Lifeboat Market How Top Companies Adapted after COVID-19 Hit Its Business

Lifeboat is an emergency evacuation inflatable boat that is carried on the board of the ship. During emergency conditions, the lifeboat is inflated and people on board are rescued using the lifeboats. These are used in a cargo ship, cruise ships, oil ships, navy ships, and all other ships that go for a voyage into deep waters. Lifeboats are made of fiberglass, and other inflatable materials to save the space in the ship for carrying other goods and more cargos. Every lifeboat comprises compass, signal equipment, first-aid kits, and freshwater to survive in the mid of sea and send necessary signals to control towers. Lifeboats are made mandatory by government rules in every ship that sails for a voyage.

COVID-19 Scenario Analysis:
The COVID-19 has impacted the ships from getting into international waters resulting in canceling of all the pre-planned voyage.
The manufacturers have halted production of the lifeboats as demand has decreased due to barriers in the international movement.
The lifeboat market is expected to grow drastically after the pandemic as people will require more goods and for that more ships will engage with the increasing demand for lifeboats on them.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The increase in globalization and more countries coming into to exchange of goods and other items from one country to another, rise in defense power in the sea, and the trend of people traveling in ships for holidays are the factors that drive the growth of the global lifeboat market. In addition, an increase in lifeboat events worldwide and the rising popularity of lifeboats fuels up the global lifeboat market. The major innovations in the market are related to the development of an all-weather lifeboat having waterjets rather than traditional propellers.

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The global Lifeboat Market trends are as follows:

New product launches to flourish the market
The launch of new and advanced lifeboats that can handle the deep-sea panic situations easily have been designed by the market leaders. RNLI has launched Shannon lifeboats which can travel 50% faster than the other lifeboats in the range and is the first designed all-weather lifeboat that is propelled with waterjets making Shannon most agile and manoeuvrability lifeboat from RNLI. When Shannon is operated at maximum power the lifeboat pumps 1.5 tonnes of water in one second from its jets. It has self-righting technology in case the lifeboats capsize and also carry comprehensive medical equipment for a full resuscitation. Shannon has expected life of about 25 years and can be refurbished again with new engines and other changes to carry on the work for the next 25 years.

Closed Lifeboats have high demand
The closed lifeboats have the highest demand among all the lifeboats available in the market. Almost every ship and cruise has demanded closed lifeboat because the watertight integrity is more in these lifeboats and a closed lifeboat can get upright on its own if turned by waves. Moreover, there are two types of the closed lifeboat the partially closed and fully closed. Both the closed lifeboats are designed in a manner to save the passengers from the harsh climate and strong winds in the sea.

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Key Benefits of the Report:

This study presents the analytical depiction of the global lifeboat industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global lifeboat market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global lifeboat market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global lifeboat market analysis based on competitive intensity and how the competition will take shape in coming years.

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Questions Answered in the Lifeboat Market Research Report:

What are the leading market players active in the lifeboat market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?

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