Dock Floats Market Size Boom 5.9% CAGR Forecast for the Coming Period
A dock float also known as a dry dock is an essential part of a dock system is a platform that is supported with the help of pontoons. The dock float is usually connected with the shore with the help of a gangway. Docks floats are able to submerge to a sufficient depth that enable s a ship or a boat to be anchored in the desired position and then acts as a passage for transporting people or goods. With Dock floats being able to float on water, the vertical distance remains constant that enable easy movement of passengers to enter and exit ships, boats, cruises. Low maintenance and easy of movement of these docks are another reason for the high demand for dock floats over conventional bridges. The increasing number of marine and offshore activities along with adventure sports, commercial trade, inland water trade is likely to create upswings for the market growth during the assessment period.
| Report Metric | Details |
|---|---|
| Base Year | 2021 |
| Study Period | 2017-2029 |
| Forecast Period | 2023-2031 |
| CAGR | 5.9% |
| Market Size | USD Million in 2029 |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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The international shipping industry is in charge for carrying out around 90 percent of global trade. It is a well-known fact that shipping is the life body of the globalized economy. Trade of goods in bulk is not at all feasible through another other modes of transport. As per the International Shipping Chamber, there are around 50,000 merchants’ ships globally that are engaged in the transportation of every type of cargo and merchant ships generate around half a trillion USD every year. Furthermore, The United Nations Conference on Trade and Development (UNCTAD) estimates that the operation of merchant ships provides roughly USD 380 Billion in freight rates in the global economy that translates to around 6% per cent of the total global trade. Dock floats are used extensively by the shipping industry during loading and unloading of goods and passengers. The rise in global marine transport and trade is likely to create upswings for market growth during the assessment period.
A natural disaster is an act of nature high magnitude that disrupts the day to day functioning of normal lives. According to the World Health Organisation (WHO), each year around 90,000 people lose their lives and close to around 150 million people are affected because of natural and man-made disasters. Natural disasters such as tsunamis, earthquakes, floods, wildfires create wide spread destruction of bridges, roads, railways, flyover among others and hamper rescue efforts and cause loss of golden. As per the data provided by the Insurance Information Institute, the total losses world-wide due to natural catastrophes was around USD 10 Billion in the year 2019. Japan accounted the largest loss in 2019 due to natural calamities followed by China
Dock floats offer an excellent solution during an emergency such as s natural disaster and hel to quickly fix transportation lifelines during a disaster and enable post disaster reconstruction. Dock floats can be used to transport essential aid and food supplies where bridges have been destroyed by helping in quick assembly of a floating structures. The key advantage of using float docks include ease of setting up, require low skilled labors, , can be loaded quickly and uses standard tools and bolts and pins. All these factors make float docks preferred structures during a natural calamity. All these factors are likely to create a demand for float docks used during disaster and this in turn will increase the demand for the market during the assessment period.
Asia Pacific will Lead the Market Growth for Dock Floats
Asia Pacific is one of the largest region in terms of geographical expanse and is home to one of the largest coastline in the region combined. The marine and shipping industry in the region Is experiencing unprecedented development due to rising of the emerging economies in the region, especially India and China, increasing resource demand and new consumer classes in the region. Furthermore, with the increasing population, the demand for raw material are on a continuous rise which will further increase the demand for marine transport. As per the OECD, the contract for new ship for transporting cargo had gone up in 2017 as compared to 2016. Additionally, economies such s Thailand, Singapore, Thailand, Indonesia have a high number of incoming tourist and the recreational marine sports and cruise industry is flourishing in this region since the last decade. Furthermore, according to the World Economic Outlook report by IMF, Indonesia's growth improved to around 5 percent in 2019, due to an increase in the infrastructure activity. Similarly, the Philippines has seen robust investments in infrastructure projects recent. Such developments in South East Asian countries are expected to further strengthen the growth of dock floats market.
Furthermore, government initiatives such as Sagarmala by the Indian Government that aim to improve the marine transport and impetus give to improve the inland transport in India are likely to improve the domestic transport demand in the region. All these aforementioned factors are likely to create upswings for the market demand. However, the recent coronavirus pandemic has created a blip in the global financial-economic market and disrupted the supply chain are likely to create road block for the market development in the coming months.
Dock systems such as dock floats are essential for making repetitive tasks such as loading, unloading, repair, maintenance easy and less cumbersome due to ease of use and setup.
Dock floats are available in different materials depending on the application, by the most widely used dock flat is of plastic material. Plastic dock floats are usually made up of polyethylene which is easily available and a cheap raw material as compared to other materials used in the construction of dock floats. Plastic dock floats exhibit high strength and require no maintenance. They are resistant to Ultraviolet radiations and exhibit high impact strength which is one of the reasons of it having high demand. All these factors are likely to increase the demand or dock floats during the assessment period.
