The global Marine Elevators market is expected to garner a market value of USD 2.64 billion in 2023 and is expected to witness a market value of USD 4.21 billion by registering a CAGR of 4.8% in the forecast period 2023 to 2033. The market for Marine Elevators market registered a CAGR of 2.0% in the historical period 2018 to 2022.
Increased need as well as the upgradation of warships and naval vessels are the major factors driving the market growth.
As per FMI a market research and competitive intelligence provider, the global Marine Elevators market has been augmented owing to the increasing inclination of manufacturers towards environment-friendly products in order to increase the adoption of green-labelled products. The established manufacturers have been focusing more on developing sustainable products to attract environmentally conscious consumers.
Green technology-based elevators have LED lights, recycled materials, as well as water-soluble paints, which use lesser power consumption to lift the aircraft and ammunition through various deck levels. In addition, the market vendors are focusing on using alternatives to rope and pulley systems, such as magnetic motors, which are gaining popularity among customers. Also, the recognition of such green products is attracting investments from manufacturers. All these factors are anticipated to propel the growth of the marine elevator market over the analysis period.
Elevator manufacturers are taking the innovation up a notch, and introducing smart elevators in the industry. These elevators are equipped with energy-efficient solutions, and use advanced technologies like touch screens, biometrics, as well as access control systems. The ports use smart elevator systems for enhanced accessibility provision to their consumer base. Hence, the advent of smart marine elevators is likely to create lucrative avenues for the market growth during the forecast period.
Many countries are endeavoring to enhance their maritime capacities, as international pressures and maritime conflicts between different nations are on a rise. A few countries are overhauling their current marine fleets, and are replacing the ships with more up to date vessels that include modern mechanism like the deck lifts. The market is expected to witness a huge growth, owing to an increase in defense spending by a few countries over the previous decade.
Other factors including the technological advancements in marine elevators such as the introduction of new ammunition lift are expected to boost the market growth in the near future. These customer requirement-based elevators enhance the pace of weapon transfer on the ship from magazines to the top deck and visa-versa. This factor is anticipated to escalate the demand for marine elevators during the forecast period.
In October 2019, Alimak India launched a new cutting-edge marine elevator - the ALIMAK ME, which is designed specifically for marine applications including passenger and freight elevator transportation across a range of marine vessels. Built on Alimak renowned traction technology, the new marine elevator is available in two car sizes, features loading capacities of up to 1,600 kg and has superior ride comfort, all without the need for a machine room.
On the regional front, North America is anticipated to be the most profitable market, attributed to the factors such as the presence of a large naval fleet in the region, as well as the growing need for constantly upgrading these ships with new technology are expected to accelerate the growth of regional marine elevators market over the analysis period. In addition, the United States spends more on its navy than any other country in the world, which in turn is projected to create new avenues for the regional market to grow.
| Data Points | Key Statistics |
|---|---|
| Anticipated Market Value in 2023 | USD 2.64 billion |
| Expected Market Value in 2033 | USD 4.21 billion |
| Growth Rate (2023 to 2033) | 4.8% CAGR |
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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.
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 USA spends the more on its navy than any other country in the world, which has led to new opportunities for the market to grow.
Principal Consultant
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 UK, 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.
Some of the leading manufacturers and suppliers of marine elevators include
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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1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Analysis and Forecast 6.1. Product Type 6.2. Ship Type 6.3. Sales Channel 7. Global Analysis and Forecast, By Product Type 7.1. Aircraft Lifts 7.2. Ammunition Lifts 8. Global Analysis and Forecast, By Ship Type 8.1. Aircraft Carriers 8.2. Aircraft Cruiser 8.3. Others 9. Global Analysis and Forecast, By Sales Channel 9.1. OEM 9.2. Aftermarket 10. Global Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia & Pacific 10.5. East Asia 10.6. Middle East and Africa 10.7. Central Asia 10.8. Russia and Belarus 10.9. Balkan and Baltic Countries 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Central Asia Sales Analysis and Forecast, by Key Segments and Countries 18. Russia and Belarus Sales Analysis and Forecast, by Key Segments and Countries 19. Balkan and Baltic Countries Sales Analysis and Forecast, by Key Segments and Countries 20. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 21. Sales Forecast by Product Type, Ship Type, and Sales Channel for 30 Countries 22. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 23. Company Profile 23.1. L3Harris Technologies Inc. 23.2. PaR Systems LLC 23.3. MacTaggart 23.4. Scott 23.5. Company Limited 23.6. TBV Marine Systems 23.7. SeaNet SA and others.
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Marine Elevators Market
