Ship Liferafts Market Size, Share, Growth, and Industry Analysis, By Type (Throw Over Liferafts, Davit Launch Liferafts, Self-Righting Liferafts and Open Reversible Liferafts), By Application (Commercial Use and Leisure Use) Regional Forecast 2027

Updated On: 08 April 2024

ship liferafts market REPORT OVERVIEW

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The global ship liferafts market size was USD 347.32 million in 2021 and is projected to touch USD 443.8 million by 2027, exhibiting a CAGR of 4.17% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The ship liferafts market is a large and growing market with a number of advantages. These advantages include the increasing demand from emerging economies, technological advancements, regulatory compliance, and brand reputation. The market is expected to continue to grow in the coming years, driven by these factors.

COVID-19 Impact: Imposed Restrictions in the Economy which led to a decline in demand for the Market

The COVID-19 pandemic has had a significant impact on the ship liferafts market growth. The pandemic has caused a decline in global shipping activity, which has led to a decrease in demand for liferafts. Additionally, the pandemic has disrupted supply chains, making it more difficult and expensive to procure liferafts. As a result, the ship liferafts market is expected to contract in the near term. However, the pandemic is also expected to create some opportunities for the market. For example, the pandemic has highlighted the importance of liferafts and other safety equipment.

This could lead to increased regulations and standards for liferafts, which could boost demand in the long term. Additionally, the pandemic has accelerated the adoption of digital technologies, which could be used to improve the design, manufacturing, and maintenance of liferafts. This could also create new opportunities for the market. Overall, the COVID-19 pandemic is expected to have a mixed impact on the ship liferafts market share. The short-term outlook is negative, but the long-term outlook is more positive. The market is expected to recover as global shipping activity resumes and new regulations and technologies are adopted.

LATEST TRENDS

"Higher Standards of Performance by Increase in Infrastructure Spending to Grow Market Potentially"

The ship liferafts market is constantly evolving, and new trends are emerging all the time. Some of the latest trends include the use of composite materials, the adoption of digital technologies, the development of self-inflating liferafts, the increasing focus on sustainability, and the customization of liferafts. Composite materials such as fiberglass and carbon fiber are increasingly being used in the construction of liferafts. These materials are lighter and stronger than traditional materials such as wood and steel, making them ideal for liferafts. Digital technologies such as GPS and satellite tracking are being used in liferafts to improve their safety and functionality.

Manufacturers are developing liferafts that are made from sustainable materials and that have a lower environmental impact. Liferafts are increasingly being customized to meet the specific needs of different customers. For example, liferafts can be customized for different types of ships, different climates, and different crew sizes. These are just some of the latest trends in the ship liferafts market. It is important for manufacturers and suppliers to stay up-to-date on the latest trends in order to provide their customers with the best possible products and services.

ship liferafts market SEGMENTATION

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• By Type

Based on type the ship liferafts market share is classified as Throw Over Liferafts, Davit Launch Liferafts, Self-Righting Liferafts and Open Reversible Liferafts.

• By Application

Based on application the ship liferafts market share is classified as Commercial Use and Leisure Use.

DRIVING FACTORS

"Increase in maritime trade which leads to the market growth"

The global maritime trade is growing steadily, and this is driving the demand for ship liferafts. As more ships are being built and put into service, there is a need for more liferafts to ensure the safety of passengers and crew members in the event of an emergency.

"Advances in technology for market growth"

Technological advancements in the design and manufacturing of liferafts are also driving the market. New materials and technologies are being used to make liferafts lighter, stronger, and more durable. These advancements are making liferafts more affordable and accessible, and they are also improving their safety and performance.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market Growth"

The ship liferafts market is restrained by the high cost of liferafts, the complexity of regulations governing their design and manufacture, limited demand in some regions, competition from substitutes, and economic downturn. Liferafts are a relatively expensive piece of safety equipment, which can be a restraining factor for some ship owners and operators. The regulations governing the design and manufacture of liferafts can be complex and time-consuming to comply with, which can also be a restraining factor.

Additionally, the demand for ship liferafts is not evenly distributed around the world. Some regions, such as the developed countries of Europe and North America, have a high demand for liferafts, while other regions, such as developing countries, have a lower demand. There are also a number of substitutes for ship liferafts, such as lifeboats and rescue boats. These substitutes can be cheaper and more effective in some situations, which can also be a restraining factor for the market. Finally, during an economic downturn, businesses may be less willing to invest in safety equipment, such as liferafts. This can lead to a decline in demand for liferafts.

ship liferafts market REGIONAL INSIGHTS

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"North America Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

North America is the largest market for ship liferafts, accounting for a significant share of the global market. This is due to the high demand for safety equipment in the region, as well as the strict regulations governing the design and manufacture of liferafts.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The ship liferafts market is dominated by a few key players, including FUJIKURA COMPOSITES, VIKING, Survitec, SG Safety, Shanghai Youlong Rubber Products, Ningbo Neptune Life-saving Equipment, SHM Group, LALIZAS, and Shanghai Star Rubber Products. These companies are leaders in the design, manufacturing, and distribution of ship liferafts. They offer a wide range of products to meet the needs of different customers, and they are committed to providing the highest quality and safety standards. The key strengths of these companies include their strong brand reputation, wide product range, global reach, technical expertise, and commitment to safety. These companies are well-positioned to continue to grow in the ship liferafts market in the coming years.

List of Market Players Profiled

• FUJIKURA COMPOSITES (Japan)
• VIKING (Denmark)
• Survitec (England)
• SG Safety (Singapore)
• Shanghai Youlong Rubber Products (China)
• Ningbo Neptune Life-saving Equipment (China)
• SHM Group (France)
• LALIZAS (Spain)
• Shanghai Star Rubber Products (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.