The increase in participation of water-based sports and seaborne trade is likely to drive the growth of marine signaling devices market. The recreational sports such as scuba diving and snorkeling are the new trends, and the countries are adapting these sports on a large scale, thus boosting the need for safety equipment for emergency conditions. Marine signaling devices are helpful in instances of distress for seeking help. Owing to the rise in passenger boats and cargo ship activities, the revenue for the marine signaling devices market is expected to increase.
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However, the equipment such as pyrotechnic flares marine signaling devices can reach 3,000 degrees centigrade and if improperly handled will cause serious injury and even fire. Additionally, the boats which are required to carry flares face disposal problems of the flares; these, are the major restraint for the marine signaling devices market which will hamper the growth in the forecast timeframe.
Some of the major market players of marine signaling devices market are Forespar, Ocean Signal, Osculati, Perko, Kama Industries, Mrinco, Plarimo, Schmitt & Ongaro, Spinlock, Nrd Solutions, and Hella Marine. Expansions, acquisitions, partnerships, and new product developments are the main focus of these market players to grow their business in the potential markets. They have been focusing on strategies such as organic and inorganic growth developments, including contracts and investments.
COVID-19 impact analysis
- The pandemic largely affected the global marine signaling devices market with the slump in demand for container ships to oil tankers.
- The global lockdown norms caused significant problems for both the cruise and shipping sectors cancelling, including order & trip cancellations, spikes in costs, and drop in trade opportunities.
- Additionally, social distancing norms across the globe largely reduced workforce, which led to closure of production and shipbuilding facilities.
- According to the Shanghai International Shipping Institute, the pandemic led to reduced capacity utilization of around 35% at Chinese ports, thus hampering the market demand for marine signaling devices.
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Key benefits of the report
- This study presents the analytical depiction of the global marine signaling devices market industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the marine signaling devices market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the marine signaling devices market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
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