The SAR equipment market is expanding due to governments'
efforts to modernize and upgrade search and rescue tools. This
growth is further driven by increased funding for military and
defense sectors, as well as disaster preparedness initiatives.
These factors are collectively enhancing the capabilities and
effectiveness of SAR operations.
NEWARK,
Del., June 20, 2024 /PRNewswire/ -- The
search and rescue equipment market size is estimated to reach
USD 108.2 million in 2024 and
grow at a CAGR of 3.8% from 2024 to 2034. Global sales of
the equipment are projected to reach USD
157 million by 2034. This increased demand is driven by
the transition from traditional lighting to solid-state lighting
systems in displays.
Asia Pacific is anticipated to
remain the primary market for SAR equipment fueled by its robust
manufacturing base and technological prowess. South Korea is estimated to lead the industry
with a predicted CAGR of 6% through 2034, while Japan closely follows with an estimated CAGR
of 5.4% until 2034.
Land was the leading platform in the industry due to the ease of
navigation. In 2023, the land segment accounted for a value share
of 43%. Communication dominated the industry based on
equipment, holding a market share of 47% in 2023.
The SAR equipment sector is shaped in large part by government
financing. With the help of these financial resources, SAR teams
will be able to buy cutting-edge technology, directly boosting the
market for SAR equipment and increasing demand for high-caliber
equipment.
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The development of equipment for specific habitats and
landscapes, such as mountains, aquatic bodies, or urban disaster
zones, is set to be encouraged by funding designated toward
equipment for unique challenges faced by certain geographical
places. Robots with artificial intelligence (AI) capabilities can
be used in dangerous situations to find survivors, evaluate damage,
or transport necessities. AI-enabled drones can cover wide search
regions and provide vital information back to the command center,
saving time and reducing the chance that people will be exposed to
dangerous locations
Innovation and investment in the infrastructure of SAR equipment
are expected to be fueled by public and private collaborations
between government agencies, nonprofits, and private businesses. In
order to keep a firm grip on the market, top companies in the SAR
equipment sector are continuously acquiring and partnering with
other businesses, leading to a noticeable trend of mergers and
acquisitions in the sector. In an effort to innovate and improve
the SAR equipment market's effectiveness and efficiency, companies
are continuously spending on research and development. The market
for SAR equipment is expected to increase steadily over the next
ten years.
Key Takeaways from the Market Report
- The SAR market is set to reach USD
157 million by 2034 with a CAGR of 3.8%.
- By platform, land is leading the global market with a value
share of 43% in 2023.
- Based on equipment, communications accounted for a market share
of 47% in 2023.
- South Korea is estimated to
record a CAGR of 6% between 2034 and 2034.
- Japan will likely hold the
dominant position in the global market and show steady growth at a
CAGR of 5.4% by 2034.
"Advancements in AI technology is projected to drive
significant innovation leadings. This is anticipated to lead to
increased efficiency and effectiveness of SAR equipment," says
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.).
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Who's Winning?
Savox Communications, Shenzhen Hoverstar Flight Technology,
Mayday Scandinavian International AB, and other leading businesses
are competing for market share in the SAR equipment sector. In the
context of the dynamically changing search and rescue (SAR)
equipment market, all players are vying for consumer attention.
Manufacturers contest with specialization, innovation, and
cost-effectiveness in the dynamic SAR equipment market. They are
collaborating with and acquiring start-ups in addition to
developing new and enhanced SAR equipment to pool their resources
and create cutting-edge SAR solutions. They are also putting more
emphasis on certain SAR applications and stressing how crucial
practice and training are to successful SAR operations.
Tight certification processes and safety regulations may make it
difficult for new competitors to enter the market. In this
industry, striking a balance between affordability and superior
quality is crucial, particularly in places with limited resources.
Businesses are trying to modify their approaches to meet the
various rules and specifications of several regions. Technological
developments will increase the need for specialist equipment, which
are set to further change the market's competitive environment.
Industry Updates
- The National Search and Rescue Center (NSRC), in
February 2024, announced that it will
be hosting its 3rd Edition of the International Search and Rescue
Exhibition (INSRC) 2024, a premier global event focused on
featuring cutting-edge innovations and institutional frameworks to
advance the field of search and rescue, under the cover of the
National Guard Command (NGC).
- East Sussex Fire and Rescue Service, in May 2024, invited people over the age of 18 to
attend a Session, "Have a Go," at the Eastbourne Fire Station to
allow people to gain hands-on experience with tasks and equipment
handled by firefighters.
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Get More Insights into the Search and Rescue Equipment Market
Report
In its latest report, Future Market Insights (FMI) offers an
unbiased analysis of the search and rescue equipment market,
providing historical data from 2019 to 2023 and forecast statistics
for the period 2024 to 2034. To understand the industry potential,
growth, and scope, the industry is segmented based on platform
(airborne, marine, and land), type (combat, urban, and industrial),
equipment (tactical and military kits, survival, signaling,
medical, communications, and others), weight (light-weight SKAD and
heavy-weight SKAD), and regions.
About Future Market Insights – Industrial Automation
The Industrial Automation division of Future Market
Insights offers a novel approach and innovative perspective in
analyzing the industrial automation domain. Comprehensive coverage
of capital, portable, process, construction, industrial, and
special-purpose machinery across the manufacturing sector and
distinctive analysis of the installed base, consumables,
replacement, and USP-feature-application matrix make us a
pioneering voice in the industry. We are preferred associates with
established as well as budding industry stakeholders and channel
partners when it comes to sustaining, growing, and identifying new
revenue prospects.
Key Segments of Market Report:
By Platform:
Based on platform, the SAR equipment sector is divided into
airborne, marine, and land.
By Type:
By type, SAR equipment is segregated into combat, urban, and
industrial.
By Equipment:
Based on equipment, SAR equipment sector is split into tactical
and military kits, survival, signaling, medical, communications,
and others.
By Weight:
By weight, the sector is segregated into light-weight SKAD and
heavy-weight SKAD.
By Region:
Based on regions, the sector is distributed across North America, Latin
America, Western Europe,
South Asia, East Asia, Eastern
Europe, and the Middle East
and Africa.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Explore Future Market Insights, Inc. Extensive Coverage in
Industrial Automation Domain:
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About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110 countries.
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