May 22, 2024
Recreational Oxygen Equipment Market

Recreational Oxygen Equipment Market is Estimated to Witness High Growth Owing to Increasing Demand for Adventure Sports

Recreational oxygen equipment such as oxygen concentrators, oxygen bars, and oxygen cylinders are being increasingly used across hiking, diving, trekking, and other adventure sports. Oxygen equipment helps provide oxygen supplementation to athletes and sports enthusiasts who carry out strenuous activities at high altitudes. The growing popularity of adventure sports and health consciousness among individuals have created demand for recreational oxygen equipment. Oxygen provides endurance and prevents altitude sickness. Key players are focusing on manufacturing compact and lightweight oxygen concentrators with advanced filtration systems.

The Global Recreational Oxygen Equipment Market Size is estimated to be valued at US$ 5.93 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030.

Key Takeaways:

Key players operating in the Recreational Oxygen Equipment market are General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, China Yangtze Power Co. Ltd, PJSC RusHydro, Électricité de France SA (EDF), and Iberdrola SA. Increasing spending on outdoor recreational activities and government initiatives to promote adventure tourism will open up new opportunities for players in the market. Technological advancements include development of portable oxygen concentrators that can be carried during hiking and trekking and sensors integrated oxygen cylinders for real-time monitoring.

Market Drivers:

Growing health awareness among individuals and rising disposable income have increased participation in adventure sports and outdoor recreational activities. This has propelled the demand for recreational oxygen equipment across trekking, hiking, and scuba diving. Additionally, the growing older population who take up low-intensity outdoor activities also contributes to market growth. Government initiatives to promote adventure tourism in various countries will further drive the recreational oxygen equipment market.

The recreational oxygen equipment market faces various challenges such as rising cases of counterfeit products and safety issues related to oxygen equipment. Counterfeit products do not meet the prescribed safety standards which can cause safety hazards. Another challenge is increased pricing pressure on manufacturers due to rising raw material costs. This affects the profit margins of companies. High equipment and installation costs also act as a deterrent for many end users.

SWOT Analysis

Strength: Portable oxygen concentrators and cylinder-based equipment offer flexibility and mobility to users. Manufacturers are focusing on product innovations and lightweight equipment designs.
Weakness: High dependency on few raw material suppliers increases supply chain risks. Safety issues can damage brand reputation if not addressed properly.
Opportunity: Growing health and fitness trends boost demand for recreational oxygen usage. Developing economies present new growth avenues.
Threats: Intense competition among existing players. Stringent regulatory approvals for new products delay their market entry.

North America currently holds the largest share in the recreational oxygen equipment market in terms of value due to growing health awareness and high discretionary spending. Europe is the second largest regional market. Asia Pacific is expected to be the fastest growing regional market during the forecast period due to rising incomes, increasing middle class population and their focus on preventive healthcare.

Among countries, the United States dominates the North American recreational oxygen equipment market. Within Europe, Germany, United Kingdom, France hold major shares currently. In Asia Pacific, China and India show high growth potential owing to rapid economic development and improving healthcare infrastructure in these nations.

The recreational oxygen equipment industry faces various operational challenges. Stringent regulatory standards for product approval delays new product launches, hindering business expansion plans of manufacturers. The approval process is time-consuming and complex across regions. Safety issues if not addressed properly can lead to lawsuits and impact brand value negatively. High dependency on select raw material suppliers increases the risk of supply chain disruptions due to any issues at their end. Moreover, pricing pressure from low cost competitors and fluctuation in raw material prices poses financial challenges. Additionally, the lack of standard reimbursement policies and coverage limits the penetration in potential growth markets. Addressing these challenges through innovation, strategic collaborations and regulatory compliance is important for long term growth.

The Asia Pacific region is expected to be the fastest growing geographical region for the recreational oxygen equipment market during the forecast period. The rising disposable incomes, growing health awareness, and expansion of healthcare infrastructure especially in China and India is driving the market growth. Government initiatives to promote preventive healthcare and fitness further support the regional market. Other high growth economies like Indonesia, Malaysia and Thailand also present lucrative opportunities.

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