The Marinas by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Marinas, The marinas market size has grown strongly in recent years. It will grow from $18.89 billion in 2023 to $19.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to recreational boating trends, waterfront property development, tourism and travel, economic growth in coastal regions, nautical events and competitions..
The marinas market size is expected to see strong growth in the next few years. It will grow to $24.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, boating lifestyle and experiences, coastal and marine tourism, regulatory and environmental compliance, waterfront property investments.. Major trends in the forecast period include safety and security measures, environmental compliance, upgradation of infrastructure, destination marinas, community and events focus..
The increasing boating industry is expected to propel the growth of the marinas market going forward. The boating industry refers to the sector of the economy that includes the wide range of watercraft of different sizes that are intended to float, fly, work, or travel on water, usually on interior waterways (such as rivers and lakes) or in coastal areas that are protected. A marina offers integrated services such as maintenance, replacement parts, accessories, cleaning, and fuelling in addition to providing a safe environment for boats and yachts, along with restaurants and leisure choices. For instance, in January 2023, according to the National Marine Manufacturers Association (NMMA), a US-based, non-profit trade association representing boat, marine engine, and accessory manufacturers, the sales of new powerboat units in the USA rose in 2022, with an estimated sales of 250,000 new units. Early signs point to a robust demand environment in 2023 as well, with new retail unit sales anticipated to stay consistent with 2022 levels. Therefore, the increasing boating industry is driving the growth of the marina market going forward.
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The marinas market covered in this report is segmented –
1) By Type: Private, Public, Commercial
2) By Port Type: Seaport, Inland Port
3) By Application: Pleasure Marinas, Fishing Marinas, Commercial Marinas, Military Marinas
Environmental sustainability is a key trend gaining popularity in the marinas market. Companies operating in the marinas market are adopting environmental sustainability options to anchor their position in the market. The marina may boost its efficiency and better satisfy its energy needs by installing clean energy sources like solar and wind turbines. For instance, in May 2021, MDL Marinas Ltd, a UK-based, marinas development and operations company, installed solar edge panels. MDL has installed 100 Solar Edge panels, at its Cobb’s Quay Marina, where, the electricity generated is used locally with any excess energy being fed back into the grid. Earlier to Cobb’s Quay Marina, the company installed solar panels at Hamble Point and Ocean Village marinas, that has contributed 150,000 kWh of energy from April 2020 to February 2021, which is equivalent to planting 1,500 trees per year.
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