Market Analysis
Market Research Future (MRFR) presumes the global underwater lighting market size to reach USD 359.7 Million at a CAGR of 4.26% from 2022 to 2030 (forecast period).
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Several Factors Contributing to Market Growth
Several factors influence the worldwide underwater lighting market's growth. The growing demand for underwater lighting in swimming pools, as well as the trend toward the use of energy-efficient LEDs, has contributed to the expansion of the global underwater lighting market. Furthermore, one of the reasons contributing to the overall market's growth is the use of underwater lights for fishing.
COVID-19 Impact on the Global Market
Underwater lighting is made up of lights that are covered with hard materials to ensure that they work properly in seas, lakes, ponds, and other marine environments. The growing installation of these lights in commercial pools, as well as the expanding use of these lights for night fishing, is driving the expansion of the underwater lighting market. For improved underwater illumination, traditional light sources have been replaced by light-emitting diodes (LEDs). Oceanographers also use these lights to define the biological and physical characteristics of the ocean. The global expansion of COVID-19 from China, on the other hand, has had a significant impact on the underwater lighting sector. Governments have prohibited all forms of recreational activities, including swimming, fishing, boating, surfing, and rafting, reducing the use of underwater lighting. Furthermore, the decline in sales of energy-efficient LEDs is impeding the market growth. The majority of LED manufacture takes place in China, which is not just a raw material hub but also the origin of COVID-19. The halt in the construction of fountains and amusement parks in countries like China, Japan, and South Korea has also hampered the region's market growth. The reopening of swimming pools during the post-lockdown period is projected to drive industry growth.
Key Players
MRFR has recognized a few companies as prominent players in the global underwater lighting market. These include Signify (Formerly Philips Lighting) (Netherlands), Eaton (Ireland), Acuity Brands (US), Hayward Industries, Inc. (US), Lumishore (UK), T-H Marine (US), Shadow Caster, Inc. (US), Attwood (US), Aqualuma (US), OceanLED (UK), Dabmar Lighting, Inc. (US), Lumitec LLC (US), Underwater Lights Limited (UK), Båtsystem (Sweden), and BIRNS, Inc. (US). These companies are studied based on their geographic presence, origin, product portfolio, significant developments, and expertise in lighting technology. Apart from the players mentioned above, Light & Motion (US), Perko Inc. (US), Wibre (Germany), Submertec (UK), Shenzhen Sanxinbao Semiconductor Lighting Co., Ltd (China), Global Light & Power LLC (UAE), and Fire Water Marine (US) also have a significant presence in the worldwide underwater lighting market.
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Market Segmentation
The worldwide underwater lighting market has been segmented on the basis of light source, mounting type, installation type, and application.
By light source, the worldwide underwater lighting market has been segmented into light-emitting diode (LED), xenon, halogen, and others.
By mounting type, the worldwide underwater lighting market has been bifurcated into flush mounted and surface mounted.
Based on installation type, the worldwide underwater lighting market has been bifurcated into new installation and retrofit installation.
Based on application, the worldwide underwater lighting market has been segmented into boat/yacht lighting, swimming pools, fountains, and others.
Regional Analysis
North America to Dominate the Global Market
The North American region will dominate the worldwide underwater lighting industry, followed by Asia Pacific, Europe, and the rest of the globe. The presence of underwater caves and government attempts to assist underwater activities have contributed to the region's adoption of underwater illumination. Furthermore, the installation of private swimming pools in the hospitality sector has raised the region's demand for underwater lights.
