Consumers are ready to take the plunge when it comes to diving equipment purchases. According to a new report from Research and Markets, diving equipment sales are expected to finish the year at $3.83 billion in 2022 at a compound annual growth rate (CAGR) of 8.4 percent. The market is expected to continue to grow well into 2026 reaching $4.64 billion, at a CAGR of 4.9 percent.

The driving equipment market consists of sales of clothing and accessories used for underwater divers. This includes tank bangers, a defogger, dive knives, writing slates, underwater lights and a dive logbook. The most popular types of equipment used by divers are breathers, cylinders and propulsion vehicles, decompression chambers and exposure suits.

A report from Future Market Insights found the global market for diving tourism witnessed growth at 30.1 percent in 2021 and the growth rate expected to reach 20.3 percent in 2022. 

There are between 2.7 million to 3.5 million active scuba divers in the U.S. with as many as 6 million active scuba divers worldwide. In 2020 in the U.S., there were 2,588,000 active divers. The U.S. also sees significant tourism dollars from the sport, particularly in the Florida region. 

Recreational scuba diving and snorkeling contribute about $11 billion to the overall U.S. gross domestic product, while coral reef areas of the Caribbean, including Florida, generate an average of $2.1 billion in revenue each year. 

Tourists flock to the Florida coast at a rate of 4.56 million visitor-days per year, creating about 26,000 full-time equivalent tourism-related jobs each year.

The result is $904 million in tourist dollars generated each year in Florida as a result of scuba diving and snorkeling. 

North America is the largest market for diving equipment, with the sport continuing to grow in popularity. Water sports in general are seeing an increase in sales as consumers look for new ways to enjoy the outdoors. Swimming, water polo and surfing have all seen a marked increase in people taking up these activities.