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A06987 | Pages: 324 | Charts: 56 | Tables: 117 |
The global lifeboat market size was valued at $311.0 million in 2023, and is projected to reach $416.3 million by 2033, growing at a CAGR of 3.2% from 2024 to 2033.
Lifeboats are intended to give a way of escape and survival in emergency scenarios such as fires, floods, or ship sinkings. Lifeboats are small, rigid, or inflatable vessels. They give sanctuary from open water conditions, increasing the chances of survival for passengers and crew after abandoning an unseaworthy vessel. The expanding offshore and maritime industries drive market expansion. Lifeboat technology advancements, such as the use of IoT (Internet of Things) devices for real-time monitoring, predictive maintenance systems, and data analytics to optimise lifeboat operation and maintain compliance with safety requirements, are driving the lifeboat industry.
According to government laws, every ship that goes on a voyage must carry lifeboats. The most recent trend in the lifeboat market is the use of novel technologies such as remote-controlled lifeboats and self-inflating lifeboats. The market is also expanding its product and service offerings by providing personalised lifeboat solutions to meet the unique demands of each customer. Furthermore, the rising demand for marine safety and security measures, the expansion of the offshore oil and gas sector, and the expanding need for search and rescue operations are all driving revenue growth in the lifeboat market share.
The lifeboat market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Million) for the projected period 2023-2032.
More than 1,500 product literatures, industry releases, annual reports, and other such documents of major lifeboat industry participants along with authentic industry journals, trade associations releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
Key Market Segments
Key Market Players