July 14, 2024
Recreational Oxygen Equipment Market

Recreational Oxygen Equipment Market Driven By Increasing Demand for Adventure Tourism

The Recreational Oxygen Equipment Market is estimated to be valued at US$ 5.14 Bn in 2022 and is expected to exhibit a CAGR of 16.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Recreational oxygen equipment is used to supply oxygen to individuals during various activities such as hiking, scuba diving, aviation, and extreme sports. Portable oxygen concentrators, cylinders, and masks are some commonly used recreational oxygen equipment. Oxygen concentrators filter nitrogen from the ambient air to provide high-concentration oxygen for recreational purposes. Scuba divers, mountain climbers, and pilots often use oxygen cylinders with regulators for reliable oxygen supply during activities.

Market Dynamics:

The global recreational oxygen equipment market is witnessing significant growth driven by the increasing participation in adventure tourism and outdoor activities. Growing popularity of outdoor sports such as hiking, mountaineering, scuba diving, and paragliding has boosted the demand for recreational oxygen equipment for safety purposes. According to the Adventure Travel Trade Association, the global adventure tourism market was valued at $683 Billion In 2019 and is estimated to reach $1.8 trillion by 2030. Favorable government initiatives to promote tourism in various countries is also augmenting the recreational oxygen equipment market growth. Furthermore, technological advancements in portable oxygen concentrators with improved efficiencies and extended battery life are fueling their adoption. However, high costs associated with oxygen cylinders and concentrators may hamper the market growth.

Segment Analysis

The global recreational oxygen equipment market is dominated by the oxygen cylinders segment. Oxygen cylinders hold the largest market share owing to their easy storage and transportation. Cylinders are cost-effective and portable compared to concentrators. The increasing number of people indulging in adventure sports and recreational activities has boosted the demand for oxygen cylinders.

PEST Analysis

Political: The Recreational Oxygen Equipment Market is governed by various regulations related to the manufacturing, distribution, and usage of oxygen. Stringent safety guidelines ensure high-quality products.
Economic: The rising disposable incomes and spending on healthy lifestyles and adventure sports have positively impacted market growth. However, higher equipment costs can restrain the market to some extent.
Social: Growing health awareness, increasing focus on fitness, and rising participation in leisure activities drive the demand. Social media influence has sparked interest in high-altitude trekking and oxygen supplementation.
Technological: Advancements facilitate improved portability, longer battery backup, and higher oxygen purity levels. Integrating technologies like sensors and digital displays have enhanced usability.

Key Takeaways

The global recreational oxygen equipment market is expected to witness high growth, exhibiting CAGR of 16.7% over the forecast period, due to increasing health awareness and focus on active lifestyles.

The North American regional market dominates the global recreational oxygen equipment market and is expected to continue its dominance over the forecast period. Increased participation in adventure sports and recreational outdoor activities in the US and Canada has propelled the demand.

Key players operating in the recreational oxygen equipment market include Boost Oxygen, LLC, CAIRE Inc. (AirSep), Chart Industries, DeVilbiss Healthcare LLC, Inogen, Inc., Oxygen Plus, Inc., Pure O2 Ltd, Invacare Corporation, Oxyzens, Philips Healthcare, Zadro Health Solutions, and 2ND Wind Oxygen Bars. Key players are focusing on product innovation, portfolio expansion, and partnerships with event organizers to strengthen their foothold.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it