Floating docks market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Floating docks or dry-docks are defined as a part of dock systems that can submerge to a required adequate depth, allowing a vessel or cargo to coast in and be anchored in a place near to the entryway and force out the water. The floating docks eliminate the need for tying dock systems at the harbor as they can be placed on the floating docks. They hold the major application for commercial, industrial, and residential purposes for fueling cargo, ferry landings, helicopter landing, and others. Also, they are used for the maintenance and repair of carriers, icebreakers, and large cargo tankers.  

COVID-19 Scenario analysis:

• COVID-19 pandemic has forced many companies in the floating docks market to halt their business operations to comply with new government regulations for curbing the spread of COVID-19. This pause in operations directly impacts the revenue flow of the floating docks market.
• The building construction and maintenance industry is at a standstill due to the lockdown imposed by governments around the world to reduce exponential spread of the deadly virus.
• There is halt in production of construction materials as well shortage of raw materials. In addition, no new consignments are being received by the companies operating in this sector. Therefore, some companies that are permitted to resume their operations are unable to do so, owing to the unavailability of raw materials.
• Many governments around the world have permitted to begin construction activities, however, employers have to follow certain measures to provide a safe and healthy workplace for the same. 
• Halt in construction activities and lockdowns for several months have affected the market of floating docks all over the world, with slow recovery is expected.

Drivers, restraints, and opportunities

Growing offshore and marine activities for commercial, recreation, development, and adventure purposes is a major factor that is expected to drive the growth of the floating docks market. Besides, the floating docks provide safety and ease of accessibility that are other key factors that can potentially fuel the growth of the floating docks market. Moreover, new government projects for the defense sector for the installation of floating docks for submarines and warships can boost the growth of the floating docks market. However, stringent government regulations for the safety of the marine ecosystem are the restraining factors for market growth. Manufacturers are mandated to issue permits before manufacturing and commencing of floating docks to prevent damage to aquatic and marine systems. On the contrary, proprietors replacing old docks with new floating docks are anticipated to provide new growth opportunities for the floating docks market during the forecast period.

Trends in the floating docks market

New growth strategies by key market players

The key manufacturers in the floating docks market are adopting various growth strategies such as strategic partnerships, collaborations, diversification of sales & distribution network, and expansion of production capacity to gain a firm foothold in the market. To cite an instance, Meeco Sullivan, a U.S. based company acquired Wahoo Docks, a leading manufacturer of high-quality aluminum floating dock systems in North America in 2018. This acquisition helped Meeco Sullivan to solidify its position in the North American market. Such new business expansion strategies by key market players are expected to positively affect the growth of the floating docks market.

New government projects for naval application

Governments of different countries are heavily investing in new floating dock projects for naval applications. For instance, the Defense Ministry of India sanctioned $ 61 million for the New Floating Dock Project to be lowered into the waters of Bay of Bengal in 2015. The project was handed over to Larsen & Toubro, an Indian company that launched a Floating Dock (FDN-2) build and designed for the Indian Navy in 2018. This project was the first Naval shipbuilding project for L&T, is 185m long and 40m wide, and is designed for docking Indian Naval submarines and ships of up to 8000 T displacement. Such new projects by governments of different countries can fuel the growth of the floating docks market in the upcoming years.

Key benefits of the report:

• This study represents the analytical representation of the global floating docks market combined with the ongoing trends and future predictions to determine investment opportunities.
• The present market is thoroughly analyzed to enlighten the floating docks market growth.
• The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global floating docks market.
• Segmentation details of the global floating docks market.
• The report gives a comprehensive global floating docks market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years. 

 Floating docks market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights