Rescue Boats Market Overview
According to the study, the Rescue Boats market is anticipated to exhibit a marginal growth of approximately 2% during the assessment period of 2021 to 2031. A rescue boat is used for the purpose of providing aid to the vessel that is in distress or danger.
It is also used to rescue passengers and crew members. Originally only hand pulled rescue lifeboats were available, however with the advancement in technology and demand for safer and quicker boats, sail powered and engine powered boats are available which result in faster and efficient operations.
What is Driving Demand for Rescue boats?
Rescue Boats are widely utilized in cargo ships, cruise ships, coast guard services and offshore installation. The surge in the recreational activities such as water sports is expected to be a growth driver for the industry. The rising inclination of upper-class population towards luxurious means of travel like cruise voyage is projected to spur the sales throughout the forecast period.
In addition, regions that are prone to natural disasters such as tsunami and floods could also help to boost the market share. Countries such as Japan and Philippines have made significant investments in these boats as a safety measure.
What are the Factors Influencing the Sale of Fast Rescue boats?
Fast rescue boats can be categorized into inboard and outboard engine. The inboard engine type is expected to hold a prominent position as it holds close to half of the market share. These boats contain high power and hauling capability and they can tow huge vessels and rafts.
These boats are ideal for carrying out search and recovery operations for people who have gone missing at the sea. These boats can also be used for carrying out activities such as patrolling and investigating. These factors have contributed to an increase in demand of these boats, which is expected to drive the expansion of the market.
Europe Rescue Boats Market Outlook
Europe is expected to hold a significant amount of market share during the forecast period owing to the well-established infrastructure and the presence of leading manufacturers spanning across the region. These attributes have helped Europe to become one of the leading suppliers of these boats and the trend is expected to continue throughout the forecast period.
A rise in demand for fast rescue boats has been witnessed in the region due to its numerous benefits. As a result, manufacturers are incorporating modern technologies and investing in R&D to enhance the safety and other features of these boats. Owing to these features, Europe is predicted to maintain a healthy share in the market during the forecast period from 2021 to 2031.
How is East Asia Faring in the Rescue Boats market?
East Asia is projected to be one of the most lucrative markets for these boats. China and South Korea are considered to be the two countries with the most consumption volume of rescue boats.
Japan being close to the Pacific Ocean is under the constant threat of natural disasters such as floods and tsunami. South Korea and China have made huge investments in infrastructure to accommodate the production and development of these boats. The increasing number of recreational activities and rising demand for cruise travel has compelled manufacturers to invest in the development of new and efficient technology.
Who are the Key Manufacturers and Suppliers of Rescue Boats?
Some of the key market players are:
- Gemini Marine
- Survitec Group
- ASIS BOATS
- Zodiac Milpro International
- Boomeranger Boats
- Sealegs International
- Jiangsu Jiaoyan
The acquisition of other market players and competitors allows significant players to strengthen their market position.
These acquisitions enable acquiring firms to broaden their product portfolios while also gaining access to the infrastructures, technology, distribution networks and R&D facilities of the acquired firm.
Many leading manufacturers and suppliers are focusing on expanding their business through collaborations and acquisitions. Manufacturers are investing in product development in order to bolster the demand and improve sales.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By Product Type:
- Fast boats
- Normal Speed boats
- Coast Guard Service
- Offshore installation
- North America (U.S., Canada)
- Latin America (Brazil, Mexico)
- Europe (Germany, Italy, France, U.K., Spain, BENELUX, Russia, Nordics)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, ASEAN Countries, Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa)