A marina is a facility that provides services to small boats and recreational boaters. Marinas are protected ports or basins outfitted with equipment suited for the use of small boats. They might feature a wide range of facilities. Marinas can be run by municipalities, commercial companies, or even individuals. Mooring is an important service provided by a marina. People can rent a place along a dock or buoy to anchor a boat while it is not in use. Some marinas provide complementary services such as dry storage for when customers are not using their boats for an extended period of time, slipways or cranes for bringing boats into the water, and so on.
The marina market is segmented by type and application. By type, the market is segmented into small, medium, and large. Based on application, the market is segmented into pleasure marinas, fishing marinas, commercial marinas, and military marinas.
Market Drivers
According to OMR Research, the global marina market is projected to grow at a CAGR of 5.0% during the forecast period (2023-2029). This growth is driven by various factors, such as marinas improve the livelihoods of communities, create job opportunities, aid in environmental sustainability, and also offer accessibility to countries with coastlines and islands. Apart from these benefits, the marina market is driven by some other elements as well, including-
Increasing Ocean-Based Tourism Sector
As per the World Bank’s report in 2017, coastal and marine tourism is expected to be the greatest value-added area of the ocean economy by 2030, with a global growth rate of more than 3.5%. Coastal and marine tourism accounts for at least half of all global tourism, according to the Ocean Panel. It is the most important economic sector for the majority of small island developing states and many coastal states. Securing the sector's long-term viability and sustainability is vital for the future success of the destinations and communities that rely on it. Additionally, according to the Office for Coastal Management, each year, ocean-based tourism and recreation contribute around $143 billion to the US economy alone in terms of GDP.
Increasing Boating Industry
The growing boating industry is the main driver of the market. In June, the National Marine Manufacturers Association (NMMA) published the 2020 US Recreational Boating Statistical Abstract. In a record year for the boating sector, overall recreational marine expenditures in 2020 hit a high of $49.4 billion, representing a 14.2% rise over 2019. According to NMMA data, 415,000 first-time boat purchasers entered the market in 2020. Moreover, boating and fishing are the most popular outdoor recreation activities in the United States, contributing $23.6 billion in current-dollar value to the economy, according to the Bureau of Economic Analysis (BEA).
Growth of Water Sport Activities
The continuous rise of the recreational water sport industry, which includes skiing, rowing, rafting, kayaking, canoeing, and powerboating, is undoubtedly a major factor in the trend of younger boat ownership. Many water-sport enthusiasts are also interested in the related health advantages, which is a fitness-focused market driver that has not previously been connected with marinas.
Recent Developments
Willard Marine, HiSiBi, Asis Boats, LOMOcean Design, South Boats IOW, Fassmer, SAFE Boats, Maritime Partner, BCGP, Alutech, Connor Industries, Sunbird Yacht, FB Design, MARINE, PALFINGER, and other companies are aiding in the market’s growth through various mergers and acquisitions, collaborations, and other developmental activities. Some of the recent market-driving activities include-
• In January 2023, Saudi Crown Prince Mohammed bin Salman announced the first phase of Saudi Arabia's newest tourist megaproject would be finished on the country's Red Sea coast in 2023. The first phase will have an airport, a few hotels, and some tourist experiences. The remaining 16 hotels in phase one are scheduled to be finished in 2024. The Red Sea will have 50 resorts by 2030, with up to 8,000 hotel rooms and over 1,000 residential buildings spread over 22 islands and six inland areas. There will also be luxury marinas, golf courses, and a variety of entertainment and recreational amenities.
• In January 2022, Safe Harbor Marinas, the firm that maintains the City of Beaufort's downtown marina, proposed to invest more than $7.5 million on marina expansion and enhancements over the next two years. Safe Harbor offered an ambitious plan for future enhancements, including a new floating dock system with a welcome center, a pump-out station, and diesel and gasoline fuel dispensers; enlarged slips to suit bigger boats; a new ADA-compliant gangway; and 2,496 linear feet of flexible side tie berthing to accommodate transitory trucks.