Life-Raft Rental Service Market Size, Share, Growth and Industry Analysis by Type (Aviation Life-Raft, And, Marine Life-Raft) By Application (Recreational and, Commercial) Regional Insights and Forecast To 2032

Updated On: 17 June 2024

LIFE-RAFT RENTAL SERVICE MARKET REPORT OVERVIEW

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The global life-raft rental service market size expanded rapidly in 2022 and the market is projected to grow substantially by 2028, exhibiting a prodigious CAGR during the forecast period.

The Life-raft Rental Service is equipped with all necessary safety appliances for seafarers and travelers to have a peaceful journey. They pay attention to details when maintaining the life-rafts, as well as use high-quality life-rafts to ensure the readiness for any emergency at sea. Being multidimensional of leisurely fishing line to challenging expeditions, their reliable life-rafts equipped with valuable life-saving gears is a proof that they care about their dependencies and the marine safety. With a convenient rental process that offers competitive prices, they ensure the safety of all those who take part in the recreational activities and they facilitate this through their simple and friendly rental process and competitive prices. 

COVID-19 impact: Reduced Outdoor and Marine Activities during Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

During the recent COVID-19 pandemic, there has been a major disruption in maritime sectors because of several reasons. Traveling became limited and ship activities in maritime experienced a decline. Other water activities also were completely reduced.  Health and safety regulations also reduced operation efficiency. However, despite the problems, the life-raft rental companies became more innovative in sanitation, flexible rent terms, and also diversified services to fit the responses to an emergency event. They thus exemplified the robustness in their operations even through troubling water situations.

LATEST TRENDS

"Integration of IoT and Automation with Life-rafts to Accelerate Market Growth"

Several new innovations have been introduced in the market. Latest technologies including IoT (Internet of Things) sensors are being combined to life-rafts, having real-time checkup on status, position, temperature and if it is inflated or not. Automation has a big role in unexpected challenges, which are eliminated by automated maintenance systems that are designed for life-raft inspection purposes.

Further, it is being noticed that materials less harmful to the environment as well as green designs are becoming more popular, which also helps in mitigating the environmental harm. Virtual reality programs while on the other hand help students living in the at-sea conditions through life-raft deployment and other survival skills training. These advancements signify a hopeful future in maritime operations as it aims for the survival of the victims and a greener society. The above factors are driving the life-raft rental service market growth.

LIFE-RAFT RENTAL SERVICE MARKET SEGMENTATION

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By Type

Based on types the global market is segmented into aviation life-raft, and, marine life-raft

• Aviation Life-raft: Aviation life-saving rafts are manufactured using specialized lightweight materials and are designed in a way to fit in the aircraft specifications while having fast in-flight deployment mechanism for the emergency in the aerial environment.

• Marine life-raft: While ships provide comfort and stability in the open ocean, life-rafts, with their durability and buoyancy for extended survival in harsh marine environment. They are equipped with features such as water desalination kits and additional provisions, which make them ideal option for long stay at sea.

By Application

Based on application the global market is segmented into recreational, and, commercial

• Recreational: The recreational life-rafts aimed for boating that are primarily for leisure. They are of compact size individual units with deployment mechanisms which are easy to deploy and are accompanied by amenities of emergency ration along with ringer devices to ensure safety during recreational travel on the aqueous environment.

• Commercial: Life-rafts intended for commercial use must be designed to meet the strictest regulations of maritime industry and to satisfy needs of huge vessels and companies operating in this sphere: they should be resilient enough to bear many people, have advanced safety features, and be armored against the dangers encountered in the commercial shipping and offshore industries.

DRIVING FACTORS

"Enhanced Naval Actions and Risk Mitigations in Aquatic Environment to Propel Market Growth "

Many factors are responsible for the rapid development of the industry.  Enhanced naval actions that include commercial shipments and sea discoveries, and recreational boating, lifesavers become essential safety gear in preventing emergencies. Furthermore, the development of life raft technology, which is growing, the above-mentioned safety campaign in the marine transport, and the impact of the risk mitigations techniques structure the character of the life raft sectors. All of the above-mentioned factors are driving the life-raft rental service market share.

"Growing Focus on Corporate Social Responsibility and Sustainability to Propel Market Growth "

Apart from that, the growing focus on corporate social responsibility and sustainability encourages the companies to put in place some measures, like life-raft rental, to protect both the employees, inclusive of their environment. Economic factors, which encompass price fluctuations of fuel and premiums on marine insurances, convince ship owners to utilize renting services as a money-saving option when buying life rafts for vessels. Also, the development of maritime tourism in coastal areas and waterways require large number of lifesavings equipment in the industry indicating that the booming maritime activities are characterized by the high level of safety consciousness in the marine environment.

RESTRAINING FACTOR

"Severe Economic Uncertainties and Ship Owner Budget Constraints to Decrease Market Growth"

While there are demands for this type of service, there are several limiting factors as well. Strict regulatory restriction and compliance still cause problems in respect of continuous maintenance practice and log recording. Severe economic uncertainties and ship owner budget constraints may lead to rental service investment deteriorations as short-term cost-savers measures may be preferred over the rentals. However, market instability, prices volatility in maritime activities and seasonality (travel reduction during global crisis or the lulls-spring and autumn seasons) hinder consistent requests for renting life-rafts. As a result, the sector needs to come up with the moves that are diverse and flexible in order to make the life-raft leasing services sustainable and strong in the maritime sector.

LIFE-RAFT RENTAL SERVICE MARKET REGIONAL INSIGHTS

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"Europe to Dominate Market Share in Upcoming Years Due to Many Significant Arc Coastlines "

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa

Europe, especially the Scandinavian region stands out and turns out to be a pioneer in the area of life-raft rental services as it represents true guard ship and setting safety standards. Countries such as North Norway, Sweden, and Denmark are known by their significant arc coastlines and skyrocketing marine industry and for that reason there is an increase in the demand for rescue boats.  Progressive technology and maritime infrastructure deliver the required reliable and practical life-raft rental solutions to stakeholders in the maritime industry across the world.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Survitec (U.K.)
• Datrex (U.S.)
• Chase Leavitt (U.S.)
• Sea Safety (U.S.)
• Life Raft and Survival Equipment (U.S.)
• Avalon Rafts (U.S.)
• Aviation Survival (U.S.)
• LifeRaftsEtc (U.S.)
• Inflatables International (U.S.)
• Marine Safety (U.S.)
• CAPS Aviation (U.S.)
• SOS Marine (Australia)
• RaftXChange (U.S.)
• Oceanlink (Canada)
• Lifeline (U.S.)
• Techno Fiber (Italy)
• NOAH (U.S.)
• SafeTech (U.S.)
• Louis Safety (U.S.)
• FBO Logistics (U.S.)
• Vancouver Liferaft (Canada)
• Nautical Supplies (U.S.)
• Solas Safety (U.S.)
• Solutionone Maritime (U.S.)
• Port Marine (U.S.)
• Eagle Enterprises (U.S.)
• Taylor Marine (U.S.)
• West Offshore Products (U.S.)
• MOSS Australia (Australia)

INDUSTRIAL DEVELOPMENT

January 2022: In the year 2022, Life-raft Rental Service employees innovatively constructed a liferaft unit with mounted solar powered distress beacons. This revolutionary discovery does not only guarantee a single beacon. It also eliminates the maintenance effort which was required before, namely replacing the used batteries, which are a significant long-term benefit in terms of reliability and environmental protection. With this enhancement the industry reaches its threshold for eco-oriented solutions which gives seafarers not only a technological advancement but also provides them with peace of mind.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.