What is Lifeboat Market?
The lifeboat is an inflatable boat which is used to carry for emergency evacuation in the event of a disaster aboard a ship. It is used to rescue people who are in danger at sea. It is widely used in Cargo Ship, Cruise Ship, and others. Lifeboats are made up of hard materials such as fiberglass, inflatable, and others. It has auto-inflation devices such as mechanical pumps, carbon dioxide canisters and others. A lifeboat carries various types of equipment such as the compass, distress signaling equipment, fresh water, and first aid to pass for the survival at sea. The rising number of lifeboats events worldwide and the increasing popularity of lifeboats are some of the major drivers which are propelling the growth of the market.
The market study is being classified by Type (Conventional Lifeboat and Freefall Lifeboat), by Application (Cruise Ship, Cargo Ship and Other) and major geographies with country level break-up.
Norsafe AS (Norway), Qingdao Beihai Shipbuilding (China), Palfingermarine (Austria), Survival Systems Limited. (Unites States), Hong Leong Bank (Malaysia), Fassmer GmbH & Co. KG (Germany), The Vanguard Group (United States), Hatecke GmbH (Germany), Jiangsu Jiaoyan (China) and Dsb Engineering (Italy) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Nishiefu (Japan), Acebi (France) and Shigi (Japan).
Research Analyst at AMA predicts that Europe Manufacturers will contribute to the maximum growth of Global Lifeboat market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Lifeboat market by Type, Application and Region.
On the basis of geography, the market of Lifeboat has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Growing Popularity of Lifeboats and Rising Number of Lifeboats Events Worldwide
- Increasing Usage of the Lifeboat in the Cruise Ship, Cargo Ship and Other
Restraints
- Failure of On-Load Release Mechanism in Life Boats
Opportunities
- Rising Demand from Emerging Economies such as India, China, and Others
- The Government Initiative to Prevent Accidents with Lifeboats
Challenges
- Inadequate Maintenance of Lifeboats, Davits and Launching Equipment
- Lack of Familiarity with Lifeboats
On May 2017, the Palfingermarine (Austria) Company had announced that the supplies lifesaving equipment to the hybrid ferry which includes lifeboats, fast rescue boats, and others.
On November 2017, according to an article published by gov.uk, lifeboat charities receive USD 1.14 million to boost search and rescue efforts.
Key Target Audience
Life Boats manufacture, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others