Floating Dock Market by Type (Concrete Floating Docks, Metal Floating Docks, Wood Floating Docks, Plastic Floating Docks), Application (Residential, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026
Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global floating docks market is expected to grow from USD 390.6 Million in 2018 to USD 567.8 Million by 2026 at a CAGR of 4.8% during the forecast period 2019-2026. Increasing marine and offshore activities for recreation, adventure, commercial, and development purposes has increased in the number of private ships, yachts, and boats, leading to growth of floating docks market. Ease of accessibility and safety provided by floating dock system is another factor fuelling the floating docks market.
A floating dock or dry-dock is defined as a part of a dock system which can submerge to a sufficiently adequate depth, enabling cargo or a vessel to coast in and be anchored in a position close to the entryway and push out the water. The proprietors do not need to tie up the dock systems at the harbourfront. Instead, they can put it on the floating dock. Floating dock system is used for residential, commercial and industrial applications for ferry landings, fuelling cargos, helicopter landing pads, and others. Moreover, they are also used for the repair or maintenance of large cargo tankers, carriers or icebreakers.
The surge in marine and offshore events for recreation, adventure, commercial, and development purposes has increased in the number of private ships, yachts, and boats, leading to growth of the market. Ease of availability and safety provided by floating docks is another factor driving growth. The difficulty for loading and unloading of heavy material on floating docks is restraining the growth of floating docks and drive-on boat lifts market. However, these docks are replacing old dock systems which is expected to stimulate the market demand for the same in coming years.
The commercial segment is dominating the market with the highest share of 42.30% in 2018
The application segment is segmented into residential, commercial and industrial. The commercial segment is dominating the market in 2018. Commercially docks are important in waterfront businesses, as it provides long-term property value for the owners and offers convenience for customers. Floating docks are a budget-friendly and highly economical alternative for the dock owners who seek convenience. They provide convenience, especially in areas where the water level fluctuates. Modular composite docks have made installation and customization easy thus boosting the growth of the market.
Metal floating dock segment dominated the market and valued around USD 199.98 Million in 2018
The type segment is segmented into concrete floating docks, metal floating docks, wood floating docks and plastic floating docks. The metal floating docks segment is dominating the market with the highest share in 2018. High durability and corrosion resistant properties of metal floating docks keep them dominant over the other types of floating docks and drive-on boat lifts market. In metal floating docks, the aluminum docks are most popular in use, owing to its lightweight and high resistance features. Unlike other metals such as steel, it is heavy and much more susceptible to corrosion.