Underwater Lighting Market 2020 - Top Key Players Analysis Report Till 2027
Posted by sneha patil on March 22nd, 2022
Underwater lighting is a system of lights compatible in water and functions properly in ponds, seas, and lakes. Light manufacturers are studying the phenomena of light and its principles for the development of products which can cause negligible damage to the environment while illuminating paths to end-users. The global underwater lighting market report by Market Research Future (MRFR) contains an overview of the industry, proper usage of lights, and elucidates readers on developments and trends of lights in subterranean regions for the period of 2019 to 2025 (forecast period). The sudden outbreak of the COVID-19 virus and its impact on the production and supply chain are analyzed deeply in the report.
The global underwater lighting market is expected to reach USD 359.7 million by the end of the forecast period with a compound annual growth rate (CAGR) of 4.26% over the forecast period. It was valued at USD 269.4 million in 2018. Installation of lights on vehicles navigating rough waters and swimming pools can drive the market demand. Construction of hotels and resorts which house swimming pools, large number of tourists, and water rides can fetch huge revenues for the market.
The COVID-19 pandemic has negatively affected the growth of the market. This can be due to the delay in construction of swimming pools and fountains and underwater entertainment venues. The ease of lockdown and resumption of normal activities can favor the market.
The global Underwater Lighting Market has been segmented on the basis of light source, mounting type, installation type, and application.
By light source, the global underwater lighting market has been segmented into halogen, light-emitting diode (LED), xenon, and others. The LED segment can capture a large part of the global underwater lighting market share owing to the use of these lights by oceanographers for studying marine life.
By mounting type, the global underwater lighting market has been bifurcated into flush mounted and surface mounted.
Based on installation type, the global underwater lighting market has been bifurcated into new installation and retrofit installation.
Based on application, the global underwater lighting market has been segmented into fountains, boat/yacht lighting, swimming pools, and others. The swimming pools segment is likely to fetch huge revenues for the market owing to rising urbanization and improvement in lifestyles of citizens. The migration to urban areas can drive the revenue of the segment during the forecast period.
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The geographic analysis of the underwater lighting market has been conducted for North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Central & South America.
Presence of underwater caves and government initiatives to support underwater activities has attributed to the adoption of underwater lighting in North America. Moreover, construction of private swimming pools in hospitality sector has also increased the demand for underwater lights in the region. The use of underwater lights in night fishing and illumination of waters can bolster its demand among fishing companies.
On the other hand, the APAC region is expected to witness the fastest growth due to the increasing construction of amusement parks and fountains in China, South Korea, and Japan. Development of luxury residential complexes and rise of expendable income levels of denizens can drive the market demand exponentially.
BIRNS, Inc., Acuity Brands, Hayward Industries, Inc., Lumishore, Shadow Caster, Inc., Eaton, Aqualuma, Båtsystem, Lumitec LLC, Underwater Lights Limited, OceanLED, Signify, Dabmar Lighting, Inc., T-H Marine, Attwood, and others are key players of the global underwater lighting market.
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About the Authorsneha patil
Joined: December 28th, 2020
Articles Posted: 573
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