(MENAFN- GlobeNewsWire - Nasdaq) The global lifeboat market is experiencing growth due to several factors such as an increase in maritime safety regulations and growth in shipping and offshore industries.
Wilmington, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Lifeboat Market by Material Type (Wooden, Aluminium , Steel and FRP), Type (Partially Enclosed, Totally Enclosed and Open Lifeboat): Global Opportunity Analysis and industry Forecast, 2024-2033" . According to the report, the lifeboat market was valued at $311.0 million in 2023, and is estimated to reach $416.3 million by 2033, growing at a CAGR of 3.2% from 2024 to 2033.
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Prime determinants of growth
The global lifeboat market is experiencing growth due to several factors such as increase in maritime safety regulations and growth in shipping and offshore industries. However, lack of awareness and training hinder market growth to some extent. Moreover, growing demand for increased maritime defense power offers remunerative opportunities for the expansion of the global market.
By Material Type
The aluminum segment is expected to witness rapid growth throughout the forecast period.
By material type, the use of aluminum in the lifeboat market is increasingly popular due to its unique benefits. Aluminum's lightweight yet strong nature makes lifeboats easier to handle and deploy in emergencies, while its excellent corrosion resistance ensures durability in harsh marine environments. These properties extend the lifespan of lifeboats and enhance their reliability, making aluminum a preferred material choice for manufacturers and maritime operators.
By Type
The partially enclosed lifeboats segment is expected to witness rapid growth throughout the forecast period.
By type, the partially enclosed lifeboats segment is estimated to account for most of the global lifeboat market throughout the forecast period. Almost every ship and cruise ship has requested a closed lifeboat since their watertight integrity is superior, and an enclosed lifeboat can stand up on its own if turned by waves. Furthermore, there are two types of enclosed lifeboats: partially closed and completely closed. Both closed lifeboats are designed to protect people from the harsh environment and severe winds at sea.
Furthermore, the totally enclosed lifeboat is expected to be the fastest-growing segment during the forecast period. Totally enclosed lifeboats provide greatest protection from the elements. They have a robust waterproof enclosure that entirely encloses the lifeboat while also providing protection for its occupants. It contains the electronic communication equipment required for a rescue mission. They are also intended to be self-righting. Given their design, completely enclosed lifeboats are preferred on cargo and tanker ships. Many of these lifeboats include added features such as a sprinkler system and compressed air, which are beneficial in abandoning a burning ship. All these factors are expected to drive the segment's growth.
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By Region
North America to maintain its dominance by 2032
Region wise, North America is expected to have the largest share of the global lifeboat market during the forecast period. North America is expected to lead the market due to strict safety requirements and a well-established maritime infrastructure. The U.S. is also a major contributor to the lifeboat market, thanks to increased marine safety-related research and development initiatives. In the U.S., the sector is primarily driven by rise in offshore oil and gas activities.
The significant presence of prominent lifeboat manufacturers fuels market growth. High demand for technologically advanced lifeboats. This creates opportunities for market expansion. The requirement to meet international safety requirements and replace ageing lifeboat fleets increases demand for lifeboats. Rise in industrialization and strong economic growth fuel market expansion.
Players:
Balden Marine Hatecke GmbH Nishi-F Co., Ltd. HLB ENG Wartsila Viking Lifesaving Survitec Group Limited Palfinger Marine Vanguard Fassmer
The report provides a detailed analysis of these key players in the global lifeboat market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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The lifeboat market is an essential component of the maritime safety sector, primarily driven by regulations and standards set by international maritime organizations. Lifeboats are crucial for emergency evacuations on ships and offshore platforms, ensuring passenger and crew safety in the event of emergencies such as shipwrecks or fires. The market is influenced by stringent safety regulations mandated by organizations like the International Maritime Organization (IMO) , which require vessels to be equipped with reliable and compliant lifeboat systems. Innovations in lifeboat technology, such as improved materials and advanced deployment mechanisms, are continuously enhancing safety and operational efficiency.
Regionally, the lifeboat market shows varied dynamics based on maritime activity and safety regulations. In regions with robust maritime industries, such as Europe and North America, there is a strong demand for advanced lifeboat systems due to stringent safety regulations and high standards for marine safety equipment. In contrast, the Asia-Pacific region, with its rapidly growing maritime sector, is experiencing increasing demand for lifeboats driven by the expansion of shipping fleets and offshore oil and gas exploration. This growth is further supported by rising investments in maritime infrastructure and safety compliance in developing countries.
Despite the growth prospects, the lifeboat market faces challenges related to high costs and the complexity of regulatory compliance. The cost of advanced lifeboat systems and their maintenance can be significant, which may impact the adoption rate among smaller operators or less developed maritime sectors. Additionally, keeping up with evolving safety standards and ensuring compliance can be demanding for manufacturers and ship operators. Nevertheless, ongoing advancements in lifeboat technology, such as automation and enhanced materials, are expected to address these challenges, improve safety features, and drive continued market growth and innovation.
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