LONDON, Aug. 9, 2016 /PRNewswire/ -- The diving equipment market is projected to grow at a CAGR of 4.05% during the forecast period"
The diving equipment market is expected to grow from USD 2.72 billion in 2016 to USD 3.21 billion by 2021, at a CAGR of 4.05% from 2016 to 2021. The diving equipment market is predominantly driven by the increasing number of underwater projects, exploration of oil rigs, underwater construction, and recreational activities, among others.
The rise in demand for rebreathers, decompression champers, exposure suits, and accessories in the diving equipment market; growing need for search and rescue operations; and huge investments for technological advancements of defense operations are playing a significant role in fueling the demand of diving equipment significantly around the world.
"On the basis of type, the exposure suits segment of the diving equipment market is projected to grow at the highest CAGR during the forecast period"
The exposure suits segment of the diving market is expected to grow at the highest CAGR during the forecast period. There are two types of exposure suits, namely, wet suits and dry suits. The highest growth rate for dry suit can be attributed to its longer durability and shelf life. It has healthy growth opportunities in the coming 5 years, since the materials used for making the equipment are lightweight which make dives comfortable.
"North American region holds a large market share in the diving equipment market"
On the basis of region, North America is expected to lead the diving equipment market. Countries in this region include the U.S. and Canada. North America diving equipment market is mainly driven by the large number of original component manufacturers (OCMs) and original equipment manufacturers (OEMs), major technological upgradation for existing equipment by the key players, presence of key market players, such as Honeywell (U.S.) and Cobham plc. (U.K.). Additionally, huge investments by the U.S. Navy for the defense rebreather coupled with other major equipment are also fueling the growth of the diving equipment market.
Break-up of profile of primary participants for this report:
- By Company Type - Tier 1 – 35%, Tier 2 – 45% , Tier 3 – 20%
- By Designation – C level – 35%, Director level – 25%, Others – 40%
- By Region – North America - 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
The key players operational in the diving equipment market include Cobham plc (U.K.), Divex Ltd. (U.K.), Submarine Manufacturing & Product Limited (U.K.), Dragerwerk (Germany), Honeywell International, Inc. (U.S.), and Aqualung International (U.S.), among others.
Reasons to buy the report:
From an insight perspective, the diving equipment market report has focused on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, high-growth regions and countries and their respective regulatory policies, drivers, restraints, and opportunities.
The diving equipment market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on diving equipment market offered by top 10 market players
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players
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