Technavio market research analysts forecast the globalinflatable marine life rafts market to grow at a CAGR of close to 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global inflatable marine life rafts market from 2017-2021. (Photo: Business Wire)
The market study covers the present scenario and growth prospects of the global inflatable marine life rafts marketfor 2017-2021. The report also lists ocean, offshore, and coastal as the three major application segments of which the ocean segment accounted for more than 56% of the market share in 2016.
According to Neelesh Prakash Singh, a lead analyst at Technavio for power research, "The growth of the market is mainly driven by an increase in the demand for naval vessels owing to the growth in the cruise industry and seaborne trade. This demand is likely to have a positive impact on the demand for inflatable marine life rafts which are a necessity for seaborne vessels."
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global inflatable marine life rafts market:
- Growth in cruise industry
- Growth in seaborne trade
- Comprehensive regulations governing inflatable marine life rafts
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Growth in cruise industry
The cruise ship industry is likely to witness a steady growth in 2017, owing to growing popularity of cruise travel and investments in the industry. The investments are expected to grow nearly eight-fold by 2026. The number of cruise travelers grew by over 60% during the ten-year period of 2007-2017.
"There will be an increase in the number of total ships ordered across various modes of sea travel, especially ocean cruise ships. Therefore, the growth of the cruise industry and strict regulations along with raft certifications will propel the demand for inflatable marine life rafts during the forecast period," says Neelesh.
Growth in seaborne trade
Seaborne trade has been growing gradually over the past decade, and this is expected to drive the demand ships which in turn will propel the demand for inflatable marine life rafts which are a necessary safety equipment on the ship.
In 2015, the world seaborne trade was estimated to exceed 10 billion tons by volume. China contributed the largest share in import volume growth in 2015. Of total seaborne trade in 2015, dry cargo shipments recorded for three-fourth of the share in volume whereas the remaining share was contributed by tanker trade which included petroleum products, crude oil and gas.
Comprehensive regulations governing inflatable marine life rafts
Marine life rafts are expected to meet the relevant sections of the International Sailing Federation (ISAF) offshore special regulations. The major points that are considered in the ISAF life raft specifications are construction materials, design features, and equipment provisioning.
Another internationally recognized certification body for safety rafts is developed by the ISO. The ISO 9650 life raft specification was published in 2005. Few of the ISO 9650 life raft specifications match with those of ISAF life raft specification. Under the ISO 9650 life raft specifications, operational performance and testing requirements are completed. The main purpose behind designing the ISO 9650 life raft specification is to bring together life raft regulations of all the countries in the EU in line with a single standard and get rid of any confusion.
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