23 September 2019
Diving Equipment Market Report 2019-2029: Forecasts by Type (Rebreather, Exposure Suit, Decompression Chamber), Application (Commercial, Defense, Civil), End-User (Oil & Gas, Naval, Aquaculture), Depth (Recreational, Clearance, Saturation), by Region and Analysis of Leading Companies indicates that the Global Diving Equipment Market was valued at $ 5.6 billion by 2029
The diving equipment industry's development is attributed to an increase in industrial & construction activity combined with disposable revenue and an increase in coastal tourism. Government initiatives in travel & tourism growth & promotion combined with the advent of low-cost airlines have had a major impact on the worldwide tourism sector. Global tourism industry growth has a major effect on economic growth in multiple locations, particularly in mass tourist destinations such as coastal areas.
In addition, recreational diving is gaining significant popularity among tourists, backpackers, and honeymoon couples with the growth of multiple extreme sports. This increase in recreational market demand is expected to promote the diving equipment market's development. Sustainable aquatic environment practice, marine flora and fauna improvement is expected, and more recreational divers are expected to be attracted. This is expected to increase the diving equipment market's development.
The development of the diving equipment market is anticipated to drive a number of factors, such as rising disposable income and expenditure on recreational operations in developing countries and growing demand for professional divers in the oil and gas industry.
Due to technological innovations for the equipment and the existence of important players in the region, the North American region is anticipated to lead the market for diving equipment. Due to numerous projects linked to dive tourism and marine-related study activities that require frequent dives, the APAC diving equipment market is anticipated to develop at the largest CAGR. This development can also be ascribed to higher government spending on R&D projects and higher per capita earnings in developing countries.
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