Liferaft Rental Service Market Size, Share, Growth, and Industry Analysis, By Type (Aviation Liferaft and Marine Liferaft), By Application (Recreational and Commercial), Regional Insights, and Forecast To 2032

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LIFERAFT RENTAL SERVICE MARKET REPORT OVERVIEW

The Liferaft Rental Service Market size was valued at approximately USD 0.06 billion in 2023 and is expected to reach USD 0.15 billion by 2032, growing at a compound annual growth rate (CAGR) of about 10.5% from 2023 to 2032

The Service of Lifeboat Rental is a class of business that provides liferafts on a short-term basis for people or organizations that not only have to have them for maritime activities or events but to explore the world at sea. Floatables - inflatable and, of course, buoyant vessels designed to provide emergency defense for people in water, usually deployed in marine zone where capsizing or sinking is made possible.

COVID-19 Impact: Market Growth restrained by the Pandemic due to Reduced Maritime Activities

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The pandemic brought down the amount of marine activities as recreational boating, commercial shipping, and offshore operations witnessed a steep decline. The pandemic limitations on traveling, phasing out of ports, and supply breakdown disrupted the operation of their vessels and then decreased the demand for rentals of liferafts associated with these water sports.

LATEST TRENDS

"Focus on Safety and Compliance to Drive Market Growth"

Stricter safety regulations, compliance, and the management of risk are becoming more significant topics in the maritime sector, which is mainly because of new regulatory demands and risk-based approaches. One of the most prominent features of these services is the fact that they strictly follow safety rules and certification. There is a periodic inspection conducted to warrant the dependability of the rental equipment. The international maritime safety regulations and standards issued to the ships make the passengers sometimes necessary the liferafts and survival tools to be qualified. Operators of liferaft rental services shall comply with these requirements by issuing equipment that meets regulatory parameters, regular inspections, and acquiring a certificate of legitimacy.

LIFERAFT RENTAL SERVICE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Aviation Liferaft and Marine Liferaft.

• Aviation Liferaft- The smallest aircraft liferafts are typically employed in smaller aircraft. They can be life-saving in an emergency water landing. They facilitate buoyancy, lay the foundation for habitation on water, and sustain life on watercraft, even if rescue is delayed.

• Marine Liferaft- This kind of liferaft is meant for use on vessels operating in the marine environment, including ocean-going ships, platforms offshore and in recreational boats. These devices act as emergency lifeboats; they get deployed when a vessel either sinks, capsizes or is evacuated. They give room for survival equipment including shelters and life jackets when crew members are awaiting rescue.

By Application

Based on application the global market can be categorized into Recreational and Commercial.

• Recreational- Recreational boaters from life raft providers who may provide diverse services to those who own yachts, sailing enthusiasts, and those who go fishing for fun. Liferaft rental services offer inflatable liferafts with survival equipment that consists of food, water, medical supplies, and signaling devices, giving the boaters climbing on open water some kind of security.

• Commercial- Commercial shipping businesses, comprising of cargo ships, container vessels, tankers, and ferries may bring liferafts on board to not only support existing maritime safety measures but also bring them in line with maritime regulations. The liferaft rental service technicians provide liferafts of industrial grade that are approved for commercial application, available in different sizes and arrangements to suit the different vessel types as well as different crew sizes.

DRIVING FACTORS

"Growth in Maritime Activities to Boost the Market"

One of the key driving factors in the global Liferaft Rental Service market growth is the Growth in Maritime Activities. The more crowds who are engaged in marine activities for recreational purposes, professional fishing, sailing, or just water sports in general, the rental service for life rafts becomes more popular in demand. For the people who own and lease vessels, run events, and commercial marine operators the lift arm can be a life savior thus boosting demand for this safety equipment. The steadily increasing traffic of marine vessels, involving commercial shipping, passenger vessels, recreational boats, and offshore enterprises, contribute to the escalating demand for security supplies such as liferafts. The world's shipping traffic is increasing day by day, which means that more and more vessels are navigating the world's oceans. This intensifies the demand for licensed liferaft rental services to provide all safety furnishings for ocean-based operators.

"Safety Awareness and Preparedness to Expand the Market"

Another driving factor in the global Liferaft Rental Service market is Safety Awareness and Preparedness. Through increased recognition of maritime safety risks such as accidents, emergencies, and natural disasters, fleet owners and operators resort to liferaft rental services to be able to practice a preemptive risk management strategy. Maritime administrators risk saving lives and readiness by directly leasing liferaft as an extra layer to their emergency equipment package, building up emergency response capabilities, and cutting down liability arising from maritime accidents. International shipping safety standards require that either certified lifeboats or other recognized safety gear is available onboard to achieve the compliance and prevent the undue loss of lives at sea. Considering the recent RAM amendments, liferaft rental services are instrumental actors, helping shipping companies meet regulatory requirements through the provision of compliant safety equipment. As such, the demand for the liferaft rental services is expected to increase.

RESTRAINING FACTORS

"High Initial Investment to Potentially Impede Market Growth"

One of the key restraining factors in the global Liferaft Rental Service market is the High Initial Investment. Capital laying for setting up a lifeboat rental business is quite a big sum, which will be directed towards constant delivery of liferafts, lifejackets, shelters, etc, rental storage, hauling, and other operational components. The upfront cost(s) can be a barrier for first-time players or smaller businesses venturing into the market. Liferafts represent high-cost safety appliances, so it may take a substantial initial investment to replenish the stock to the needed amount for both resale and to overcome competitor limits. The need to purchase liferafts, such as high-quality, certified models, which are costlier, can overcome the financial capacity of many rental companies especially those who are new entrants or small businesses in that field.

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LIFERAFT RENTAL SERVICE MARKET REGIONAL INSIGHTS

"North America Region Dominating the Market due to Active Maritime Industry. "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global Liferaft Rental Service market share due to several factors. The North American maritime sector comprises of shipping, offshore oil and gas exploration activities, part-time cruising, yachting, and port operations all of which constitute the industry. The usage of life-raft rental can be found actively from all of maritime activities in the region by a lot of different companies and operators.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Liferaft Rental Service market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of Liferaft Rental Service options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Liferaft Rental Service, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List Of Top Liferaft Rental Service Companies

• Life Raft and Survival Equipment (U.S.)
• Avalon Rafts (U.S.)
• Aviation Survival (U.S.)
• LifeRaftsEtc (U.S.)
• Inflatables International (U.S.)

INDUSTRIAL DEVELOPMENT

2020: Safran will work under the contract of performance of emergency flotation systems for the Working Helicopter fleet of the US Coast Guard HH-65 squad.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.