- Metal Floating Dock
- Plastic Floating Dock
By Application Overview, 2021-2031 (USD Billion)
By Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa