Securing the Seas: Global Lifeboat Market to Reach $416.3M by 2033 with Rising Safety Demands

According to the report, the lifeboat market was valued at $311.0 million in 2023, and is estimated to reach $416.3 million by 2033, growing at a CAGR of 3.2% from 2024 to 2033.

Prime determinants of growth

The global lifeboat market is experiencing growth due to several factors such as increase in maritime safety regulations and growth in shipping and offshore industries. However, lack of awareness and training hinder market growth to some extent. Moreover, growing demand for increased maritime defense power offers remunerative opportunities for the expansion of the global market.

Request Sample of the Report on Lifeboat Market Forecast 2033: https://www.alliedmarketresearch.com/request-sample/A06987

Industry Trends

In April 2023, the Naval Air Warfare Centre Weapons granted $206.71 million contract to DynCorp International LLC for aircraft maintenance, SAR equipment, and support for the P-3 Orion, C-130 Hercules, E2D Hawkeye, F/A-18 Hornet, E/A-18 Growler, AV-8B Harrier II, and H-60 Sea Hawk aircraft supporting the Naval Test Wing Atlantic.

In 2022, there were?163 major floods worldwide, accounting for more than 50% of the total number of major natural disasters of the year.

According to Global Terrorism Index, the number of attacks increased by 17%, from 4, 458 in 2020 to 5, 226 in 2021, primarily owing to conflict in the Sahel region and instability in Afghanistan.

Lifeboat Market Segmentation

By Material Type

The aluminum segment is expected to witness rapid growth throughout the forecast period.

By material type, the use of aluminum in the lifeboat market is increasingly popular due to its unique benefits. Aluminum's lightweight yet strong nature makes lifeboats easier to handle and deploy in emergencies, while its excellent corrosion resistance ensures durability in harsh marine environments. These properties extend the lifespan of lifeboats and enhance their reliability, making aluminum a preferred material choice for manufacturers and maritime operators.

By Type

The partially enclosed lifeboats segment is expected to witness rapid growth throughout the forecast period.

By type, the partially enclosed lifeboats segment is estimated to account for most of the global lifeboat market throughout the forecast period. Almost every ship and cruise ship has requested a closed lifeboat since their watertight integrity is superior, and an enclosed lifeboat can stand up on its own if turned by waves. Furthermore, there are two types of enclosed lifeboats: partially closed and completely closed. Both closed lifeboats are designed to protect people from the harsh environment and severe winds at sea.

Make an Inquiry for Further Details of Report: https://www.alliedmarketresearch.com/purchase-enquiry/A06987

Furthermore, the totally enclosed lifeboat is expected to be the fastest-growing segment during the forecast period. Totally enclosed lifeboats provide greatest protection from the elements. They have a robust waterproof enclosure that entirely encloses the lifeboat while also providing protection for its occupants. It contains the electronic communication equipment required for a rescue mission. They are also intended to be self-righting. Given their design, completely enclosed lifeboats are preferred on cargo and tanker ships. Many of these lifeboats include added features such as a sprinkler system and compressed air, which are beneficial in abandoning a burning ship. All these factors are expected to drive the segment's growth.

By Region

North America to maintain its dominance by 2032

Region wise, North America is expected to have the largest share of the global lifeboat market during the forecast period. North America is expected to lead the market due to strict safety requirements and a well-established maritime infrastructure. The U.S. is also a major contributor to the lifeboat market, thanks to increased marine safety-related research and development initiatives. In the U.S., the sector is primarily driven by rise in offshore oil and gas activities.

The significant presence of prominent lifeboat manufacturers fuels market growth. High demand for technologically advanced lifeboats. This creates opportunities for market expansion. The requirement to meet international safety requirements and replace ageing lifeboat fleets increases demand for lifeboats. Rise in industrialization and strong economic growth fuel market expansion.

Procure Complete Research Report Now: https://www.alliedmarketresearch.com/lifeboat-market/purchase-options

Players:

Balden Marine
Hatecke GmbH
Nishi-F Co., Ltd.
HLB ENG
Wartsila
Viking Lifesaving
Survitec Group Limited
Palfinger Marine
Vanguard
Fassmer

The report provides a detailed analysis of these key players in the global lifeboat market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Contact:
David Correa
5933 NE Win Sivers Drive
205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.