The Mediterranean market for automated marine debris collection equipment offers paramount scope for growth and overbearing opportunities for various players to capture the market. In the absence of a supreme market player in the contemporary scenario, the Mediterranean market can be optimally exploited and the success of each player would solely depend on their chops in automated marine debris collection.
It is imperative for market players to utilize their experience in debris collection via marine boats and launch a technologically advanced drill to inculcate automation within its framework. The prolific players who are expected to excavate substantial benefits from the market gap include United Marine International, Liverpool Water Witch Marine and Engineering Co. Ltd., Harbor Clean, and U.S. based Elastec.
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The adoption level for automated marine debris collection equipment would be detrimental in channeling the success of the firms. In 2024, the adoption level in the market for automated marine debris collection equipment is estimated to uptick to 10.2% by 2024 surpassing the 8% adoption rate in 2018. The government and municipality segment and the hospital segment are estimated to maintain their dominance in the market with respect to the end-user categorization of the market.
The government and municipality segment is expected to attain an adoption level of 3.11%. On a geographical footing, France is projected to register an adoption level of 16.85% by 2018 in the Mediterranean market for automated marine debris collection equipment. This owes to the fact that the Mediterranean Action Plan has allocated substantially high resources to countries such as France, Spain, and Italy.
Environmental Concerns and Tourism Prospects Uptick Demand for Marine Waste Management
The Mediterranean countries have been under flak for the accumulation of marine debris along their coastline. It isn’t just tarnishing the image of the government but is also bringing various environmental concerns under the spotlight. These adversely critical pretexts have prompted an urge amongst the Mediterranean nations to undertake strict measures to reduce marine pollution and facilitate waste management. This has propelled the global market for automated marine debris collection equipment. Moreover, a number of Mediterranean nations are largely dependent on their tourism industry which puts an onus upon them to clean littered shores, coasts, and other places of tourists’ attraction. The impoverishing quality of marine life and disruption to the ecosystem are other factors that call for cleansing of marine debris, thus, accentuating the Mediterranean market for automated marine debris collection equipment.
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Inadequacy of funds Hampers Effective Collection of Marine Debris
Spanning over an area of 28583 miles, the Mediterranean coast encapsulates the coastal regions of Europe, Africa, and Middle East. The cumulative population of these coastal nations approximates to 208 mn which is further multiplied by an average of 170 mn yearly tourists who frequent the coast. This rising toll of visitors on the coast is making it laborious for the authorities to effectively manage chunks of waste. Moreover, the degradation of natural resources is an alarming issue across the entire Mediterranean coastline. The paucity of funds adds to the woes of the authorities because funding extended by various countries and NGOs is insufficient to treat the outreaching levels of waste. In the absence of enough funds, it is difficult to resort to automated marine debris collection equipment which hampers the growth of the market.