Factors Driving the Market Growth:
– Increasing water based recreational and leisure activities
For leisure and recreational activities, the amount of underwater projects in coastal regions is growing. As their preferred recreational activity during their holiday, more and more customers opt for diving. The recent trend lies in underwater restaurants, hotels, and aquariums. These initiatives are going to increase the market for diving equipment. Increasing coastal tourism worldwide has provided manufacturers the chance to increase their revenues and provide facilities to meet consumer demand.
– Rising exploration activities in oil and gas industries
Increasing worldwide population has led in enhanced petrol and crude oil products manufacturing. For their staff who work in the manufacturing process, oil and gas refiners use diving equipment. Offshore diving is used to explore and produce oil and gas, resulting in the development of the diving equipment industry.
Factors Restraining the Market Growth:
– Rise in diving fatalities
Diving underwater, apart from sunburn and thermal illnesses, motion sickness, cuts and bruises, etc., can lead to wounds and health problems such as drowning and bites and stings from different marine life. The possibility of death can be even caused by diving without a skilled trainer or oversight. The design of diving equipment is expensive and can prevent producers from developing products. The development of the diving equipment industry is affected by such constraints and disadvantages.
Market Segmentation 2019-2029:
The Diving Equipment Market is segmented on Type, Application, End User, Depth, and Regional basis.
– Exposure Suit
– Decompression Chamber
– Oil & Gas
Focused regional forecasts and analysis explore the future opportunities:
– North America
– Global diving equipment competitive environment is expected to be moderate over the period ranging 2019 – 2029 by virtue of limited manufacturers operating in this industry
– The market competition is expected to be on the basis of new product development and product pricing.
Major Market Players:
American Underwater Products, Inc., Aqua Lung International, Johnson Outdoors Inc., Mares S.p.A, Poseidon Diving System AB, Cressi Sub s.p.a, Beuchat, AQUATEC – DUTON INDUSTRY CO., LTD., H2Odyssey, and Dive Rite.
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CCR Ref number: KD4R6
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