MARKET OVERVIEW - GLOBAL MARINE WATERMAKERS MARKET
Watermakers are used to obtain portable water by reverse osmosis of seawater. A watermaker is an equipment or device used to produce potable water from sea water by reverse osmosis. In the Navy, desalination I often called a watermaker. They help convert seawater into safe and fresh water. This system uses reverse osmosis technology to safely purity seawater into fresh water and can be used for various purposes such bathing, cooking, and drinking. Marine watermakers typically produce from 7 to 283 gallons of water per hour of operation. It saves time and money by eliminating frequent stops to refill water tanks. Which is why companies are currently investing heavily in developing seawater manufacturers. The watermaker provides an exact solution for vessel size, desired features, usage requirements and other factors.
MARKET DRIVERS
The demand for marine watermakers has increased gradually in recent years due to the increasing disposable income of individuals and their tendency to pursue recreation. The rapid industrialization and urbanization have increased household income and consumer disposable income globally. With rising income levels around the world, spending on leisure activities is increasing, driving the market. In the UK, for example, customers spent around £52bn on their leisure activities in 2019, more than in 2018. Thus, increasing spending on recreational and leisure activities is the major driver of the global marine watermakers' market. For instance, in the year 2021, the total spending on recreational activities in the United Kingdom was around GBP 44 billion, 12% higher than that of 2020. The global tourism industry is changing as maritime and coastal tourism activities become more popular. Therefore, increasing spending on recreational and leisure activities is expected to drive the global marine watermakers' market over the forecast period. Moreover, the government’s initiative to boost tourism in the region is a major factor in market growth. All these factors will propel the growth of the global marine watermakers market during the forecast period.
MARKET OPPORTUNITY
The maritime trade has increased significantly worldwide. This marks an increase in the number of deployed ocean-going vessels. This should increase the demand for seawater desalination equipment. Rapid industrialization and the increasing prevalence of water-borne diseases, and awareness of such diseases are driving market growth. Adding to that, governments around the world are adopting public partnership models to provide clean water. This government initiative is expected to bring lucrative growth to the marine watermakers market in the coming years.
MARKET RESTRAINT
High costs associated with advanced technology are expected to hamper the growth of the marine watermakers market. The period of recession also affects the marine watermakers' market because of the high price and maintenance cost of products.
MARKET GROWTH CHALLENGES
Heavy capital expenditures for marine watermakers are expected to restrain the market growth during the forecast period. Higher energy consumption associated with reverse osmosis systems is expected to affect the demand for marine watermakers to some extent. Also, the COVID-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the marine watermakers market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. Increase spending on recreation and leisure activities across the globe is driving the market growth of the market growth and is expected to continue to grow at a CAGR at a specific CAGR from 2023-2029.
GLOBAL MARINE WATERMAKERS MARKET SEGMENTAL OVERVIEW
The marine watermakers market comprises of different market segment like type, application, and geography.
GLOBAL MARINE WATERMAKERS MARKET BY TYPE
By type, the marine watermakers includes key segment of
- Electric Watermakers
- Engine Driven Watermakers
Electric watermakers are expected to dominate the market over the forecast period. The electric watermakers are cost-effective, reliable, and environmentally friendly.
The engine-driven watermakers are expected to register the fastest CAGR during the forecast period. An engine-driven water maker is ideal for small yachts. This device ensures a constant working pressure even if the engine speed changes. An engine driven-water maker is ideal if the driven motor runs more than once a week. Even the smallest yacht without a generator produces between 21 and 64 gallons of fresh water per hour.
GLOBAL MARINE WATERMAKERS MARKET BY TYPE
By application, the marine watermakers includes key segment of
Yachts are expected to dominate the market over the forecast period. A watermaker is a device used to obtain potable water by reverse osmosis of seawater. Having a yacht watermaker on board is a great advantage as longer charters reduce the need for large and heavy water tanks on board. Depending on the design, the yacht watermaker can run on power from the battery bank and engine. These factors are expected to dominate the segment growth in the market.
GLOBAL MARINE WATERMAKERS MARKET BY GEOGRAPHY
By geography, the marine watermakers includes key segment of
- North America
- Asia Pacific
- Europe
- RoW
North America is expected to dominate the market over the forecast period. The growing spending on recreational and leisure activities and the growing demand for yachts, sailboats, and cruise ships in the region. The United States is expected to dominate the market in North America. The Europe region is expected to register the fastest CAGR during the forecast period. Europe has a large number of cruise ships. The coastal and marine tourism passenger numbers are expected to grow significantly owing to the attractiveness of the region and recent supportive policies.
The Asia Pacific region is expected to register the second fastest CAGR during the forecast period due to the rising disposable income and the growing popularity of water sports and fishing activities. Also, rising government initiatives to develop tourism activities such as Swadesh Darshan Scheme and Incredible India are expected to boost the market growth of the regional market during the forecast period.
COVID-19 IMPACT ANALYSIS ON GLOBAL MARINE WATERMAKERS MARKET
The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth. Lockdowns imposed to stem the spread of the disease have disrupted supply chains and manufacturing operations around the world. Massive lockdowns and travel restrictions imposed to combat the pandemic are altering human behavior, disrupting industrial activity, and creating challenges and uncertainties for the global economy and human societies. The spread of the new coronavirus has paralyzed the sea tourism industry. According to the United Nations World Tourism Organization, the number of international tourist arrivals in the world fell by more than 60% in 2020 compared to 2019. This could cost $450 billion out of the $300 billion spent by international visitors. Thus, the COVID-19 pandemic has impacted sales of marine vessels, thereby restraining the marine watermakers market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the marine watermakers market is primarily focused on expanding the global growth of the marine watermakers market with new product innovation, business expansion, and an increasing presence of a range of manufacturers operating in the market has led to the growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- PARKER HANNIFIN CORP
- Katadyn Group
- Spectra Watermakers
- Schenker Watermakers
- Blue Water Desalination
- Open Ocean Watermakers
- Beard Marine Group
- Osmosea
- Dessalator
- Aquatec Watermaker
- Aquagiv Watermakers
- PureWater
- Echotec Watermaker
- Watermakers, Inc
- Sailfish Marine
- Tecnicomar SPA
