Global diving equipment market is expected to grow from $2.72 billion in 2016 to $3.21 billion by 2021, at a CAGR of 4.05%.
According to market researcher ReportsnReports, the growth will be driven by the increasing number of underwater projects, exploration of oil rigs, underwater construction, and recreational activities, among others.
The exposure suits segment of the diving market is expected to grow at the highest CAGR during the forecast period.
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 Cobhamplc. (U.K.).
Additionally, 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.
The key players operational in the diving equipment market include Cobham (UK), Divex (UK), Submarine Manufacturing & Product Limited (UK), Dragerwerk (Germany), Honeywell International (US), and Aqualung International (US), among others.