According to research, the market for marine elevators is expected to surge ahead between 3%-5% CAGR from 2021 to 2031. The key factor driving the marine elevators market is the continuous increase in the defense spending by various governments.
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What is Driving Demand for Marine Elevators?
The marine elevators are used to lift the aircraft and ammunition through various deck levels. The growth of marine elevators market is dependent on the increased need and upgradation of warship and naval vessels.
Innovative developments are further supporting the improvement of the modern maritime vessels, as every country needs its maritime battle capacities to be up to date. As a few nations right now are still using old vessels, they are prioritizing on acquiring vessels with the most recent technologies including newer deck lifts, to acquire an edge over their foes.
As international pressures and maritime conflicts between different countries are increasing, nations are endeavoring to improve their maritime capacities. A few countries are overhauling their current marine fleets or replacing the ships with more up to date vessels that include modern mechanism like the deck lifts. With the increase in defense spending by a few countries over the previous decade, the market has given new growth opportunities for marine elevator.
The need for low weight of overall installation, optimal distribution of forces to vessel, fire resistance, careful handling of sensitive cargo, total compliance with functional shock proof needs and compliance with vibration management needs. Few customers also seek for optimal installation management, minimal involvement of the shipyard, lifetime maintenance management, optimal safety management in full compliance with functional regulations, which are driving the market.
The additional features that the deck lift provides like the enhanced ability to easily stop at intermediate deck levels. Interlocked, powered opening of enormous watertight and flashtight doors are expected to drive the marine elevators demand.
Manufacturers are focused on making new ammunition lift based on customer requirements like to enhance the pace of weapons transfer on the ship from magazines to the top deck and visa-versa, usually known to as strike-up and strike-down. This is expected to lead to increased growth of the market in the near future.
US and Canada Demand Outlook of Marine Elevators
North America is expected to be one of the most profitable market owing to the large naval fleet this region possesses and need for constantly upgrading these ships with new technology; paving the way for the growth of marine elevators demand.
The U.S. spends the more on its navy than any other country in the world, which has led to new opportunities for the market to grow.
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Europe Marine Elevators Sales Outlook
Over the forecast period, Europe is expected to grow at a fast rate. The regional market is expected to develop because to rising upgradation of warships and investment in naval defense in nations such as the U.K., France and other European countries.
The European marine industry is a dynamic and competitive industry that contributes majorly to the European economy. In Europe, the growing utilization of automated ships, stealth frameworks, and supersonic and hypersonic dangers have dramatically increased the danger for marine vessels compelling the militaries to reinforce their maritime defense capabilities leading to increased demand for naval aircrafts. These factors are expected to drive the market development for marine elevators during the forecast.
Who are the Key Manufacturers and Suppliers of Marine Elevators?
Some of the leading manufacturers and suppliers of marine elevators include
- L3Harris Technologies Inc.
- PaR Systems LLC
- MacTaggart
- Scott
- Company Limited
- TBV Marine Systems
- SeaNet SA and others.
The market for marine elevators is highly consolidated, with the presence of key players in Europe and North America, which take into account the necessities of maritime vessels to the naval forces and then makes the marine elevator as per the requirements. In 2019, the Advanced Weapons Elevator on the USS Gerrald R Ford was developed in partnership with MagneMotion, NAVSEE and major stakeholders from Newport News Shipbuilding.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Key Segments
By Product Type:
- Aircraft Lifts
- Ammunition Lifts
By Ship Type:
- Aircraft Carriers
- Aircraft Cruiser
- Others
By Sales Channel:
- OEM
- Aftermarket