| A05937 | Pages: 225 | Jan 2020 | 5114 Views | ||
| Author(s) : Himanshu Vig, Roshan Deshmukh | Tables: 117 | Charts: 42 |
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Request Now !The diving suits market size was valued at $419.2 million in 2018, and is expected to reach $623.7 million by 2026, registering a CAGR of 5.2% from 2019 to 2026. The wet suit segment led in terms of market share in 2018 and is expected to retain its dominance throughout the forecast period.
A diving suit is a device or garment that is designed to safeguard a diver from the underwater environment. The diving suit was invented in the 19th century, which consists of a weighted boot, water light coverings and a metal helmet with transparent portholes. Diving suit is also used for numerous applications such as R&D, rescue operation, recreation to name a few. Dive equipment’s or diving gear along with any additional equipment are some of the other necessary accessories required for deep sea diving.
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Industries such as oil & gas, hydroelectric power, involve numerous diving activities for R&D and operational activities. In addition, under sea maintenance activities have increased manifold in the last few years. In addition, industrialization has led to the development of the logistic industry, which includes development/construction of bridges. Construction of sea links and bridges requires extensive underwater analysis thus creating diving suits market demand. Moreover, modern construction such as the Palm Jumeirah, the Palm Jebel Ali, and the World Islands in UAE involves numerous diving activities during the process of construction & maintenance. Extensive construction of artificial islands to further augment the diving suits market growth in the upcoming years.
Recent years have seen an upswing in consumer’s interest for watersport. Boat riding, wake boarding, water skiing, scuba diving, free-diving are some of the water activities which have gained high traction in the last few years. Water sports are adventurous, action packed, fun-filled, and exciting, which attracts rising number of people. Furthermore, watersports are also becoming a part of national and international games, which is fueling the growth of the diving suits industry.
Diving activities involve fatal risks. Thus, professional divers need to undergo vigorous training before being licensed by the certifying agency such as Professional Association of Diving Instructors (PADI). However, numerous death toll while diving restricts the growth of the market. The number of deaths has been witnessed to increase significantly due to rough water conditions, poor gas management, misuse of equipment, entrapment, poor buoyancy control, and pre-existing health problems. Majority of the accidents are attributed to human errors, however, some of these fatalities are inevitable and caused by unforeseeable situations. Rise in fatal accidents have a major financial impact on the diving or associated industry by loss of income, lost business, increased insurance premium, and high litigation costs.
Segment Review
The global diving suits market is segmented into type, price range, sales channel and region. Depending on type, the global market is bifurcated into drysuit and wetsuit. The market also segments global market by price range into economy, luxury and premium. Based on sales channel the global market is studied across offline channels and online channels. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
Based on type the global diving suits market is segmented into drysuit and wetsuit. Wet suits segment accounts for the major market share however, drysuit segment is poised to grow with highest CAGR during the analysis period. Drysuit helps to keep body completely dry by ensuring that no water gets into the suit. Drysuit are generally made up of crushed neoprene, foam neoprene, vulcanized rubber, or heavy-duty nylon
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Based on price range the global market is studied across economy, mid-range and premium. Mid-range segment accounts for the major diving suits market share however, luxury segment is gaining high traction amongst divers owing to better thermal insulation, mobility and lifespan.
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Based on sales channel, the market is classified into offline channels and online channels. Offline channels lead in terms of global diving suits market share however, expansion of e-commerce platforms, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands will augment sales through online channels.
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Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America leads in terms of market share however Asia-Pacific region in estimated to grow with highest CAGR during the forecast period.
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The report focuses on the growth prospects, restraints, and opportunities of the global diving suits market. The study provides Porters five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the diving suits market.
Some of the key players in the analysis include Aqua Lung International, Johnson Outdoors Inc., Mares S.p.A, Beuchat, Dive Rite, Cressi Sub s.p.a, H2Odyssey, Aquatec, Duton Industry Co., Ltd, SHEICO Group, Diving Unlimited International (DUI).
Key Market Segments
Key Market Players
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Surge in popularity of the sports diving activity has created enormous opportunities for the engaged players in the industry. In addition, increase in exploration activities pertaining to marine biology, underwater archaeology, diving medic oceanography, and fisheries researchers has created colossal demand for diving suits and associated equipment in the last few years. Onshore construction companies along with offshore oil and gas industry, state or territory fisheries departments and water authorities, civil engineering firms and fish farms are all heavily investing in the sea exploration, maintenance and research activities, which altogether helps in market expansion. Furthermore, deep diving as an adventure sports is gaining high traction among millennials. Amidst innovation, and evolving tourists preference toward deep sea diving, the outlook for diving suits seems optimistic, and is expected to continue to witness robust growth in the coming years.
A. The diving suits market size was valued at $419.2 million in 2018
A. The diving suits market growth is estimated to be 5.2% during the forecast period.
A. The diving suits market size was valued at $437.5 million in 2018, and is expected to reach $623.7 million by 2026
A. The leading global manufacturers for diving suits are Aqua Lung International, Johnson Outdoors Inc., Mares S.p.A, Beuchat, Dive Rite, Cressi Sub s.p.a, H2Odyssey, Aquatec, Duton Industry Co., Ltd, SHEICO Group, Diving Unlimited International (DUI)
A. The current trends in diving suits market includes designing of lightweight, shark resistant diving suits. Furthermore, green diving suits made from Naturalprene obtained from renewable rubber trees is going to seek wide attention from manufacturers in the estimated forecast.
A. Rise in fatal accidents during diving is seen as a major challenge for the diving suits market.
A. The diving suits market will continue to grow with robust CAGR amidst rise in sports tourism, increasing under water construction and maintenance activities and continuous introduction of lightweight diving suits.
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