Diving Suits Market

Market Overview

The global diving suits market size was USD 540.12 million in 2022. It is projected to reach USD 840.23 million by 2031, growing at a CAGR of 5.23% during the forecast period (2023–2031). The projected rise in the construction of artificial islands is expected to result in a corresponding rise in the demand for diving suits in the foreseeable future.

A diving suit is a protective apparatus or attire designed to shield a diver from the aquatic surroundings. The invention of the diving suit occurred throughout the 19th century, with several components such as a weighted boot, water-resistant covers, and a metal helmet equipped with transparent portholes. The diving suit finds utility in various domains, including research and development, search and rescue missions, and leisure activities, among others. Dive equipment, also referred to as diving gear, encompasses a range of essential accessories that are vital for engaging in deep-sea diving. Supplementary equipment may also be required to provide a safe and successful diving experience.

Market Dynamics

Global Diving Suits Market Drivers

Expansion of Construction and Maintenance Industry

Industries such as oil and gas and hydroelectric power engage in a multitude of diving operations for the sake of research and development, as well as operational endeavors. The process of industrialization has resulted in the emergence and growth of the logistics sector, encompassing several aspects, such as the establishment and construction of bridges. Construction of sea links and bridges requires extensive underwater analysis, thus creating a high demand for the diving suit market. Moreover, modern construction, such as the Palm Jumeirah, the Palm Jebel Ali, and the World Islands in UAE, involves numerous diving activities during the process of construction and maintenance. The extensive construction of artificial islands is projected to further augment the demand for diving suits in the upcoming years.

Growing Recreational Sports

In recent years, there has been a notable increase in the level of consumer engagement with watersports. Water activities such as boat riding, wakeboarding, water skiing, scuba diving, and free diving have experienced significant popularity in recent years. Water sports are characterized by their adventurous nature, action-packed activities, enjoyable experiences, and exhilarating qualities, which serve as a significant draw for a wide range of individuals. Moreover, the inclusion of watersports in national and international sporting events has contributed to the expansion of the diving suits market.

Global Diving Suits Market Restraint

Increasing Deep Sea Diving Accidents

Engaging in diving activities entails inherent dangers that can result in loss of life. Consequently, anyone pursuing a career in diving must complete a comprehensive training program that meets the standards set by a certifying organization like the Professional Association of Diving Instructors (PADI) before obtaining their license. Nevertheless, the increase in fatalities associated with diving poses a constraint on the expansion of the business.

The number of deaths has increased significantly due to rough water conditions, poor gas management, misuse of equipment, entrapment, poor buoyancy control, and pre-existing health problems. The majority of the accidents are attributed to human errors. However, some of these fatalities are inevitable and caused by unforeseen situations. The rise in fatal accidents has a major financial impact on the diving or associated industry by loss of income and business, increased insurance premiums, and high litigation costs.

Global Diving Suits Market Opportunities

Technological Innovation

In recent years, the market for diving suits has experienced a notable increase in the introduction of innovative advancements. The use of novel materials has resulted in the development of suits that possess enhanced lightweight properties and increased durability. Moreover, the utilization of novel diving suit materials has been found to effectively mitigate blood loss in the event of shark attacks. The development of shark bite-resistant suits aims to mitigate injuries and minimize fatalities resulting from shark attacks.

Furthermore, the escalation in incidents of shark bites and the subsequent rise in shark-human interactions have prompted more proactive efforts by involved parties to mitigate the occurrence of injuries caused by shark bites. Nevertheless, technological advancement in fabrics has allowed the development of lightweight alternatives incorporated in diving suits for greater mobility, better thermal insulation, and increased protection from shark bites. Such innovations will continue to provide a seamless consumer experience and further augment the diving suits market expansion in the upcoming years.

Regional Analysis

North America Dominates the Global Market

Region-wise, the global diving suits market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global diving suits market shareholder and is expected to exhibit a CAGR of 3.91% during the forecast period. The surge in popularity of water activities and the concurrent growth in disposable income have increased demand for diving suits in North America. Similarly, the growing recognition of environmentally sustainable diving suits has garnered significant interest among the diving community. The rising popularity of eco-friendly diving suits in this region can be attributed to their numerous advantages. Moreover, divers in various regions are currently seeking technologically improved and lightweight diving suits.

Europe is expected to grow at a CAGR of 5.01% during the forecast period. Stakeholders within the European region frequently seek to harness emerging technologies for their benefit. It is worth noting that Spain and France have been experiencing a significant increase in the popularity of aquatic adventure sports and scuba diving within the area. Moreover, Europe's travel and tourism industry is subject to continuous transformation. Government efforts aimed at integrating diverse market segments, such as hospitality and infrastructure, play a crucial role in fostering the growth of the global travel and tourism sector. Consequently, these initiatives positively impact the expansion of the diving suit industry.

In Asia-Pacific, the interest in water sports is experiencing growth in developing nations such as India and China, primarily due to the increasing popularity of travel and tourism. The rise in the population's purchasing power within the Asia-Pacific region has greatly stimulated the demand for diving suits in this area. Moreover, these regions encompass a substantial population of young individuals who frequently travel, particularly seeking out water-based recreational pursuits such as surfing, swimming, diving, and various related sports. Consequently, this phenomenon contributes to the expansion of the diving suit industry.

The LAMEA diving suit market has increased due to rising water sports and games in the Middle East. The expansion of the diving suit market in the LAMEA region is also fueled by increased government activities in the form of corporate and public partnerships to promote tourism. The Red Sea in the Middle East is the most popular diving destination owing to its incredible biodiversity and exceptional visibility. Tourists from across the world visit to enjoy scuba diving in the region. Moreover, the growth of the region's oil explorative and sea construction activities is estimated to further augment market expansion.

Segmental Analysis

The global diving suits market is segmented into type, price range, and sales channel. 

Based on type, the global diving suits market is bifurcated into dry suits and wetsuits. 

The wetsuit segment dominates the global market and is predicted to exhibit a CAGR of 4.7% during the forecast period. Wetsuits, constructed from foamed neoprene, serve as attire for individuals participating in activities such as diving, canoeing, surfing, windsurfing, and other water-based sports. The wet suit protects against abrasion, ultraviolet exposure, and marine creatures. Moreover, different styles and thicknesses of wetsuits are available for different water conditions. In addition, wetsuits offer protection in warm as well as moderately cold waters. Activities include sailing, sea rescue operations, underwater diving, river rafting, surfing, whitewater kayaking, and others, which require extensive usage of wetsuits. Such applications propel segment growth.

Dry suits help keep the diver's body warm by using air and a combination of undergarments. Drysuits add insulation layers to slow the loss of body heat. They are made from neoprene, crushed, heavy-duty nylon, or vulcanized rubber drysuits, ensuring no water enters the suit. Drysuit also allows the diver to add air and compensate for the raised pressure at depth. Drysuits exhibit a higher cost in comparison to wet suits. However, the prevailing price disparity is anticipated to be alleviated soon due to the escalating competitiveness in production and the advent of novel materials.

By price range, the global diving suits market is bifurcated into economy, luxury, and mid-range. 

The mid-range segment owns the highest market share and is estimated to grow at a CAGR of 4.8% during the forecast period. Mid-range prices of diving suits vary from USD 100 to USD 500. This segment exhibits a robust growth rate, owing to an increase in the middle-class population. Moreover, the growth of this segment is attributed to a rise in demand for diving suits with high comfort, higher fashion consciousness, and increased spending capacity among consumers. This range of suits provides better resistance from the tears of diving suits. In addition, some renowned brands are The Bare Velocity, AquaFlex, and others. Mid-range products contain high-quality neoprene material of varying thicknesses for various body parts, making the suit flexible for the diver. Moreover, introducing durable and quick-drying fabric makes the suit more stretchable.

The luxury segment comprises diving suits having a price of more than USD 500. Luxury diving suits are extremely lightweight, better temperature resistant, and shark bite resistant. High-end diving suits protect from abrasions, harmful UV rays, cuts, and stings from jellyfish and other marine life forms. Luxury diving suits are meticulously engineered to effectively maintain body temperature and prevent moisture infiltration. In general, diving suits are classified within the luxury section of the market. Moreover, premium diving suits offer considerable comfort, elasticity, and adaptability. Contemporary high-end diving suits are furnished with interior thermal plush linings, which maintain bodily warmth and enhance flexibility.

Based on sales channels, the global diving suits market is segmented across offline and online channels. 

The offline segment dominates the global market and is expected to grow at a CAGR of 4.7% during the forecast period. Some key brick-and-mortar stores, such as specialty and franchisee, are being considered in the offline store segment. These stores facilitate a variety of options in diving products, promoting both branded and private-labeled segments. In order to increase revenue and sales, these stores also launch important marketing and promotional campaigns, including discounts, customer loyalty programs, seasonal sales, and others. In addition, specialty stores typically cover a considerable space and include multiple brands under one roof. They are conveniently and easily accessible and situated close to dive spots. Offline channels are more prevalent among divers, commanding a greater market share. This is explained by the wide variety of products available under one roof, the ease of trial, and the increased convenience.

The use of the Internet has grown dramatically over the last ten years, particularly in Asia-Pacific, Europe, and North America. Consumers now rely on the Internet to gain information and consider online shopping the most convenient factor. Therefore, most key manufacturers have created web portals for selling products online. In addition, easy availability of information about the diving suit, time-saving features, and the home delivery facility contribute to online sales growth. As the number of Internet and mobile phone users in developing countries continues to skyrocket, the online retail industry stands to benefit. Moreover, the demand for the diving suit market through online channels is anticipated to be further fueled by growth in e-commerce sales, improvements in logistics services, simplicity of payment choices, and the ability of large brands to reach new international markets.

Recent Developments

• June 2023 - Barings, one of the world's leading investment managers, entered into exclusive discussions to acquire 100% of the Aqualung Group, a global leader in manufacturing equipment for diving and high-performance water sports. All key stakeholders, including Barings as shareholders and the lenders of the Aqualung Group, have officially endorsed a binding agreement that outlines this significant capital evolution.