Diving Equipment Global Market Report 2024

Diving equipment encompasses safety and protection products such as tank bangers and defoggers used by underwater divers. These tools enhance the feasibility, ease, safety, and comfort of diving activities.

Diving equipment encompasses various types, including rebreathers, cylinders and propulsion vehicles, decompression chambers, exposure suits, accessories, and more. Rebreathers are breathing apparatuses utilized by underwater divers, designed to absorb the exhaled carbon dioxide to enable rebreathing. Diving occurs at different depths, including recreational, clearance, and saturation diving, with diverse end-users such as the oil and gas industry, naval industry, aquaculture industry, and others. The distribution of these diving equipment types occurs through various channels, including specialty stores, online platforms, and other outlets.

The diving equipment market research report is one of a series of new reports from The Business Research Company that provides diving equipment market statistics, including diving equipment industry global market size, regional shares, competitors with a diving equipment market share, detailed diving equipment market segments, market trends and opportunities, and any further data you may need to thrive in the diving equipment industry. This diving equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The diving equipment market size has grown strongly in recent years. It will grow from $4.36 billion in 2023 to $4.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historic period can be attributed to factors such as tourism and leisure activities, adherence to safety standards and regulations, applications in military and defense, increased environmental awareness, and the expansion of the diving industry.

The diving equipment market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to trends in adventure tourism, the emphasis on safety and training standards, the influence of health and wellness trends, a commitment to environmental conservation, the global expansion of the market, and shifts in consumer preferences. Major trends expected in this period include the integration of technology, ongoing technological advancements, an increase in recreational diving, a focus on sustainability and eco-friendly design, as well as the growing popularity of underwater photography and videography.

The growing popularity of water sports is expected to drive the expansion of the diving equipment market in the foreseeable future. Water sports encompass various activities played or practiced on water, including swimming, water polo, and surfing. Diving equipment plays a crucial role in ensuring the safety and comfort of participants in these water sports. Items such as rashguards, wetsuits, hoods, boots, gloves, and earplugs are commonly used in scuba diving, enhancing the overall experience. For example, as reported by World Aquatics (formerly known as FINA), a Switzerland-based international water sports competition administrator, the 19th FINA World Championships held in Budapest in 2022 featured the participation of 2,000 athletes from 180 countries. Similarly, in 2023, the World Aquatics Championships in Fukuoka attracted 2,392 athletes representing 194 countries. These events underscore the global enthusiasm for aquatic sports. As water sports continue to gain popularity, the demand for diving equipment is expected to rise, driving the growth of the diving equipment market.

The anticipated growth of disposable income is expected to be a driving factor in the expansion of the diving equipment market. Disposable income refers to the total funds available to an individual or household for spending and saving after tax deductions. With higher disposable income, individuals and households have more financial resources to allocate to recreational activities, including scuba diving, leading to an increased demand for diving equipment. For example, according to the Australian Bureau of Statistics, a government agency based in Australia, there was a significant increase in net disposable income per household in Australia. This figure rose by 3.7% to reach $139,064 during the transition from the 2020-21 period to December 2022. As disposable income continues to rise, individuals are likely to allocate more funds to leisure activities such as scuba diving, contributing to the growth of the diving equipment market.

The introduction of eco-friendly wetsuits has emerged as a prominent trend gaining popularity in the diving equipment market. Leading companies in the diving equipment sector are increasingly focusing on environmentally friendly products to strengthen their market positions and address growing consumer demand for sustainable options. As an illustrative example, in 2021, Aqualung, a US-based manufacturer of diving equipment, launched the Xscape 3/4mm Wetsuit, an eco-friendly wetsuit. This 3/4mm suit is designed for diving in water temperatures ranging from 20 to 28 degrees Celsius and offers exceptional four-way flexibility, suitable for various ocean sports. Notably, the wetsuit is crafted entirely from non-neoprene fibers, providing a comfortable and sustainable option for underwater activities. This trend reflects the industry's commitment to offering eco-conscious alternatives, aligning with the increasing global emphasis on environmentally friendly practices.

Major companies operating in the diving equipment market are strategically pursuing partnerships to enhance their profitability and overall market position. Partnerships in the diving equipment industry typically involve collaborative agreements among manufacturers, suppliers, distributors, and stakeholders, aiming to achieve common objectives such as product development, market expansion, or the enhancement of safety standards. An illustrative example is the collaboration between Sonardyne International Ltd., a UK-based subsea instrumentation manufacturer, and Shearwater Research, a Canada-based manufacturer of technical diving products. In March 2023, these companies joined forces to integrate the Shearwater Petrel 2 and DiveCAN with DiveTrack, a robust diver tracking and communication system. This collaboration allows the DiveTrack transponder to seamlessly integrate with the Shearwater system, facilitating comprehensive diver metric monitoring, real-time tank pressure updates, and streamlined communication. The integration is designed to enhance dive safety and training control by providing dive supervisors with improved visibility and efficient management of their dive teams. Such partnerships underscore the industry's commitment to innovation and safety through collaborative efforts.

In November 2021, Brownie's Marine Group Inc., a US-based developer, manufacturer, and distributor of tankless dive equipment, successfully acquired Submersible Systems Inc. for an undisclosed amount. This strategic acquisition is anticipated to broaden the market reach and customer base of Brownie's Marine Group. Additionally, it aims to facilitate synergies between the brands of both companies. Submersible Systems Inc., the acquired company, is a US-based manufacturer known for producing emergency breathing systems designed for scuba divers and extreme sports enthusiasts. Through this acquisition, Brownie's Marine Group aims to strengthen its position in the market by leveraging the expertise and product offerings of Submersible Systems Inc., thereby enhancing its ability to cater to the needs of a diverse customer base in the diving equipment industry.

Major companies operating in the diving equipment market report are Cobham PLC, IST Sports Corp., Johnson Outdoors Inc., Mares Italia S.p.A., Suunto Oy, H2Odyssey Corporation, Tabata Co. Ltd., Dive Rite Systems International LLC, SeaQuest International LLC, Honeywell International Inc., Huish Outdoors LLC, BOWMAN HOLLIS Manufacturing Inc., Body Glove International, Zeagle Systems Inc., Poseidon Sweden AB, Cressi Sub SpA, Henderson Aquatics LLC, Atlantis Dive Center, Apeks Valves Ltd., Tusa Sport Co. Ltd., Diving Unlimited International Inc., Atomic Aquatics LLC, Beuchat International SA, Aqua Lung International, Apollo Sports International, Saekodive Ltd., Aquatec-Duton Industry Co. Ltd., Halcyon Dive Systems Inc., Sherwood Scuba Industries Inc., American Underwater Products Inc.

North America was the largest region in the diving equipment market in 2023. North America is expected to be the fastest-growing region in the diving equipment market during the forecast period. The regions covered in the diving equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the diving equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The diving equipment market consists of sales of writing slates, underwater lights, mask, snorkel, fins, and a dive logbook. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Diving Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on diving equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for diving equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diving equipment market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Rebreather; Cylinders And Propulsion Vehicle; Decompression Chamber; Exposure Suits; Accessories; Other Types
• 2) By Depth: Recreational Diving; Clearance Diving; Saturation Diving
• 3) By End-User: Oil And Gas Industry; Naval Industry; Aquaculture Industry; Others End Users
• 4) By Distribution Channel: Specialty Store; Online; Other Distribution Channels
• Companies Mentioned: Cobham plc; IST Sports Corp.; Johnson Outdoors Inc.; Mares Italia S.p.A.; Suunto Oy
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.