PUBLISHER: Grand View Research | PRODUCT CODE: 1147532
PUBLISHER: Grand View Research | PRODUCT CODE: 1147532
The global docks market size is expected to reach USD 2.3 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 3.4% from 2022 to 2030. The rising structure demand as the governing bodies of various economies is conducting redevelopment of waterfronts to maximize their value for both business and community, which is expected to propel market growth. Additionally, the constantly rising global population is indirectly leading to the scarcity of space in the existing urban ports leading to market demand for increasing the space productivity within a port.
One of the Norway-based engineering firms has developed smart application software to reduce the risk of accidents using an IoT platform. The newly developed technology makes use of hi-tech sensors to real-time monitor the operating states of floating docks from virtually anywhere. This newly developed application software shows the water levels across different tanks and other operating parameters for the docks which will increase the market for docks.
The Governmental permits are needed on the size of the dock, type of dock, and the type of natural resources that might get affected such as mangroves, corals, hard bottoms, and seagrass. The prohibitions are enforced on the harmful chemicals used for docks which may disturb the marine ecosystem. Lastly, some other restrictions might be added to control the type of dock being placed on the property.
The installation of docks is offered directly by the company-appointed contractors or distributors. However, the companies also offer a product suitable for DIY installations. In addition, the manufacturers also offer repair and maintenance services for the docks. The conventional port world is constantly changing, the technological, demographical, and sustainability drivers are affecting the daily business and are shaping several important trends which is also expected to drive the demand for docks market during the forecast period.
The global temperature rise is expected to make the transpolar passage and the Northern Sea Route could become potential alternatives for maritime freight. The use of the Northern Sea Route for maritime freight between Asia and Northern Europe is expected to reduce the voyage distance when compared with the Suez Canal route.