Global Docks Market Report and Forecast 2024-2032

Global Docks Market Size

The global docks market reached a value of around USD 1.71 billion in 2023. During the forecast period of 2024 and 2032, the market is expected to grow at a CAGR of 3.3% and to reach around USD 2.29 billion by 2032.

Global Docks Market Outlook

• Global merchandise trade, estimated to grow by 2.6% in 2024, can boost the demand for docks in the future.

• India is on a path to strong infrastructure growth, with an estimated USD 82 billion to be invested in port developments by 2035. 

• Residential and commercial sectors are expected to grow at a CAGR of 3.2% and 3.6% during the forecast period of 2024-2032.

Global Docks Market Growth

According to the Organisation for Economic Cooperation and Development’s (OECD) Economic Outlook Report, overall global trade is expected to grow by 2.3% in 2024 and 3.3% in 2025. This is double the growth of 1% recorded in 2023. This increasing global trade, especially in the merchandise sector, is expected to raise the demand for new docks, propelling the growth of the docks market. The market is also expected to grow due to an increase in B2B ecommerce sales, which is estimated to reach a value of USD 4.2 trillion by the end of 2024, according to the International Trade Administration.

Additionally, global commercial services trade, which grew by 9% in 2023 as per WTO estimates, will continue to grow steadily during the forecast period as well, positively impacting cruise travel and tourism around the world. This will lead to a rising demand for docks to ensure quick and efficient passenger transport.

Besides demand-led growth, the market is also expected to witness an investment-led growth during the forecast period. For instance, according to the G-20 initiative, the overall investment in the port infrastructure will exceed USD 60 billion by 2024. The docks market will account for a major share of this investment, further enhancing market dynamics.

Key Trends and Recent Developments

Increase in global merchandise trade, e-commerce sales, cruise-based tourism, and the addition of new ocean fleet is accelerating the global docks market value.

August 2024

Turkey inaugurated its first floating dock built in the Aksaz Shipyard Command located in the Marmaris district and administered by its national defence ministry in collaboration with the primary contractor Military Factory and Shipyard Management Inc, (AFSAT). It is the world’s largest submarine floating dock with 3,000-ton lifting capacity. Its purpose is to act as a standby for navy ships and facilitating repair as well as maintenance ground for them.

May 2024

The United States has built a new temporary floating dock to aid humanitarian rescue in the Gaza Strip. The dock was anchored 3-5 miles off the Gaza coast and was installed overnight, the fastest dock building duration known so far. Moreover, the components of the dock made up the Joint Logistics Over the Shore capability of the US Military.

January 2024

India’s biggest shipbuilder by dock capacity, the Cochin Shipyard Limited is opening a new dry dock in its international ship repair facility located in Kochi. The combined investment that went into this state-of-the-art project was estimated over INR 200 crores. This will put India into the list of elite global yards that can build large LNG carriers, Capesize and Suezmax vessels, oil rigs, and other large vessels.

March 2022

To improve bilateral relations between India and Sri Lanka, the former announced building a floating dock for the Sri Lankan Navy at its Trincomalee Naval Dockyard. The project will be led and administered by India’s Goa Shipment Limited. The dock was a much-needed requirement for the Sri Lankan navy and is valued at USD 20 million. It will help the country save INR 600 million annually spent on repair and servicing of its large vessels.

Increase in Global Merchandise Trade Propelling Market Growth

The increasing global trade in merchandise is a major factor propelling the growth of the global docks market. According to the World Trade Organisation (WTO), merchandise trade is expected to grow at a rate of 2.6% in 2024 followed by 3.3% in 2025. The trend will further continue during the forecast period as well, increasing dock building activities around the world.

Rise in Ecommerce Activities Raising Demand for New Docks

Ecommerce shipments are now reaching the remotest corners of the world, fuelling the demand for building new docks. According to the International Trade Administration, the global B2B ecommerce sales is estimated to reach USD 36 trillion by 2026,  with continued growth in the upcoming years, potentially accelerating docks market development and expansion in several regions around the world.

Growing Cruise Travel and Tourism is Providing New Market Opportunities

Increased cruise travel and tourism is creating new docks market opportunities. According to the Cruise Lines International Association’s “State of the Cruise Industry Report 2024”, cruise passenger volume reached approximately 31.7 million in 2023. As the preference for cruise travel grows further due to rise in export of services and increased disposable income, the global market for docks will experience a surge in demand.

Addition of New Ships Enhancing Requirement for New Docks Development

Countries across the world have increased their ship building activities to meet the demand for passenger and freight transport. For instance, the Cruise Lines International Association reported that the global docks market shall witness the addition of 8 new ships in 2024, increasing the number of ocean-freight to 300. The addition of new ships is also expected to propel the docks market growth.

Global Docks Industry Segmentation

“Global Docks Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Materials

• Wood

• Metal 

• Plastic and Composites 

• Concrete

Market Breakup by Application

• Residential

• Commercial 

• Industrial

• Institutional  

Market Breakup by Region

• North America

• Europe 

• Asia Pacific 

• Latin America

• Middle East and Africa 

Global Docks Market Share

North America holds and will continue to account for the largest share in the docks market due to a projected 3.6% increase in export trade in 2024 by the WTO. The regional market growth will be propelled by the increased e-commerce sales, and an overall investment in port infrastructure worth USD 14 trillion in 2024, as estimated by the Global Infrastructure Outlook.

In contrast, Asia-Pacific region is expected to grow at a CAGR of 4.3% during the forecast period, owing to the biggest and busiest ports located in the region. Moreover, the region experienced a steady export volume of 3.4% and online ecommerce sales exceeding USD 7 trillion in the first half of 2024, providing exceptional growth opportunities for the docks market.

Leading Companies in the Global Docks Market

Market players are concentrating on technological advancements and regional market expansion to meet the growing demand for docking solutions

• Bellingham Marine Industries

• Marinetek Group

• AccuDock

• Maricorp U.S

• Martini Alfredo S.p.A.

• Transpac Marinas Inc.

• Ingemar S.A. DE C.V.

• The Marina Company (Meeco Sullivan)

• Jet Dock Systems, Inc.

• PlayPower, Inc. (EZ Dock, Inc.)

• Others

Key Highlights of the Report