Small inflatable rescue vessels called marine life rafts are used to keep drowning victims afloat. When an emergency occurs, these smaller rafts are carried aboard larger ships and boats and launched right away. Some marine life rafts often referred to as rigid life rafts, are frequently pressurized and housed in airtight canisters that are conveniently located on the outer deck of the ship. This makes the life rafts’ deployment simpler and quicker.
Life rafts are a standard feature on ships and boats because of stricter laws that were developed over time to increase marine safety. The minimum number of marine life rafts required to be aboard ships is expected to increase in the next years, which should increase its penetration rate.
In 2022, the marine life raft market is anticipated to be worth US$ 1 billion. By 2032, it is anticipated that the market would be worth more than US$ 1.5 Bn, with sales increasing at a 4.4 percent CAGR.
In contrast to the 2.1 percent CAGR expected between 2017 and 2021, the demand for marine life rafts is predicted to increase at a rate of 4.4 percent CAGR.
Market Participants:
- Survitec Group
- Safety Marine Australia Pty. Ltd.
- Compass Inflatables Ltd.
- Shanghai Star Rubber Products Co., Ltd.
- Viking Life-Saving Equipment A/S
- Revere Survival Inc.
- Seago Yachting Ltd.
- Plastimo SAS
- Winslow LifeRaft Company
- Switlik Inc.
- LAZIZAS
- Galvanisers India
- Jiaxing Rongsheng Lifesaving Equipment Co., Ltd.
- Zodiac Nautic
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