Underwater Lighting Market by Installation Type (New Installations and Retrofit Installations), Application, and Region - Global Forecast to 2024
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. Increased use of these lights for night fishing and their installation in commercial swimming pools are expected to drive the growth of the market across the globe.
Based on application, the swimming pools segment is projected to lead the underwater lighting market from 2019 to 2024.
Ongoing urbanization is expected to lead to an improvement in the lifestyle of masses, thereby contributing to an increase in the demand for multiple amenities such as swimming pools within the same infrastructures. This, in turn, is expected to contribute to rise in demand for underwater lighting to be used in swimming pools. According to the United Nations Department of Economic and Social Affairs (UN DESA), over half of the global population was residing in urban areas in 2016, and this number is expected to increase during the forecast period, thereby providing required impetus to the growth of the underwater lighting market across the globe during the forecast period.
Based on mounting type, the surface mounted segment of the underwater lighting market is projected to grow at a higher CAGR than the flush mounted segment from 2019 to 2024.
The underwater lighting market for surface mounted is projected to grow at a higher CAGR than the market for flush mounted during the forecast period. Surface-mounted lights are standard fixtures attached to recessed junction boxes. They are mainly of two types, namely, ceiling-mounted lights and wall-mounted lights. Surface-mounted light fixtures are attached to exposed ceilings with the fixtures completely visible. These fixtures are used in fountains, boats/yachts, pools, aquariums, and ponds. Surface-mounted underwater lighting is cheaper as compared to flush-mounted lighting as it does not require drilling. Therefore, the demand for surface-mounted lighting is expected to increase in the coming years.
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. The market is characterized by players catering to the niche demands of consumers. For instance, some of the companies manufacture and market LEDs only for Underwater Lighting Market applications.
The Asia Pacific region is projected to lead the underwater lighting market from 2019 to 2024.
An increase in the number of swimming pool construction projects in Asia Pacific due to its flourishing tourism industry and development of luxurious residential complexes equipped with modern amenities is expected to drive the growth of the underwater lighting market in the region. The demand for luxury cruises due to the high disposable income of consumers has resulted in the growing demand for yachts that has also fueled the growth of the underwater lighting system market in the region. Countries such as China, Japan, South Korea, India, Taiwan, Australia, and Singapore are expected to be the major contributors to the development of the Asia Pacific underwater lighting market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments: