DUBLIN--(BUSINESS WIRE)--The "Diving Suits Market by Type, Price Range, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
According to this report the global diving suits market size was $419.2 million in 2018, and is projected to reach $623.7 million by 2026, registering a CAGR of 5.2% from 2019 to 2026.
A diving suit is a device or garment that is designed to safeguard a diver from the extreme cold temperature under the sea. Diving suit finds its application for underwater work such as civil engineering, marine salvage, pearl shell diving, commercial diving work, naval diving applications to name few.
The key factors that drive the growth of the diving suits market include increase in deep-sea exploration activities, surge in coastal tourism and recreation activities, and expansion of the deep sea diving industry. However, factors such as rise in water pollution and overfishing have resulted in depletion of aquatic life. Extreme depletion of aquatic animals is anticipated to disrupt the aquatic food chain, and lead to marine flora & fauna wipe out. Extinction of coral flora and fauna along with increasing deep sea diving fatalities are expected to challenge the market growth. Furthermore, novel innovations in material have gained huge traction in the recent years. In addition introduction of eco-friendly diving suit materials is anticipated to create lucrative opportunities for the market expansion in the upcoming future.
The global diving suits market is segmented into type, price range, sales channel, and region. Depending on type, the diving suits market is bifurcated into drysuit and wetsuit. The market also segments global diving suits 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 analyzed across North America, Europe, Asia-Pacific, and LAMEA
The diving suits market is witnessing a surge in popularity around the world owing to expansion of coastal tourism. The coastal regions with rich coral reef are anticipated to witness increase in diving activities. U.S. dominated the global market with presence of more than 2,500 diving sites across the nation.
Key Findings of the Study
- North America leads in terms of diving suits market share and is expected to retain its dominance during the forecast period.
- U.S. was the highest contributor to the North America diving suits market, with $115.1 million in 2018. The country is expected to generate revenue of $151.7 million towards the end of forecast period
- Based on type, the wetsuit segment dominated in terms of market share in 2018, however, the drysuit segment is expected to gain high market share in the upcoming years.
- Based on the price range, the luxury segment accounted for about one-third share of the diving suits market in 2018, and is poised to grow at the highest CAGR during the forecast period.
- The online sales channel segment is anticipated to gain high market share in the upcoming years and is estimated to grow at a CAGR of 7.1% during the forecast period.
- Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 6.2% during the forecast period.
- Expansion of Construction And Maintenance Industry To Augment Market Growth
- Recreational Sports To Create Demand For Diving Suits
- Increasing Deep Sea Diving Accidents To Dissuade Market Growth
- High Cost of Designing
- Technological Innovation
- Expanding Costal Tourism To Provide Remunerative Opportunities For Diving Suits Manufacturers
- Aqua Lung International
- Johnson Outdoors Inc.
- Mares S.p.A
- Dive Rite
- Cressi Sub s.p.a
- Duton Industry Co. Ltd
- SHEICO Group
- Diving Unlimited International (DUI).
For more information about this report visit https://www.researchandmarkets.com/r/fib7jo