The global marine life raft market size is worth US$ 1 Billion as of now and is expected to reach US$ 1.5 Billion by the year 2032 at a CAGR of 4.4% between 2022 and 2032.
Key Takeaways from Marine Life Raft Market
- North America holds the largest market share due to customized rafts being available for hordes of activities (offshore and onshore). Recreational rafts are in greater demand with competitive pricing. Water sports and leisure sports are being preferred, which would drive marine life raft market going forward.
- Coming to the Asia-Pacific, China holds a sizable market share due to rivers and various other water channels being increasingly used for recreational and commercial purposes.
- Europe is expected to go steady with respect to marine life raft market in the forecast period.
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Rigid inflatable rafts are known for they being light, robust, fast, and durable; which does render them conducive for maritime sector. The key participants are also expanding the footprints at the global scale, so as to reach a wider base of customers. Special materials like Hypalon or Polyurethane are used for creating products that have a better quality, are stable and durable. They are also working on expansion of supply and distribution networks through collaboration with allied industries, distributors, service providers, and governing bodies.
It is being observed that the number of ships ordered all across sea travel (ocean cruise ships, in particular) would increase in the near future. As an outcome, the global marine life raft market is bound to grow on an irrevocable note in the near future.
The present scenario is such that maritime accidents are rising owing to skippers being incessantly negligent. Bad weather conditions are there to add to the disaster. As such, protective equipment like marine rafts are the need of the hour. The applications of rafts include evacuation of crew members and passengers, thereby rendering themselves indispensable in any modernized cruise ship.
The rural population is expected to increasingly migrate to cities, which has compelled the officials to go for constructing man-made lakes/ponds for various recreational activities including water sports.
Marine life rafts are compliant with relevant sections pertaining to the ISAF (International Sailing Federation) offshore special regulations. The key points considered over here include design features, provision of equipment, and construction materials. The key players are mainly looking into development of ISO standard life raft specifications for bringing EU’s life raft regulations on one page and do away with confusion of any sort.
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Inflatable (flexible) marine life rafts are expected to be the trend in the near future. This could be reasoned with the fact that they are more stable. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Marine Life Raft Market’. The line of expertise comprising analysts and consultants is there to execute with bottom-up approach.
Competitive Analysis
- VIKING Life-Saving Equipment does bring every solution needed for staying compliant and safe. The range is inclusive of lifeboats, firefighting equipment, personal protective gear, and safety training.
- Liferaft Systems Australia (LSA) comes across as a dynamic company that has been formed especially for designing and producing ME (Marine Evaluation Systems) of higher quality. Large capacity liferafts are also asked for.
“The future belongs to the commercial sector; wherein marine life rafts would be the catalysts”, says and analyst from Future Market Insights.
What does the Report raft through?
- The research study is based on rigid and inflatable (flexible) (single tube life raft and multi tube life raft), by capacity (less than 5 people, 5-10 people, 10-18 people, and more than 18 people), and by end-use (leisure (valise packaging and canister packaging) and commercial (canister packaging and valise packaging)).
- With increasing deployment of the police rafts to conduct patrolling in the wake of criminal activities carried out on the water bodies like seas and rivers, the global marine life raft market is bound to grow on a grand note going forward.
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Marine Life Raft Market by Category
By Product Type:
- Rigid
- Inflatable (Flexible)
- Single tube life raft
- Multi tube life raft
By Capacity:
- Less than 5 people
- 5 to 10 people
- 10-18 people
- more than 18 people
By End use:
- Leisure
- Valise Packing
- Canister Packing
- Commercial
- Valise Packing
- Canister Packing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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