About Lifeboat
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.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.7% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Lifeboat market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Nishiefu (Japan), Acebi (France) and Shigi (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Lifeboat market by Type (Conventional Lifeboat and Freefall Lifeboat), Application (Cruise Ship, Cargo Ship and Other) 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). If we see Market by Material, the sub-segment i.e. Steel will boost the Lifeboat market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
The Growing Popularity of Lifeboats and Rising Number of Lifeboats Events Worldwide and Increasing Usage of the Lifeboat in the Cruise Ship, Cargo Ship and Other
Challenges:
Inadequate Maintenance of Lifeboats, Davits and Launching Equipment and Lack of Familiarity with Lifeboats
Restraints:
Failure of On-Load Release Mechanism in Life Boats
Opportunities:
Rising Demand from Emerging Economies such as India, China, and Others and The Government Initiative to Prevent Accidents with Lifeboats
Market Leaders and their expansionary development strategies
In March 2024, Scania UK and the Royal National Lifeboat Institution (RNLI) have agreed on a three-year partnership that will involve the commercial vehicle supplier working with the charity on fundraising activities and continuing its support in other areas. The agreement will see Scania UK and RNLI become strategic partners in a move that Scania UK Managing Director Chris Newitt says is “a privilege” for the business.
In September 2023, Scotmid announced the launch of an exciting new charity partnership with the RNLI (Royal National Lifeboat Institution) and is rallying customers, members, and colleagues to come together and ‘seas’ the opportunity to support their fundraising efforts.
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
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.