Recreational oxygen equipment includes portable oxygen concentrators, oxygen cylinders and regulators that are used for recreational purposes such as hiking, trekking in high altitude regions or adventure sports like mountaineering, skydiving etc. This equipment helps to reduce hypoxic conditions and minimize the effects of high altitude sickness. The global recreational oxygen equipment market is gaining traction owing to growing popularity and adoption of adventure tourism.
The global recreational oxygen equipment market size is estimated to be valued at US$ 5.93 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Opportunity to Expand in Adventure Tourism
With rising disposable incomes and increasing interests in adventure activities among millennials and generation Z, adventure tourism industry is witnessing exponential growth. Various tour operators are focusing on expanding their offerings for adventure activities such as trekking, mountaineering, skydiving etc in remote locations at high altitudes as they offer unique experiences to travelers. Growing popularity of adventure tourism presents lucrative growth opportunity for recreational oxygen equipment suppliers to expand in this industry. They can partner with adventure tour operators and provide oxygen systems on rental basis to ensure safety of tourists engaging in high altitude activities. This will help drive the adoption of recreational oxygen equipment during the forecast period.
Porter's Analysis
Threat of new entrants: Low-high capital requirement and established brands have made it difficult for new players to enter.
Bargaining power of buyers: Moderate, as there are several product options. However, recreational activities require niche equipment.
Bargaining power of suppliers: Low, as raw materials are available and industry not dependent on few suppliers.
Threat of new substitutes: Low, as recreational oxygen equipment is specialized with limited close substitutes.
Competitive rivalry: High, as key global players compete on price and features.
SWOT Analysis
Strengths: Specialized products and technologies. Established brands and distribution channels.
Weaknesses: High R&D and capital costs. Seasonal demand and weather dependence affects revenues.
Opportunities: Growth in adventure/water sports and aging population drive demand. Emerging markets yet to grow.
Threats: Regulations around oxygen usage. Substitutes like nitrox gain traction. Economic slowdowns impact discretionary spend.
Key Takeaways
Global Recreational Oxygen Equipment Market Size is expected to witness high growth during the forecast period of 2024 to 2031 supported by rising participation in adventure activities. The global recreational oxygen equipment market size is estimated to be valued at US$ 5.93 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
The North American region currently dominates the market owing to high consumer spending and large customer base for water/adventure sports. Key regional markets include Europe and Asia Pacific with China and India emerging as high potential markets.
Key players in the recreational oxygen equipment market include General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, operating globally through innovative product offerings. However, the market remains fairly competitive with presence of several mid-sized and local manufacturers as well. Innovation in portability and easy usage models are anticipated to boost adoption over the coming years.
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The number has reached 23 million at a pace of about one million annually.
Expanding presence of manufacturers, suppliers, and distributors will boost the market growth.
