Rise in Adoption of HSE Practice Identified as Major Growth Driver for Immersion Suits Sales, Evaluates Fact.MR
Published : 19 Jan 2022 Industry: Consumer Goods
As per latest market analysis on immersion suits by Fact.MR, a market research and competitive intelligence provider, the global market is projected to be valued at US$ 472 Mn by 2022-end, and expand at a CAGR of around 6% over the period of 2022-2032. This can be attributed to factors such as growing demand for immersion suits made from high-performance materials.
The immersion suits business is moderately consolidated owing to the presence of a few manufacturers involved solely in the making of survival suits. Immersion suits have gained substantial traction in the marine and oil & gas industry, and these mentioned industries have been identified as key to revenue generation. Moreover, immersion suit producers are opting for product development, innovation, and R&D in suit development to enhance their properties, which would provide them with a competitive advantage in the market.
Key Takeaways from Market Study
- Insulated immersion suits projected to provide absolute $ opportunity worth US$ 282 Mn over the decade.
- Based on product type, demand for survival immersion suits projected to increase at higher CAGR of around 6.6%.
- On the basis of end use, immersion suit adoption in offshore oil rig activities anticipated to expand around 2.2X by 2032.
- North America projected to capture around 35% of global immersion suits market share by 2032.
- Europe to provide absolute $ opportunity worth US$ 120 Mn by 2032-end.
“Stringent rules & regulations identified as the major driving force for wide adoption of immersion suits. Additionally, as HSE practices are made mandatory, high-growth industries such as oil & gas will see greater penetration of this key protective gear,” says a Fact.MR analyst.
Market players can be seen opting for a mix of organic and inorganic growth strategies such as acquisitions, collaborations, R&D, and innovation. Through these key market developments, companies have tried to gain a competitive advantage and higher revenue share in the overall survival suits market. Moreover, collaborating with key oil & gas companies for regular supply of survival suits has been identified as key strategy being opted for by market players.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the immersion suits market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of insulation (insulated suits and non-insulated suits), product type (survival suits, rescue suits, and inflated suits), size (small (S), medium (M), and large & extra-large (L & XL)), end use (marine, oil rigs, military, fishing, professional water rescue, paddle sports, and others) and sales channel (offline sales [brand/ franchised outlets, independent outlets, mass merchandisers, specialty stores, modern trade, and other sales channels], online sales/ e-Tailing, [e-Commerce platforms, and company/ brand websites]), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About the Consumer Products & Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Consumer Products & Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Consumer Products & Goods