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How Has The Portable Emergency Shelter Market Performed Historically and What is its Growth Projection?
The portable emergency shelter market size has seen steady expansion over the recent years. The market which was valued at $0.95 billion in 2023 is projected to grow to $0.97 billion in 2024, realizing a compound annual growth rate CAGR of 2.2%. This growth in the historic period can largely be attributed to factors such as increase in natural catastrophes and humanitarian needs, increasing frequency of natural disasters, heightened spending on military, growing popularity of portable homes and expanding government initiatives for disaster preparedness.
The portable emergency shelter market size is expected to see steady growth in the next few years. It will grow to $1.06 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%.
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What Are The Major Drivers Influencing The Growth Of The Portable Emergency Shelter Market?
The increasing frequency of natural disasters is expected to propel the growth of the portable emergency shelter market going forward. Natural disasters, fueled by environmental issues such as climate change, deforestation, urbanization, population growth and environmental degradation, inflict significant damage to property, infrastructure, and the environment, often resulting in loss of life and economic disruption. In such scenarios, portable emergency shelters act as a critical resource by providing immediate, temporary housing, protecting people from environmental elements, and providing a safe space for those displaced by disasters. For instance, in April 2024, according to Our World in Data OWID, a UK-based open public source, the global number of earthquakes increased from 16 in 2021 to 32 in 2023, driving the need for portable emergency shelters.
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Who Are The Key Players In The Portable Emergency Shelter Market?
Major companies operating in the portable emergency shelter market include HDT Global, Alaska Structures Inc., Weatherhaven Global Solutions Limited, Black Diamond Equipment, ShelterLogic Corporation, Western Shelter Systems, Kelty's, Big Agnes Inc., Epack Polymers Private Limited, Tentnology, Karmod Prefabricated Technologies, Dome Technology, NEMO Equipment Inc., Sierra Designs Inc., Hilleberg the Tentmaker, Covertex, Six Moon Designs, InterShelter Inc., Pinnacle Tents, World Housing Solution.
What Are Some Of The Emerging Trends In The Portable Emergency Shelter Market?
Major industry players are focusing on investing in military shelters to enhance their rapid deployment capabilities and adaptability for various operational environments. This is in response to the increasing demand for versatile solutions in both military and civilian emergency scenarios. For instance, in April 2024, HDT Global, a US-based company that manufactures portable emergency shelters, was awarded a $432 million contract by the U.S. Army to supply rigid wall shelters as part of the Army Standard Family of Rigid Wall Shelters Phase 1 ASF-RWS P1 program.
How Is The Portable Emergency Shelter Market Segmented?
The portable emergency shelter market is segmented as follows:
1 By Type: Tents, Prefabricated Shelters, Sleeping Pods, Others Types
2 By Distribution Channel: Direct, Indirect
3 By Application: Disaster Relief, Medical, Military, Others Applications
What Are The Regional Insights Into The Portable Emergency Shelter Market?
Europe held the largest region in the portable emergency shelter market in 2023, however, the market report also covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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