This report focuses on Lifeboat volume and value at the global level, regional level and company level. From a global perspective, this report represents overall Lifeboat market size by analysing historical data and future prospect.
Los Angeles, CA -- (SBWIRE) -- 01/23/2020 -- In a recent report published by QY Research titled, "Global Lifeboat Market Research Report 2020" the researcher have presented in-depth analysis of market using various methodologies. The global lifeboat market was valued at US$289.42 mn in 2019 and is expected to reach US$297.97 mn by the end of 2025, rising at a CAGR of 0.49% during 2019-2025.
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Large Load Capacity to Drive Global Lifeboat Market
Now a days, manufacturers from different industries are heavily relying on water transportation owing to low cost, larger capacity, flexible service, and safety. This has created an immense demand for lifeboat, which are used during emergencies to abandon ship. As these boats are used during crisis they are lightweight, strong, and have a huge load capacity. These lifeboats can withstand extreme weather conditions and are self-righting and unsinkable. Hence, the rising demand from industrial sector for water transportation will simultaneously trigger the global lifeboat market.
Freefall Lifeboat Segment to Register Significant Demand from Market
There is a significant demand for freefall lifeboat segment as it can be easily launched from the stowed position by operating a lever located inside the boat, which releases the boat and it slides through the tilted ramp.
Asia Pacific Region to Hold Largest Growth in Market
Asia Pacific region will hold the largest share in the global lifeboat market owing to the rapid industrialization and growth of water transportation industry. Additionally, countries like India and China have large cost line and well-maintained ports. These factors will further impact growth of market.
Manufacturers to Focus on Increasing Electric Lifeboats
VIKING recently announced that the company has successfully secured a contract from Kværner AS. Under the contract the company will deliver three VIKING Norsafe E-GES 52 electric free-fall lifeboats and compatible davits. The contract has been amended to specify VIKING Norsafe E-GES 52 units based on assured availability, performance, and lower maintenance along with remote monitoring capabilities and value for offshore operators. This is expected to help the company boost sales of electric boats, which will help them to combat competition.
The major manufacturers covered in the report includes Balden Marine, Palfingermarine, Wuxi Haihong Boat, HLB, DSB Engineering, Fassmer, ACEBI, Survival Systems, Nishi-F, Jiangsu Jiaoyan, Ningbo New Marine Lifesaving, Hatecke, JingYin Wolong, Qingdao Beihai Shipbuilding, Shigi, Jiangyinshi Beihai LSA, Vanguard, Jiangyin Neptune Marine, and others.
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