Search and Rescue (SAR) Equipment Market Size Worth $3.13 Billion by 2032

Newark, May 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the search and rescue (SAR) equipment market will grow to USD 2.14 billion in 2022 and reach USD 3.13 billion by 2032. In just ten years, increasing terrorism & insurgency directly cause economic destruction of property & lives & indirectly impact the economy through xenophobia, creating market uncertainty, loss of tourism, and increased insurance claims are also anticipated to drive market growth during the forecast period. Moreover, the rising demand to develop safety equipment and a rising number of search and rescue operations drive market growth.

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Report Coverage Details

Key Insight of the Search and Rescue (SAR) Equipment Market

North America to account for the largest market size during the forecast period.

North America is expected to have the largest market share in search and rescue (SAR) equipment. Key factors favouring the growth of the search and rescue (SAR) equipment market in North America include the presence of significant manufacturers within the region, along with the increasing demand for human safety in urban areas during disasters and natural calamities are helping stimulate the market growth. Further, an increasing focus and expenditure on emergency lifesaving equipment are expected to drive market growth in this region.

The ground-based segment is expected to augment the search and rescue (SAR) equipment market during the forecast period.

The platform segment is divided into ground-based, marine, and airborn. The ground-based segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for refurbished ground-based equipment.

The search equipment segment market size was USD 0.49 billion in 2022

The equipment segment is divided into search equipment, rescue equipment, planning equipment, communication equipment, logistics equipment, and technical equipment. The search equipment segment is anticipated to dominate the market over the forecast period owing to the increasing terrorism and illegal activities worldwide.

The urban SAR industrial segment is anticipated to dominate the market by 56.16% in 2032.

The application segment is divided into urban SAR industrial, and combat SAR. The urban SAR industrial segment is anticipated to dominate the market by 56.16% in 2032 due to the increasing terrorism & insurgency.

Advancement in market

For example, in December 2022, Zelim Company launched a remotely piloted recovery vessel with a capital investment of USD 2.44 million. The fast rescue vessel with unmanned and manned flexibility aims to transform emergency response operations across the maritime sector.

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Market Dynamics

Driver: The increasing funding for military & defence:

The increasing funding for the military, defence, and disaster preparedness is propelling market growth. Moreover, the increasing modernization of airports, along with the increasing number of natural disasters, terrorist attacks, and other emergencies, are also helping boost the market growth. Additionally, the growing demand for refurbished materials is possible to reduce high costs and improve the lifespan of the equipment. Furthermore, the stringent emission norms imposed by government agencies propel the demand for sustainable & eco-friendly equipment, helping boost market growth.

Restraint: The limited government spending on search and rescue services:

The limited government spending on search & rescue services hinders the market growth. Further, the stringent regulatory obligations, coupled with the high cost of operation & maintenance, are expected to hamper the market growth over the forecast period.

Opportunity: The rapid modernization and upgradation of search and rescue equipment by governments:

Governments' rapid modernization & upgradation of search and rescue equipment are helping to drive market growth. Moreover, the use of helicopters for search and rescue operations for providing vital services & products during natural disasters like floods & earthquakes in developing countries is helping to propel the market growth. Additionally, the acceleration in military budgets & a surge in the requirement for modernizing existing military methods for search & rescue operations are anticipated to propel the market growth over the forecast period.

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Some of the major players operating in the search and rescue (SAR) equipment market are:

• Leonardo S.P.A.
• Textron Systems
• General Dynamics Corporation
• Garmin LTD.
• ACR Electronics, Inc
• Thales Group
• Honeywell International Inc
• Cubic Corporation
• Elbit Systems Ltd

Key Segments cover in the market:

By Platform:

• Ground-Based
• Marine
• Airborn

By Equipment:

• Search Equipment
• Rescue Equipment
• Planning Equipment
• Communication Equipment
• Logistics Equipment
• Technical Equipment

By Application:

• Urban SAR Industrial
• Combat SAR

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.

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