Future Market Insights
Scuba diving is an essential part of the tourism industry. It has emerged as one of the most popular recreational sports across the globe. Moreover, growing interest amongst people towards discovering and exploring different forms of underwater life and habitats in tropical, subtropical and polar locations is also one of the reasons responsible for increased scuba diving activity in recent years. However, increasing number of accidents and deaths in scuba diving have resulted in increased adoption of diving and survival equipment these days. In the deepest part of the ocean, there is a possibility of lack of breathable oxygen. Similarly, high water pressure can also prove to be a problem. These are major threats which can even collapse lungs and kill the diver immediately. Thus, buoyancy compensator plays an important role in scuba diving to maintain neutral buoyancy beneath water. These major concerns can lead to an increase in the adoption of diving and survival equipment (such as buoyancy compensator) over the forecast period.
Global Diving & Survival equipment Market: Market Dynamics
Rising disposable income coupled with an increased interest in leisure activities is expected to lead to an increase in spending on under water sports such as scuba diving, snorkelling, etc. This, in turn, is expected to lead to an increase in the demand for diving & survival equipment over the forecast period. Furthermore, technological advancements in scuba diving equipment made with an intention to provide enhanced safety to divers is also expected to propel the growth of the diving and scuba equipment during the forecast period. In addition to this, to avoid any damage to marine life, development of eco-friendly diving products (such as apparels) is being attempted. This can further offer lucrative growth opportunities over the forecast period. Moreover, the annual scuba diving events organized by associations are also expected to lead to an increase in demand for good-quality diving and survival equipment during the forecast period.
Rising concerns -- such as increasing water temperature and coral bleaching -- which negatively affect aquatic life due to direct as well as indirect pollution are expected to challenge the growth of the diving & survival equipment market over the forecast period. Moreover, awareness projects and events revolving around marine conservation which spread awareness regarding marine areas which are prohibited for diving and fishing can also prove to be a challenging factor and a hindrance to the growth of the diving & survival equipment market over the forecast period.
Global Diving & Survival equipment Market: Segmentation
On the basis of product type, the global diving & survival equipment market is segmented into:
Global Diving & Survival equipment Market: Regional Outlook
North America and Western Europe have witnessed moderate growth in global diving & survival equipment market. North America is expected to account for a major share in global diving and survival equipment market over the forecast period. This can mainly be attributed to numerous scuba diving sites in this region. North America is followed by Western Europe in global diving and survival equipment market. France, Germany, Italy, Spain and Belgium, among other countries, hold a significant share of scuba diving and survival equipment market in Western Europe. It is mainly due to the attractive diving sites in this region. However, growth in the tourism industry, especially in scuba and snorkelling sports, in Asia pacific region is expected to increase the demand for diving & survival equipment over the forecast period. Thus, Asia Pacific excluding Japan, and Latin America are expected to witness significant growth over the forecast period. Middle East and Africa is expected to account for only a small revenue share in global diving and survival equipment market.
Global Diving & Survival equipment Market: Market Participants
Some of the market participants identified in the global diving & survival equipment market are as follows:
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