Global Marine Firefighting Equipment Market 2017 to 2021 - Analysis of key players (Akron Brass, Amerex Fire International, Asiatic Fire System, Fireboy-Xintex, and Sea-Fire)

MarketResearchNest.com adds “Global Marine Firefighting Equipment Market 2017-2021” new report to its research database. The report spread across in 88 pages with table and figures in it.

Research analysts forecast the global marine firefighting equipment market to grow at a CAGR of 2.31% during the period 2017-2021.
Marine firefighting equipment such as fire extinguishing systems, water mist, spray, and sprinkler systems, and fire detection and alarm systems is used in on board seaborne vessels to safeguard them from fire accidents. All sea vessels are required to carry a minimum number of marine firefighting equipment as per the regulations imposed by regulatory bodies. There are several regulations framed by the Safety of Life at Sea (SOLAS) Convention, particularly Regulation 10.10.4, which pertains to firefighting and the adoption of marine firefighting equipment in seafaring vessels.

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Technavio recognizes the following companies as the key players in the global marine firefighting equipment market: Akron Brass, Amerex Fire International, Asiatic Fire System, Fireboy-Xintex, and Sea-Fire.

Other Prominent Vendors in the market are: BRK Brands, Danfoss Semco, Delta Fire, Elkhart Brass Manufacturing, Fluid Global Solutions, Garbarino Pumps Asia, Hochiki Europe, Jason Engineering, Kidde-Fenwal, NAFFCO, and Survitec Group.

One trend in the market is restructuring of China's economy. China is the world's second-largest economy. The country is trying to restructure its economy, which is showing slow growth in recent years. The country's economic growth depends on the import of raw materials and export of finished goods. The trend in China's reform process has been initiated, which is changing the significant source for dry bulk demand and impacting the container and wet bulk sectors.

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According to the report, one driver in the market is growing international market for OPVs. Maritime security operations include the action undertaken by modern naval forces to battle illegal activities like piracy, slavery, and hijacking. These ships and vessels are engaged in offshore patrolling to combat sea-based terrorism. Currently, many countries are re-directing their defense strategies due to uncertainties in some regions like the Middle East and APAC. This will impact the market positively, as an increase in the demand for naval vessels will integrate safety aspects like marine firefighting equipment.

Further, the report states that one challenge in the market is slowdown in South Korea's shipbuilding industry. The South Korean shipbuilding industry is witnessing a slowdown due to the plunge in global energy prices, overproduction of ships, and sluggishness in international trade. The country's three biggest shipbuilding companies, namely, Daewoo, Samsung Heavy Industries, and Hyundai Heavy Industries recorded losses in 2015 and 2016. In South Korea, the shipbuilding industry is a major contributor to the economic development and is important to the country's international position. The slowdown in South Korea's shipbuilding market has affected international trade and will have a negative impact on the demand for marine firefighting equipment.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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