The underwater lighting market is projected to grow at a CAGR of 4.5% from 2019 to 2024
NEW YORK, June 6, 2019 /PRNewswire/ -- The underwater lighting market is projected to grow at a CAGR of 4.5% from 2019 to 2024.
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The underwater lighting market is projected to grow from USD 279 million in 2019 to USD 348 million by 2024, at a CAGR of 4.5% from 2019 to 2024. Major drivers for the growth of the market are increased demand for underwater lighting in swimming pools, use of underwater lights to attract fish during night fishing, and installation of underwater lights for aesthetic water-featured landscaping. Replacement of traditional lighting with LED underwater lighting acts as a major growth opportunity for the underwater lighting market. Major restraints for the market are high installation costs of energy-efficient LEDs, while high absorption of light underwater poses a major challenge for the growth of the market.
Based on light source, the LED segment is projected to lead the underwater lighting market during the forecast period.
The LED segment is projected to lead the underwater lighting market from 2019 to 2024.The growth of this segment can be attributed to the increased use of LEDs as a light source for underwater lighting.
LEDs are semiconductors that convert electricity to light through the movement of electrons.They have evolved as a major lighting technology as they are environmentally more beneficial than High-intensity Discharge (HID)/halogen lights in terms of power consumption, reliability, durability, and longevity.
Moreover, LED underwater lights are also safe as they do not get heated and can easily be switched on/off without waiting for them to cool down.LEDs ensure energy saving as well as require less maintenance.
Companies such as Signify, OceanLED, and Shadow Caster offer only LEDs for underwater lighting.
Based on application, the swimming pools segment is projected to lead the underwater lighting market from 2019 to 2024.
Swimming pools are projected to be the largest application segment of the underwater lighting market during the forecast period.Ongoing urbanization and increasing disposable income of consumers and their requirement for improved lifestyle have resulted in the increased construction of swimming pools in residential as well as commercial areas.
This, in turn, has fueled the demand for underwater lighting as it enhances the overall aesthetic value of architectural structures. According to the United Nations Department of Economic and Social Affairs (UN DESA) statistics, as of 2016, over 50% of the global population resided in urban areas and this number is expected to increase during the forecast period, thereby leading to an increased construction of swimming pools and hence, increased demand for underwater lighting.
The underwater lighting market in Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is projected to be the largest market for underwater lighting during the forecast period.Over the past two decades, economies of Asia Pacific such as China, Singapore, Malaysia, Indonesia, and Thailand have flourished resulting in a dynamic change in the standard of living of consumers in these countries.
Rapid construction of residential as well as commercial spaces and growth of the tourism sector of these countries have led to an increased demand for underwater lighting in Asia Pacific. The scope for the growth of these economies and projected heavy infrastructure investments are expected to lead to the growth of the underwater lighting market in Asia Pacific during the forecast period.
Breakdown of profiles of primary participants:
-- By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
-- By Designation: C-level Executives = 35%, Directors = 30%, and Others = 35%
-- By Region: Americas = 40%, Europe = 25%, Asia Pacific = 20%, and RoW = 15%
Hayward Industries, Inc. (Hayward Industries, US), Acuity Brands, Inc. (Acuity Brands, US), Shadow Caster, Inc. (Shadow Caster, US), Signify Holding (Signify, Netherlands), OceanLED Marine Ltd. (OceanLED, UK), Lumishore (Lumishore, UK), Attwood Corporation (Attwood, US), Aqualuma LED Lighting (Aqualuma, Australia), T-H Marine Supplies, Inc. (T-H Marine, US), and Eaton Corporation plc (Eaton, Ireland) are a few major players operating in the underwater lighting market.
Research Coverage:
The underwater lighting market has been segmented based on light source, mounting type, installation type, application, and region. The market has been studied for 4 main regions, namely, the Americas, Europe, Asia Pacific, and RoW.
Reasons to Buy the Report:
-- This report includes statistics pertaining to the underwater lighting market based on light source, mounting type, installation type, application, and region, along with their respective market sizes.
-- The report includes detailed information on the major drivers, restraints, opportunities, and challenges for the underwater lighting market.
-- The report includes illustrative segmentation, analysis, and forecast for the underwater lighting market based on its segments and subsegments.
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