The global Rescue Boats market is expected to witness a market value of US$ 229.8 Million in 2023 and is expected to accumulate a market value of US$ 280.2 Million by registering a CAGR of 2.0% in the forecast period 2023 to 2033. The Rescue Boats market registered a CAGR of 1.4% in the historical period 2018 to 2022. Factors such as increasing inclination of upper-class population towards luxurious means of travel including cruise voyage, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Rescue Boats has been flourished. With an increase in the number of natural disasters and accidents, the demand for rescue boats is expected to rise significantly. The rising number of water-based accidents, such as floods and shipwrecks, is one of the primary drivers of the Rescue Boats Market. The need for faster and more efficient rescue operations is also fueling the demand for advanced rescue boats.
Governments across the globe, are mandating the use of rescue boats for various operations. For instance, coastguards are required to have a certain number of rescue boats available to them at all times. This is one of the major factors that is anticipated to propel the market growth during the forecast period.
Safety has become a major concern for individuals and organizations alike. As a result, there is a growing focus on ensuring the safety of people who work or engage in activities on or around water bodies. Rescue boats play a crucial role in ensuring the safety of such individuals, which is driving the demand for rescue boats market in the coming time.
Additionally, with advancements in technology, the design and capabilities of rescue boats have improved significantly. Newer boats are equipped with advanced features, such as better navigation systems, high-speed engines, and advanced communication systems. This has made rescue boats more efficient and effective, which in turn is anticipated to fuel the growth of the rescue boats market in the near future. Moreover, the advent of electric rescue boats is another major factor that is likely to boost the market growth.
Furthermore, the tourism industry is growing rapidly, especially in coastal regions. With more people engaging in water-based activities, such as fishing, sailing, and water sports, the demand for rescue boats is expected to rise. This factor is expected to create lucrative avenues for the Rescue Boats Market in the forthcoming years.
On the regional end, the Rescue Boats market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand for advanced rescue boats, rising natural disasters and water-based accidents, government regulations, and investments by leading market players in the region.
On the other hand, the Rescue Boats market in Asia Pacific is expected to account for a significant share during the analysis period, attributed to the factors such as the growth in maritime trade, increasing focus on safety, and rising occurrence of natural disasters in the region.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Rescue Boats are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in November 2020, Evoy partnered with VILING Life Saving Equipment, in order to launch the world’s first electrically powered 6.55meter rescue boat, the VIKING Norsafe E-Mako-655. The Mako-655 is an existing rescue boat design that, up until now, has only been offered with traditional engine propulsion due to the current IMO / SOLAS regulation which states that rescue boats of this type must have at least one internal combustion engine.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 229.8 Million |
| Projected Market Value in 2033 | US$ 280.2 Million |
| Growth Rate (2023 to 2033) | 2.0% CAGR |
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.
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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.
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.
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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.
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.
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Some of the key market players are:
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.
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Rescue Boats Market
