A Chinese company called Diving Best is looking to invest close to $US 1 billion into a grand tourism project to create a scuba diving haven in Pulau Sipadan, Malaysia, according to AsiaOne News. Pulau Sipadan is a well-known scuba diving location for adventurists, so designing a state-of-the-art scuba diving paradise means that both Diving Best and Pulau Sipadan stand to rake in tourist dollars.
As it stands, Diving Best is in the midst of discussions with the Sabah Economic and Development and Investment Authority to obtain approval for the project. There is a major interest in turning a large area of Sipadan into a resort-based tourism destination. The resort’s focus would be primarily on marine activities and for scuba diving enthusiasts this would be among the top spots to come visit.
This large-scale venue is projecting around 1 million tourist visits annually, while also creating 4000 new jobs. With such a major tourist development, this project is likely going to have a strong impact on the Global Scuba Diving Equipment Market, which is projected at a CAGR of 3.68 percent over the period of 2014-2018.
The project’s high commercial intent will likely support the drivers responsible for the growth of the Global Scuba Diving Equipment Market. As scuba diving is becoming an inherent part of recreational activities in various tourist locations, it is creating new opportunities for vendors in all areas of the scuba diving market; all of which are experiencing growing profit margins due to increasing recreational usage.
On top of tourists’ interest in scuba diving as a recreational activity, the scuba diving market is getting support, which is also fueling the scuba diving market and creating new business opportunities for scuba diving equipment manufacturers by increasing the global demand.
One thing that the scuba diving market has going for it is the increasing disposable income for both individuals and Developing Nations. Both are experiencing a sizeable increase in per capita income and as a result, disposable income for consumers is having a positive effect on their buying power. This means scuba diving enthusiasts are likely to invest into branded diving equipment to satisfy their scuba diving needs.
An increase in per capita is improving living standards and since it allows for investing into recreational activities, such tendencies constitute promising growth for the Global Scuba Diving Equipment Market.
For more information, view our 2014-2018 Global Scuba Diving Equipment Market report.
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