Skip to main content

Marine Life Raft Market : Key Players, Growth, Analysis, by 2032

 Marine life rafts are small inflatable rescue boats designed to keep distressed passengers afloat. These small sized rafts are carried within larger ships and boats, deployed immediately whenever an emergency arises. Some of the marine life rafts, also known as rigid life rafts, are usually pressurized and contained within airtight canisters, conveniently placed at the outer deck of the ship, which aids in easy and faster deployment of the life rafts.

Owing to tighter regulations formed over the years for the purpose of improving marine safety, life rafts are a common fixture on ships and boats. Its penetration rate is anticipated to improve in the upcoming years by increasing the minimum number of marine life rafts to be present in the ships. SOLAS or International Convention for the Safety of Life at Sea is the prime regulatory body and treaty governing the usage of marine life rafts on ships and boats. The prime functional requirements of a marine life rafts include being able to withstand extreme weather conditions, be able to absorb impact loads, carry minimum rescue equipment as well as food and among others.

The marine life raft market is projected to reach a valuation of US$ 1 Bn in 2022. With sales growing at a 4.4% CAGR, the market size is projected to surpass US$ 1.5 Bn by 2032.

Demand for marine life rafts is projected to grow at a 4.4% CAGR, in comparison with the 2.1% CAGR registered between 2017 and 2021.

Marine Life Rafts Market Dynamics

The primary factor responsible for driving the marine life rafts market is growth witnessed in maritime transport or seaborne trade wherein large volume of goods take it to the sea for transportation purposes. The shipbuilding industry is also on the rise around the globe which thereby contributes to the growth of the marine life rafts market in the forecast period. The market of marine life rafts is also aided by the growth witnessed in the fishing industry wherein large boats and dispatched for fishing purposes. Marine tourism is also another area which has grown considerably over the past few years especially in the Mediterranean and Asia Pacific region prompting higher requirements of marine life rafts which thereby helps in the overall growth of the market.

Though the manufacturers of marine life rafts do not fall under the category of large revenue generating players, they are keen in continuously developing the product to improve its lifespan, passenger holding capacity and reliability. Shortcomings noticed in product differentiation within the major players has led to the development various innovations such as large capacity, self-propelled life rafts.

Marine Life Rafts Market: Regional Outlook

In terms of the geographical reach of the marine life rafts market, it can be said that economies with larger coastlines are expected to have a larger market share. The market in the landlocked economies will be lesser but may rely on marine transport within the inner waterways such as rivers. The market for marine life rafts in the Asia Pacific region is anticipated for a healthy growth in the forecast period due to growing marine industry and transportation. This factor is also true for the Middle East and Africa region as well, in particular the Middle East region owing to improvements witnessed in its maritime cargo industry. The North American market is also anticipated for a positive growth due to tighter regulations placed around the mandatory instalment of such rescue equipment on board the ships and boats. Influx witnessed in the coastal tourism of the European region is anticipated to strengthen the growth of the marine life rafts market on a longer run in the future.

Marine Life Rafts Market: Market Participants

Examples of some of the major players in the Global Marine Life Rafts market, identified in the value chain include:

  • Survitec Group
  • Safety Marine Australia Pty. Ltd.
  • Compass Inflatables Ltd.
  • Shanghai Star Rubber Products Co., Ltd.
  • Viking Life-Saving Equipment A/S
  • Revere Survival Inc.
  • Seago Yachting Ltd.
  • Plastimo SAS
  • Winslow LifeRaft Company
  • Switlik Inc.
  • LAZIZAS
  • Galvanisers India
  • Jiaxing Rongsheng Lifesaving Equipment Co., Ltd.
  • Zodiac Nautic

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico. Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, ASEAN, Australia & New Zealand)
  • Japan
  • Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

Marine Life Rafts Market: Segmentation

By Capacity, the market can be segmented as:

  • Less than 3 persons
  • 3 to 6 persons
  • More than 6 persons

By Type, the market can be segmented as:

  • Rigid
  • Flexible
  • Single Tube Life Raft
  • Multi tube Life Raft

By Packing Type, the market can be segmented as:

  • Hard Packing
  • Valise
  • Canister Packing

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance

For More Info@ https://www.futuremarketinsights.com/reports/marine-life-rafts-market

Comments

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, and

Automotive Filters Market Share and Growth Factors Impact Analysis 2029

 The global automotive filters market is expected to experience significant growth over the forecast period, due to the increasing demand for advanced automotive systems and the rising demand for fuel-efficient and eco-friendly vehicles. Automotive filters are used to remove contaminants, such as dust, dirt, and debris, from the air, oil, and fuel in a vehicle. The market is segmented based on type, vehicle type, and region. Based on type, the market is divided into air filters, oil filters, fuel filters, and others. The air filter segment is expected to dominate the market, due to the increasing demand for advanced air filtration systems in vehicles. Based on vehicle type, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to dominate the market, due to the increasing demand for passenger cars and the increasing adoption of advanced filtration systems in passenger cars. Geographi

Iris Biometrics Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Iris Biometrics Market stands as a testament to the ever-evolving landscape of biometric technology, offering a unique and highly secure method of identity verification and authentication. The iris, with its intricate and individualistic patterns, has captured the attention of both security experts and technology developers as a reliable means of confirming one's identity. This market has gained prominence across various industries, ranging from border control and law enforcement to access control systems in government institutions, corporate offices, and even consumer devices. The market's growth is fueled by the increasing need for robust identity verification solutions in a world where security breaches and identity theft are becoming more prevalent. Unlike traditional authentication methods such as passwords and PINs, iris biometrics offer a high level of security and accuracy, as the iris pattern is virtually impossible to replicate. The technology prov