Marine Hatch Covers Market Value to Reach US$ 327.7 Million by 2033: Boosting Opportunities for Manufacturers | Future Market Insights Inc.
With over 86 million adults engaging in recreational boating and ships transporting 90% of North America's commodities, the region presents a robust market for marine hatch covers. Notably, North America holds a significant 25.7% share of the global marine hatch covers market, driven by the extensive participation in water-related activities and the critical role of ships in regional logistics.
NEWARK, Del, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The net worth of the overall marine hatch covers sold globally in 2018 was nearly US$ 110.7 million. By 2022, this value reached almost US$ 146.8 million, indicating a notable rate of development. During the historical period between 2018 and 2022, the Marine Hatch Covers Market progressed at an average annual growth rate of 7.3%.FMI anticipates that the global sales of marine hatch covers could reach a net worth of around *US$ 157.5 million in 2023*. The market's strong growth may be ascribed to its broad industrial value and emerging applications in varied industries. However, the main factor driving this expansion remains the adaptability of marine hatch coverings, which provide access to cargo holds and protection on ships and boats.
A year-on-year growth rate of *7.6%* in global demand for marine hatch covers is predicted by the FMI market forecast report for 2023 to 2033. Furthermore, adopting marine hatch covers could surge with escalating international trade, resulting in a market value of around *US$ 327.7 million by 2033*. The burgeoning worldwide maritime sector, propelled by cross-border trade and commerce, has amplified the need for dependable and effective marine hatch coverings.
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The increasing exploration and production of offshore fossil fuels have made it necessary for specialist boats to safeguard crew and equipment while allowing quick access to storage spaces. So, utilizing improved maritime hatch cover designs with better locking and sealing systems guarantees increased efficiency and safety while handling cargo and operating vessels.
*Key Takeaways from the Global Marine Hatch Covers Market Study Report by FMI*
· Until 2022, North America dominated the global market and generated almost 25.7% of the total demand for marine hatch covers that year.
· The demand for marine hatch covers in the United States only contributed to nearly 20.4% of the global market share in 2022.
· Europe held about 21.7% of the total revenue the global market achieved in 2022. Germany was figured out to be the leading supplier of marine hatch covers in Europe, with a global revenue share of 12.8% in 2022.
· An expanding offshore energy sector and a thriving shipping industry could fuel the sales of marine hatch covers in different Asia Pacific countries. Although China is anticipated to witness an annual growth rate of 6.8%, India could follow a 7.4% growth rate during the forecast years.
"In a recently published market research study, the Research Manager highlighted the dynamic landscape of the Marine Hatch Covers Market. The comprehensive analysis underscores the evolving trends, competitive dynamics, and growth prospects within the industry. As global maritime activities continue to surge, the study provides valuable insights into the key factors shaping the market, offering stakeholders a strategic perspective for informed decision-making." *Says, **Nikhil Kaitwade**, Associate Vice President at Future Market Insights (FMI).*
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*Report Scope*
*Report Attribute* Details
*Growth Rate* CAGR of 7.6% from 2023 to 2033
*Market Value in 2023* US$ 157.5 million
*Market Value in 2033* US$ 327.7 million
*Base Year for Estimates* 2022
*Historical Data* 2018 to 2022
*Forecast Period* 2023 to 2033
*Quantitative Units* Revenue in US$ million and CAGR from 2023 to 2033
*Report Coverage* Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
*Segments Covered* · By Vessel
· By Type
· By Material Used
· By Region
*Regions Covered* · North America
· Latin America
· Europe
· East Asia
· South Asia and the Pacific
· The Middle East and Africa (MEA)
*Key Countries Profiled* · United States
· Canada
· Brazil
· Mexico
· Germany
· United Kingdom
· France
· Spain
· Italy
· China
· Japan
· South Korea
· Thailand
· Singapore
· New Zealand
· GCC
· South Africa
· Israel
*Key Companies Profiled* · Cargotec Corporation
· INKOW Machinery Co. Ltd.
· Baier Hatch Company Inc.
· COOPS & NIEBORG BV
· Chongqing Guanheng Technology Development Co.
· Macor Marine Solutions GmbH and Co. KG
· TTS Group ASA
· Mariner SE
· OUCO
· Anchor & Chain
*
*
*Competitive Landscape for the Marine Hatch Covers Market Players*
Leading players have fairly consolidated the market by investing more in research and development to improve marine hatch covers' mechanics, materials, and designs. These market players are expected to face more rivalry in the coming days and to remain competitive. They should concentrate on ongoing technical developments.
The growing requirement for high-performing, creative solutions that adapt to the changing demands of the offshore and shipping sectors presents ample opportunities for new players. By extending their market reach to developing nations with substantial marine commerce, start-ups may take advantage of fresh growth prospects and broaden their clientele. However, gaining trust and securing long-term contracts for manufacturers in the marine and offshore sectors depends on their adherence to regional safety and environmental rules.
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*Key Segments of Marine Hatch Covers Industry Survey*
*By Vessel:*
· Service Vessels
· Passenger Vessels
· Cruise Ships
· Ferries
· Cargo Carriers
· Tankers
· Container Ships
· Bulk Carriers
· Other Cargo Ships
· Fishing Vessels
· Personal Watercraft & Sailboats
· Other Vessels
*By Type:*
· Sliding Type
· Rolling Type
· Roll Stowing
· Lifting Type
· Folding Type*By Material Used:*
· Aluminum
· Steel
· Other Materials-based*By Region:*
· North America Market
· Latin America Market
· Europe Market
· East Asia Market
· South Asia and Pacific Market
· The Middle East & Africa (MEA) Market
*Author By:*
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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