The global marine life raft market 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.
The Marine Life Raft Market involves the production, distribution, and sale of life rafts designed for use in maritime emergencies to ensure the safety and survival of passengers and crew members aboard ships and vessels. These rafts are essential safety equipment, providing a means of escape and survival in the event of shipwrecks, capsizes, or other maritime disasters. Here’s an overview of the Marine Life Raft Market:
Market Overview:
The Marine Life Raft Market caters to the maritime industry, including commercial shipping, offshore oil and gas, fishing vessels, recreational boating, and military/naval applications, where safety at sea is paramount.
Life rafts are inflatable, buoyant structures equipped with survival equipment, such as food, water, first aid supplies, signaling devices, and shelter, to support occupants during emergencies until rescue or evacuation.
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Market Drivers:
Safety Regulations: Stringent maritime safety regulations and international standards, such as SOLAS (Safety of Life at Sea) and IMO (International Maritime Organization) requirements, mandate the provision and maintenance of life-saving appliances, including life rafts, on commercial vessels and passenger ships.
Risk Management: The need to mitigate risks associated with maritime emergencies, such as ship sinkings, fires, collisions, and man-overboard incidents, drives demand for reliable and compliant life rafts equipped with essential survival gear and emergency provisions.
Insurance Requirements: Insurance underwriters, classification societies, and maritime insurers often require vessels to carry approved life-saving equipment, including life rafts, as part of risk assessment and insurance coverage criteria for vessels operating in commercial shipping and offshore industries.
Safety Culture: Increasing emphasis on safety culture, crew training, emergency preparedness, and risk mitigation strategies within the maritime industry fosters awareness and investment in life-saving equipment, including life rafts, to protect human life and minimize casualties.
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.
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.
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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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