Survival Suits Market To Reap Excessive Revenues By 2027

Survival Suits Market

Survival Suits Market: Introduction

Survival suits also known as rescue suits are special body covering suits that protect the wearer from cold water to avoid hypothermia, provides increasing cover through flotation, and also allows adequate mobility to perform vital tasks. Manufacturers provide several types of suits including dry or wet survival suit, flotation survival suit, and inflatable survival suit. The common material preferred in survival suits are neoprene, a rubber material which prevents the water from entering the suit.
Growing concerns regarding personal safety and protection near oil platforms, and strict government safety regulations are increasing the demand for survival suits. Growing awareness in developing economies about survival suits is also anticipated to boost the market in the coming years.

Key Drivers of the Global Survival Suits Market

Governments of several countries and some oil and gas associations have made survival suits mandatory. For instance, regulations laid down by the Norwegian Oil and Gas Association mandate that survival suits need to be dry suits and should be able to protect a person from thermal stress. The survival suits market is anticipated to grow at a significant rate in the coming years due to strict laws and regulations assigned by regulatory bodies across the globe.
Technological advancement in the product is also encouraging the growth of the survival suits market. Manufacturers active in the survival suits market are focusing on product development by increasing investment in R&D to enhance the product’s features and improve product efficiency. For instance, Outlast technology developed by NASA for protection of astronauts has also surged the demand for survival suits.

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Survival Suits Anticipated to Create Attractive Opportunities in Future

Growing awareness about safety and protection of oil field workers across developing countries is expected to create lucrative opportunities for survival suits manufacturers during the forecast period. In addition, increasing number of oil fields, and industrialization across several developing countries in the Asia Pacific region are surging the demand for survival suits.

High Product Cost and Suit Sizing Expected to Obstruct the Overall Survival Suits Market

High cost of the product and universal size of suits are major obstructions to growth of the survival suits market. Survival suits are unaffordable for several small and medium industries. Manufacturers adopt universal size for survival suits which fail to meet requirements of large number of people. These factors are anticipated to adversely influence the future market.

North America and Europe Anticipated to Dominate the Global Survival Suits Market

Growing oil extraction activities and rise in oil production makes North America dominant in the survival suits market. According to the U.S. Energy Information Administration (EIA), production of oil surged to 10.96 million barrels per day in 2018 from 10.04 million barrels per day in 2017. This surge in oil extraction and production is anticipated to boost demand for survival suits for personal protection.
Europe also holds significant share of the market after North America. Increasingly stringent laws and regulations laid down by the European Union is driving the demand for survival suits across Europe. The market in Asia Pacific is also anticipated to show significant growth rate in the coming years owing to increasing oil production and industrialization in developing countries across the region.

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Key Players Operating in the Global Market

The global survival suits market is highly concentrated across major manufacturers who account for around 20%–25% share of the overall survival suits market. A few of the key manufacturers operating in the global survival suits market are listed below:

Hansen Protection AS
Aquata
Sioen Industries NV
Procean webstore
Mustang Survival ULC
Marine Safety Supplies Limited
Drägerwerk AG & Co
Chongqing Gathering Marine Equipment Co Ltd.

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