Global Marine Watermakers Market: Introduction
- Watermakers are used to obtain portable water by reverse osmosis of seawater. They help convert seawater into safe and freshwater. This freshwater can be used in various application including bathing, drinking, and food preparation in marine vessels.
- Marine watermakers help avoid frequent stops to refill water tanks, thus saving time and cost. Furthermore, they enable to lower the size of water tanks. Therefore, companies are now investing significantly in the development of marine watermakers.
Key Drivers of Global Marine Watermakers Market
- Increase in spending on recreation and leisure activities is the key driver of the global marine watermakers market. Household income and disposable income of consumers have risen significantly across the world over the last few years. This can be ascribed to rapid industrialization and urbanization. Furthermore the global tourism industry has been transforming, with increasing popularity of marine and coastal tourism activities. Sale of marine watermakers depends on the sale of marine vessels. Thus, increase in spending on recreation and leisure activities is expected to drive the global marine watermakers market during the forecast period.
- Significant rise in sea trade is estimated to be a key driver of the global marine watermakers market. Sea trade has been increasing significantly across the globe. This indicates a rise in the number marine vessels being employed. This is likely to fuel the demand for marine watermakers.
Global Marine Watermakers Market: Segmentation
- The global marine watermakers market can be segmented based on type and application
- In terms of type, the global marine watermakers market can be bifurcated into electric watermakers and engine driven watermakers. The electric watermakers segment dominated the market in 2019. These watermakers are cost effective, reliable, and environmentally friendly.
- Based on application, the global marine watermakers market can be segregated into yacht, sailboat, cruise, and others. Yacht and cruise were lucrative segments in 2019 and are expected to remain lucrative during the forecast period.
Global Marine Watermakers Market: Regional Outlook
- Based on region, the global marine watermakers market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global marine watermakers market in 2019. This can be ascribe to the higher demand for yachts, sailboats, and cruise ships in the region due to growth in spending on recreation and leisure activities. The U.S. is expected to dominate the market in North America during the forecast period.
- The market in Europe is projected to expand at a high CARG during the forecast period, due to significant rise in sea tourism in the region. Furthermore, Europe has higher number of cruise ships. Thus, the marine watermakers market is anticipated to expand in the region during the forecast period.
- The market in Asia Pacific, Middle East & Africa, and Latin America is likely to expand at a steady CAGR during the forecast period, due to steady growth of marine industry in these regions
COVID Impact on Global Marine Watermakers Market
- The coronavirus outbreak has paralyzed the sea tourism industry. According to the United Nations World Tourism Organization, global international tourist arrivals declined by more than 60% in 2020 compared to that in 2019. This could translate into a loss of US$ 300 Bn to US$ 450 Bn in spending by international visitors. Furthermore, the global tourism industry is not expected to recover to the 2019 level until 2023. Thus, the Covid-19 pandemic has impacted sales of marine vessels, thereby hampering the marine watermakers market.
Key Players Operating in Global Market
- FCI Watermakers
- PARKER HANNIFIN CORP
- APPLIED MEMBRANES, INC.
- Tecnicomar SPA
- Fisheries Supply Company
- Hitachi, Ltd.
- Watermakers, Inc.
- Stella Systems
- Blue Water Desalination
- Sailfish Marine
Global Marine Watermakers Market: Research Scope
Global Marine Watermakers Market, by Type
- Electric Watermakers
- Engine Driven Watermakers
Global Marine Watermakers Market, by Application
Global Marine Watermakers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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