USD 2.9 billion
Report ID: SQSG25J2015 | Region: Global | Published Date: July, 2023 | Pages: 213 | Tables: 158 | Figures: 78
Personal Floatation Devices Market size was valued at USD 2.9 billion in 2021 and is poised to grow from USD 3.17 billion in 2022 to USD 7.5 billion by 2030, growing at a CAGR of 13.06% in the forecast period (2023-2030).
The personal floatation devices (PFD) market is expected to experience robust expansion due to technological development and the introduction of new water sports categories. Besides, the technological advances such as inflatable PFDs integrated with lights and other safety features are getting incorporated into the mainstream maritime business.
The growing focus on reducing maritime mortality has greatly boosted the adoption of personal flotation devices. The safety protocols imposed by the local authorities at coastal areas facilitate personal flotation devices and safety equipment before entering deep waters in coastal areas. These factors have encouraged the use of PFDs to a very large extent.
Additionally, factors including the increased involvement and enrolments in water sports and water recreational activities, as well as the growing number of swimming pools and water sports venues, are all favourably influencing the growth trajectory.
US Personal Floatation Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.9 billion
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Personal Floatation Devices Market is segmented based on the product, application, actuation, end user, sales channel, and region. Based on product, the market is segmented into offshore life jacket, near-shore buoyant vest, flotation aid, throwable devices, special-use devices.
Based on the application personal floatation devices market into passenger and aircraft crew, commercial vessels (cargo ships, tugboats, passenger ferries), government & military, water sports. Based on actuation, the market segmentation comprises manually activated, automatically activated. Based on end-use the market segmentation comprises aquaculture industry, oil & gas industry, naval industry, and other industry.
Personal Floatation Devices Market Analysis by End User
The oil and gas industry dominates the end-use vertical and will hold the largest market share of the global personal flotation devices market because it depends so heavily on maritime trade for transportation. Sea businesses also promote the use of personal floatation devices to reduce the dangers associated with workers safety while working in open seas.
Personal Floatation Devices Market Analysis by Application
The near-shore buoyant vest sub-segment is a larger contributor due to its lightweight features and fast rescue operations. It is widely used in recreational boating as well, which is very popular right now. The sub-segment has a higher market share than the overall market due to the advantages listed above throughout the evaluation period.
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North America enjoys a monopolistic position in the personal flotation device sector as a result of high population to participate in thrilling water sports. People of various ages, including seniors, have been participating in deep water sports for the thrill and adventure. The US continues to grab a huge share in personal floatation device industry due to the wider availability of coastal lines and mandate safety protocols for divers. The relatively large number of boat fleets and boat owners also continues to supplement demand.
An increasing disposable income is expected to enable Asia Pacific to emerge and occupy a large market share. Owing to the high proportion of explorers willing to spend more on adventure sports, the market is able to suffice to the growing demands of the industry.
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Personal Floatation Devices Market Drivers
Improved Infrastructure and Increase in Purchasing Power to Boost Market Growth
Personal Floatation Devices Market Restraints
Lack of Awareness and Seasonal Demand to Impact the Market Growth
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To understand the competitive landscape, we are analysing key Personal Flotation Devices Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the industry.
To validate our hypothesis and validate our findings on the market ecosystem, we have conducted a detailed porter’s five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force follows a step-by-step analysis governing those forces.
Personal Floatation Devices Market Top Player's Company Profiles
Personal Floatation Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
For global personal floatation devices market report analysis, SkyQuest analysts have conducted a risk analysis to understand the impact of external extremities on the market. The market has lucrative opportunities in the future as sports activities are becoming increasingly popular. Development in marine infrastructure will further propel market growth and players with added advantages.
|Market size value in 2021||USD 2.9 billion|
|Market size value in 2030||USD 3.17 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Personal Floatation Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Personal Floatation Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Personal Floatation Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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