Global $348M Underwater Lighting Market by Light Source, Mounting Type, Installation Type, Application and Region - Forecast to 2024
DUBLIN, June 17, 2019 /PRNewswire/ -- The "Underwater Lighting Market by Light Source (LED, Halogen, Metal Halide Lamps), Mounting Type (Flush Mounted and Surface Mounted), Installation Type (New Installations and Retrofit Installations), Application, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The underwater lighting market is projected to grow from $279 million in 2019 to $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.
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.
Based on the 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 the 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 lifestyles 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.
Key Topics Covered
1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach Used to Arrive at the Market Size By Bottom-Up Analysis
2.2.1.2 Approach for Capturing Company-Specific Information in the Value Chain of the Underwater Lighting Market
2.2.2 Top-Down Approach
2.2.2.1 Approach Used to Arrive at the Market Size By Top-Down Analysis
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insight
4.1 Attractive Growth Opportunities in Underwater Lighting Market
4.2 Market, By Light Source
4.3 Underwater Lighting Market in Asia Pacific, By Application and Country
4.4 Market, By Mounting Type
4.5 Underwater Lighting Market, By Country, 2019
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand for Underwater Lighting in Swimming Pools
5.2.1.2 Use of Underwater Lights as A Fish Attractor for Night Fishing
5.2.1.3 Increased Demand for Underwater Lights in Aesthetic Water-Featured Landscaping
5.2.1.4 Increased Number of Government Initiatives to Support the Adoption of Energy-Efficient LEDs
5.2.2 Restraints
5.2.2.1 High Installation Costs of Energy-Efficient LEDs
5.2.3 Opportunities
5.2.3.1 Replacement of Traditional Lighting With LED Underwater Lighting
5.2.4 Challenges
5.2.4.1 High Absorption of Light Underwater
5.3 Value Chain Analysis
6 Underwater Lighting Market, By Light Source
6.1 Introduction
6.2 Light Emitting Diode
6.2.1 Benefits Such as Energy Saving, Less Maintenance Driving the Adoption of LED in Market
6.3 Others
6.3.1 Metal Halides and Xenon Lamps are the Other Light Sources Which Driving Market
7 Underwater Lighting Market, By Mounting Type
7.1 Introduction
7.2 Flush Mounted
7.2.1 Swimming Pool is the Major Application Area for Flush Mounted
7.3 Surface Mounted
7.3.1 Surface Mounted is Expected to Hold Larger Share of Market
8 Underwater Lighting Market, By Installation Type
8.1 Introduction
8.2 New Installations
8.2.1 Growth in Construction of Swimming Pools and Fountains Application Driving New Installations Market
8.3 Retrofit Installations
8.3.1 LED Retrofitting Spurs the Growth of Retrofit Installations
9 Underwater Lighting Market By Application
9.1 Introduction
9.2 Boat/Yacht Lighting
9.2.1 to Create Beautiful Environment and to Attract Fishes Creates Need for Underwater Lights in the Boats/Yachts
9.3 Swimming Pools
9.3.1 Swimming Pools is Expected to Hold Largest Share of Market
9.4 Fountains
9.4.1 Growth in Entertainment Industry and Infrastructure Projects Driving the Growth of Fountains in Underwater Lighting Market
9.5 Others
9.5.1 Aquariums and Ponds are the Others Application Driving the Market
10 Regional Analysis
10.1 Introduction
10.2 Americas
10.2.1 North America
10.2.1.1 US
10.2.1.1.1 US is Expected to Hold Largest Share of Underwater Lighting Market in North America
10.2.1.2 Canada
10.2.1.2.1 Canada is Expected to Grow at Highest Rate
10.2.1.3 Mexico
10.2.1.3.1 Longest Underwater Cave and Aquariums Driving the Market in Mexico
10.2.2 South America
10.2.2.1 Brazil
10.2.2.1.1 Infrastructure Development Projects Driving Market in Brazil
10.2.3 Rest of South America
10.3 Europe
10.3.1 Germany
10.3.1.1 Growth in Amusement Parks and Fountains Driving the Underwater Lighting Market in Germany
10.3.2 UK
10.3.2.1 Booming Swimming Pool Industry Spurs the Growth of Market in UK
10.3.3 France
10.3.3.1 France is Expected to Grow at Highest Rate in Europe
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 China is Expected to Hold Largest Share of Underwater Lighting Market in APAC
10.4.2 Japan
10.4.2.1 Fountains Application is Expected to Drive the Market in Japan
10.4.3 India
10.4.3.1 India is Expected to Grow at Highest Rate in APAC
10.4.4 Rest of Asia Pacific
10.5 Rest of the World
10.5.1 Middle East
10.5.1.1 Middle East is Expected to Hold Larger Share of Market in RoW
10.5.2 Africa
10.5.2.1 Increase in Construction of Swimming Pools Driving the Growth of Africa in RoW
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis 2018: Underwater Lighting Market
11.3 Competitive Situation and Trends
11.3.1 Product Developments, 2016-2018
11.3.2 Partnerships/Collaborations/Agreements
11.3.3 Mergers & Acquisitions
11.3.4 Expansions
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Dynamic Differentiators
11.4.3 Innovators
11.4.4 Emerging Companies
12 Company Profile
12.1 Key Players
12.1.1 Signify
12.1.1.1 Business Overview
12.1.1.2 Products Offered
12.1.1.3 SWOT Analysis
12.1.2 Eaton
12.1.3 Acuity Brands
12.1.4 Hayward Industries, Inc.
12.1.5 Lumishore
12.1.6 T-H Marine
12.1.7 Shadow Caster, Inc.
12.1.8 Attwood
12.1.9 Aqualuma
12.1.10 Oceanled
12.2 Other Key Players
12.2.1 Dabmar Lighting, Inc.
12.2.2 Lumitec LLC
12.2.3 Perko Inc.
12.2.4 Wibre
12.2.5 Submertec
12.3 Start-Up Ecosystem
12.3.1 G1 Energy Solutions Private Limited
12.3.2 Shenzhen Sanxinbao Semiconductor Lighting Co. Ltd.
12.3.3 Arihant LED Lights
12.3.4 Global Light & Power LLC
12.3.5 Fire Water Marine
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