Diving Equipment Market is Anticipated to Grow at a CAGR of 4.07% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report “Diving Equipment Market By Type(LARS, Diving life support systems, Hyperbaric lifeboats and saturation systems, Deck Decompression Chamber), By End-user(Military & Defence, Mining, Oil & Gas Industry, Dredging), Industry Trends, Estimation & Forecast, 2017 – 2025″.
In 2017, the mining, oil & gas segment generated the highest revenue share in the global professional diving equipment market. Among major regions, North America was the highest revenue generating market, holding nearly 32% of the market share, in 2017.
“The U.S. dredging industry is continuously investing in building dredges with increased capacity for complex operations while maintaining the highest environmental and safety standards for dredging operations. It invested in the manufacturing and delivery of four vessels that represents a value of more than $310 million in new vessel construction in the United States.”
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The dredging segment garnered a significant share of the overall professional diving equipment market and is anticipated to grow with the highest CAGR of 4.49% during the forecast period. The dredging sector is witnessing an increase in the number of dredging activities across the globe, with various developing and developed nations investing heavily in the sector. The dredging market is gaining pace in the European region, as global contractors are seeking opportunities to order new & large equipment for attractive prices, due to the overcapacity in shipbuilding. As per the International Association of Dredging Companies, Europe accounted for more than 20% share of the total turnover of dredging contractors in the open markets, in the year 2017. In addition, the Malaysian dredging industry is also investing in building and cleaning dredges with an increased capacity for complex operations while maintaining the highest environmental and safety standards for dredging operations.
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Deck decompression chamber segment led the global diving equipment market in 2017 due to its rising importance in long duration dives
Deck decompression chambers are gaining importance in professional diving, as decompression is a crucial aspect in the complete diving process. Decompression allows the divers to adjust to the normal surface pressure after long durations of underwater diving. Market players are focusing on introducing decompression chambers that are light in weight, transportable, and small in size. Moreover, deck decompression chambers are being widely used in diving centres, military, and superyachts among others. These chambers are gaining demand in military and navy, as decompression illness has caused several fatal accidents in the recent past.
North America captured the lion’s share in the diving equipment market, owing to the presence of strong industry verticals in the region
In 2017, North America captured the highest market share of the professional diving equipment market and is anticipated to maintain its dominance during the forecast period. The United States and Canada nourishes the mammoth oil and natural gas industry along with several inland welding opportunities near rivers, lakes & ponds, bridge inspections, water intake maintenance, marine salvage, ship maintenance, underwater construction, and diver dredging operations. The dredging market in the region is exhibiting a steady growth rate, as it is still in its explorative mode, where the contractors are mainly investing in smaller equipment. However, mining and oil & gas industry in the region has tremendous scope and is expected to have a strong hold over the region’s economic growth. Moreover, the growing curiosity of scientists in exploring and understanding the marine ecosystem has propelled the U.S. to extend its deep sea mining exploration permits. In addition, the surging demand for gold, copper, cobalt, and rare earth minerals used in smart phones and other electronic gadgets is also promoting deep sea mining activities in the region. These parameters are a proof to the surging demand for diving activities and their related diving equipment in North America.
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KEY FINDINGS OF GLOBAL PROFESSIONAL DIVING EQUIPMENT MARKET, 2017-2025
* The Hyperbaric Lifeboats & Saturation System segment is anticipated to grow with the highest CAGR of 4.4% during the forecast period 2018-2025.
* The Mining, Oil & Gas segment gained the highest revenue share of 45% in the global diving equipment market, in 2017.
* Asia-Pacific is expected to grow with the highest CAGR of 5.4% during the forecast period 2018-2025.
Some key market players are Cobham Plc, Divex Ltd., Dragerwerk AG & Co. KGaA, Apollo Military, Aqua Lung International, American Underwater Products, Atlantis Dive, Submarine Manufacturing & Products Ltd., Henderson Aquatics, MARES, Johnson Outdoors and SMP.