The marine life raft market is anticipated to reach USD 1,105.53 Million by 2024. The market is expected to reach USD 1,699.68 Million by 2034, growing at a CAGR of 4.40%. Life rafts are a crucial part of ship and boat safety equipment. The life raft provides a means for survival and rescue in an emergency, such as when a ship sinks or becomes unlivable.
The integration of GPS technology into life rafts would enable the raft’s position to be tracked in real-time and found more easily. The ability to call for help and communicate with rescue teams would be enhanced by incorporating advanced communication devices like satellite phones. The temperature, humidity, and air quality inside the life raft can be monitored using a variety of sensors. Assessment of people’s well-being can be made possible with this information. Material science advances could lead to lighter yet more robust life raft materials, making them easier to carry and handle.
Durability can ensure that life rafts remain effective longer in challenging conditions. Automated systems could allow life rafts to be deployed automatically in emergencies, enabling manual intervention to be reduced. A life raft could navigate to safety with autonomous navigation technology without constant intervention from humans. A life raft may incorporate an improved life support system, such as improved ventilation, better temperature control, and the ability to convert seawater into drinkable liquid.
By using better insulation materials, occupants will be protected from extreme weather conditions and will be able to remain safe and healthy. Life rafts can be more visible to rescue teams if they are equipped with high visibility markings or lights, especially at night or during adverse weather conditions.
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Key Takeaways from the Marine Life Raft Market Report:
- The inflatable segment is likely to hold a market share of 64.4% in 2024.
- Between 2024 and 2034, Canada is expected to expand at a CAGR of 4.70%.
- The market is expected to rise at 3.2% CAGR between 2024 and 2034 in the United Kingdom.
- A growth rate of 3.90% is projected for China from 2024 to 2034.
- A CAGR of 5% is expected for Japan between 2024 and 2034.
Competitive Landscape:
Technology innovations, strategic partnerships, and market consolidation have made the marine life raft market competitive.
- Zodiac Nautic- The best-known French company in the inflatable boat industry, Zodiac Nautic is a firm that specializes in the manufacture of inflatable boats and rigid inflatable boats (RIBs).
- Survitec Group Limited- Survitec provides a range of survival and safety products to various industries, including maritime, aviation, and offshore.
- VIKING Life-Saving Equipment- With a wide range of products that include life rafts, life jackets, immersion suits, and evacuation systems, VIKING is a manufacturer and supplier of safety equipment for the maritime and offshore industries.
Leading Key Players:
- Fujikura Composites
- Brasyech
- LALIZAS
- Liferaft Systems Australia
- MIZUNO MARINE Co. Ltd.
- Plastimo
- Collins Aerospace
- Ovatek Inc.
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More Valuable Insights Available:
Future Market Insights offers an unbiased global marine life raft market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand market opportunities, the marine life raft market is segmented based on product type (rigid, inflatable (flexible) (single tube life raft, multi tube life raft)), capacity (less than 5 people, 5 to 10 people, 10 to 18 people, more than 18 people), end user (leisure(valise packing, conister packing) commercial (valise packing, canister packing)) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
Marine Life Raft Market Segmentation:
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 User:
- Leisure
- Valise Packing
- Canister Packing
- Commercial
- Valise Packing
- Canister Packing
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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