May 15, 2020
According to the research report titled ‘Global Personal Flotation Devices Market Size study, by Product Type (Offshore Lifejacket, Near-shore buoyant vest, Flotation Aid, Throw able device, Others), by Application (Passenger and aircraft crew, Commercial Vessel, Government & Military, Water Sporting), by Actuation (Manually Activated, Automatically Activated), by End-User (Aquaculture industry, Oil & Gas industry, Naval industry, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global personal flotation devices market was worth USD 2.3 billion in 2018 and is projected to register a 3.8% CAGR during 2019-2026.
For the record, PFD (personal floatation device), also known as life vests, are used as a support system for assuring safe floating in water. They are available in several sizes and shapes as per body weight. It is a protective gear which is used for safety purposes in emergency conditions, water sports or boating. The product is lightweight and less compact as compared to a lifejacket. Personal flotation equipment is filled with foam to keep the user warm in water. It is also employed to turn an unconscious person in the water to marginally or vertical reclining position.
Rising adoption of personal flotation devices for quick rescue operations owing to their lightweight coupled with shifting focus towards reducing marine fatalities are major factors driving the growth of global personal floatation devices industry. As per the III (Insurance Information Institute), around 1163 people died in marine accidents in 2017 resulting in USD 197 million in insured loss. The market is expected to further expand owing to growing demand for the product among coast guards and from various government marine agencies. Increasing number of water sport activities is also stimulating the industry outlook. However, lack of awareness and inadequate performance ratings of personal flotation devices may hinder the growth of the market.
Considering the geographical landscape, North America personal flotation devices market is predicted to grow significantly during the forecast period, owing to willing incorporation of advanced technologies for coastal surveillance and rising number of water recreational activities.
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Meanwhile, Asia-Pacific market is anticipated to record a momentous growth rate during the analysis timeframe. Increasing coastal security threats and rising focus towards improving surveillance are swaying the business dynamics in APAC.
Erez Europe, Johnson Outdoors Watercraft Inc., Hydrodynamic Industrial Co. Ltd., International Safety Products Ltd., LALIZAS, Kent Sporting Goods Co. Inc., Aqua Lung International, Absolute Outdoor Inc., National Marine Manufacturers Association and The Coleman Co. Inc. are the major players in global personal flotation devices market.