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Marine Life Raft Market Size, Share And Forecast 2033
Marine Life Raft Market Size
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According to The Business Research Company's, The marine life raft market size has grown strongly in recent years. It will grow from $0.99 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the implementation of stricter maritime safety regulations, increasing commercial shipping activities globally, growing awareness of maritime safety among vessel operators, rising incidents of marine accidents and emergencies, and the and the development of standardized testing.
The marine life raft market size is expected to see strong growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the expansion of the global leisure boating industry, the integration of advanced rescue and communication technologies, the adoption of eco-friendly and sustainable life raft materials, rising demand for lightweight and compact life raft solutions, and continued investment in offshore energy exploration and production. Major trends in the forecast period include the integration of GPS tracking, automatic inflation systems, the integration of lightweight materials for enhanced safety, innovation in design, and the and the increasing adoption of eco-friendly materials.
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Market Drivers and Trends:
The increasing popularity of water sports is expected to propel the growth of the marine life raft market going forward. Water sports are recreational activities conducted on or in the water, such as swimming, surfing, kayaking, and sailing. The increasing popularity of water sports is driven by a growing interest in outdoor recreational activities, health and fitness benefits, and the thrill and adventure they offer. The use of marine life rafts in water sports ensures safety for participants, providing essential emergency equipment in case of accidents or unforeseen incidents while engaging in activities on the water. For instance, in June 2022, according to the Royal Yachting Association, a UK-based governing body providing training, publications, and performance for all forms of British boating., approximately 11.8 million individuals participated in one or more boating activities at least once or twice in 2021, reflecting nearly a doubling of participation rates compared to 2020. Therefore, the increasing popularity of water sports will drive the growth of the marine life raft market.
Major companies operating in the marine life raft market are focusing on product innovation, such as the cruiser life raft, to enhance safety features and functionality, meeting evolving customer needs in maritime safety. A cruiser life raft is a vital emergency evacuation device designed for recreational vessels, equipped with essential safety features, and capable of rapid deployment in maritime emergencies. For instance, in April 2023, Seago, a UK-based supplier of marine safety and water sports equipment, launched the new Cruiser Plus life raft, compliant with the latest ISO 2022 standard, specifically ISO 9650-1 Type 2. This updated version of the popular Sea Cruiser life raft is tailored for the leisure marine market and features a redesigned boarding ramp for easier access. Available in sizes ranging from 4 to 10 people, it is offered in a newly designed valise or slimline canister with a polished finish, enhancing both functionality and aesthetic appeal.
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Major Key Players of the Market:
Viking Life-Saving Equipment A/S, Survitec Group Limited, Fujikura Composites Inc., Brastech Inc., Solas Marine Services Pvt Ltd, LALIZAS HELLAS SA, SHM Shipcare, Crewsaver, Arimar S.p.A., Datrex Inc., ShipServ Ltd, Switlik Survival Products LLC, Ocean Safety Ltd, Wing Inflatables Inc., Plastimo SAS, MIZUNO MARINE Co. Ltd., Vanguarde Ltd., Liferaft Systems Australia, Ovatek Inc., Life Raft and Survival Equipment Inc., Hellas Marine Services S.A., Safety Marine Australia Pty Ltd, Sea Safe Systems Pty Ltd, Inflatables International Inc., Jiangsu Huayan
Marine Life Raft Market 2024 Key Insights:
• The marine life raft market size is expected to see strong growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Impact Of Water Sports Popularity On The Marine Life Raft Market
• Innovative Advances In The Marine Life Raft Market
• Asia-Pacific was the largest region in the marine life raft market in 2023
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