New York, US, June 21, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Underwater Lighting Market Research Report by Light Source, by Mounting Type, by Installation Type, by Application and Region - Forecast till 2027” the underwater lighting market is anticipated to touch USD 359.7 million by 2025 at a 4.26% CAGR.
Market Scope:
Underwater lighting systems generally comprise lights which are guarded with resilient materials for hassle-free functioning in seas, lakes, ponds, and other underwater areas. As these lights often are submerged in saline water, it becomes essential for manufacturers in designing cases which are resistive to corrosion.
Dominant Key Players on Underwater Lighting market covered are:
- Fire Water Marine (US)
- Global Light & Power LLC (UAE)
- Shenzhen Sanxinbao Semiconductor Lighting Co.
- Ltd (China)
- Submertec (UK)
- Wibre (Germany)
- Perko Inc. (US)
- Light & Motion (US)
- BIRNS Inc. (US)
- Båtsystem (Sweden)
- Underwater Lights Limited (UK)
- Lumitec LLC (US)
- Dabmar Lighting Inc. (US)
- OceanLED (UK)
- Aqualuma (US)
- Attwood (US)
- Shadow Caster Inc. (US)
- T-H Marine (US)
- Lumishore (UK)
- Hayward Industries Inc. (US)
- Acuity Brands (US)
- Eaton (Ireland)
- Signify (Formerly Philips Lighting) (Netherlands)
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Market USP exclusively encompassed:
Market Drivers
According to the MRFR report, there are numerous factors that are propelling the underwater lighting market growth. Some of these entails increasing need for underwater lighting in swimming pools, shift towards adoption of energy-efficient LEDs, applications for fishing, growing substitution of traditional lights, ongoing urbanization, rise in disposable income, and rise in amusement activities and underwater sports.
Market Restraints
On the flip side, lack of technical knowledge and high cost of installation of LEDs may limit the global underwater lighting market growth over the forecast period.
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Segmentation of Market Covered in the Research:
The MRFR report highlights on an inclusive analysis of the underwater lighting market based on application, installation type, mounting type, and light source.
By light source, the global underwater lighting market is segmented into halogen, xenon, light-emitting diode (LED), and others. Of these, the LED segment will lead the market over the forecast period as it offers better illumination over halogen and other lights.
By mounting type, the global underwater lighting market is segmented into surface mounted and flush mounted. Of these, the flush mounted segment will dominate the market over the forecast period as these are more economical to install in pools.
By installation type, the global underwater lighting market is segmented into retrofit installation and new installation. Of these, the new installation segment will spearhead the market over the forecast period owing to government initiatives to promote tourism.
By application, the global underwater lighting market is segmented into fountains, swimming pools, boat/yacht lighting, and others. Of these, the fountains segment will have the lions share in the market over the forecast period due to increasing tourism in Malaysia, Singapore, China, and the US.
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Regional Analysis
Geographically, the global underwater lighting market is bifurcated into Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), North America, and South America. Of these, North America will sway the market over the forecast period.
In Europe, the global underwater lighting market is predicted to hold the second-largest share over the forecast period for the increasing need for boat, super yachts, and pool applications.
In the APAC region, the global underwater lighting market is predicted to have promising growth over the forecast period.
In South America and the MEA, the global underwater lighting market is predicted to have steady growth over the forecast period.
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COVID-19 Analysis
The worldwide spread of the novel coronavirus from China has negatively impacted the underwater lighting market. Governments have prohibited every form of recreational activity like rafting, surfing, boating, fishing, and swimming that has lowered the adoption of underwater lighting. Further, the decrease in the sales of energy-efficient LEDs is also limiting the market growth. In the LED industry, maximum production happens in China which is the hub for raw materials yet at the same time the country where the deadly virus originated.
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