SURVIVAL SUITS MARKET ANALYSIS

Regional Analysis

Regional Insights

North America is expected to hold the dominant position in the survival suit market over the forecast period, owing to rising production of oil, which is boosting the oil extraction activities in the region. According to the U.S. Energy Information Administration (EIA), in July 2018, oil production reached 10.96 million barrels per day (b/d) from 10.04 million barrels per day (b/d) in 2017. Additionally, as per U.S. EIA, in December 2016, the U.S. crude oil and natural gas active well service rigs in operation were 1, 131 rigs , rising to 1,187 rigs in December 2017. Therefore, increasing oil extraction activities and production may boost demand for survival suit for personal protection in the near future.

Europe is expected to account for significant share in the survival suits market during the forecast period, owing to rising stringent rules for protection by European Union in the oil & gas offshore activities. These regulations are set due to rising injuries in the oil & gas drilling areas.  According to UK Oil & Gas Industry Association Limited, the injury frequency raised to 1.61 in 2016 from 1.54 in 2015. These injuries were due to the lack of operator safety in the oil & gas offshore in the U.K. Therefore, this is expected to propel demand for survival suits in the near futures.