Underwater Lighting Market : Opportunities , Challenges , 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. Furthermore, the increasing substitution of traditional lights with LEDs is also expected to open growth opportunities for the underwater lighting market during the forecast period.
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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.

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.

Key Market Players

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.

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