CHICAGO, May 27, 2019 /PRNewswire/ -- The Report "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", published by MarketsandMarkets™, 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. Rising underwater activities such as amusement sports, night fishing, excavation of underwater artifacts, and defense search & rescue operations are contributing to the demand for underwater lighting across the globe. Increasing infrastructure spending and rising number of smart city initiatives across the globe are expected to drive the demand for water bodies to boost the aesthetic appeal of structures. This, in turn, is expected to augment the demand for underwater lighting across the globe.
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Based on installation type, the new installations segment of the underwater lighting market is projected to grow at a higher CAGR than the retrofit installations segment during the forecast period.
New installations refer to the installation of new underwater lighting such as new-generation LED drivers and ballasts, sensors, switches, dimmers, and gateways. Unlike retrofit installations, which refer to the partial replacement of lighting controls and management systems, new installations completely replace traditional lighting systems after fully phasing out lights and their assorted controls and fixtures with new lights and their associated controls and fixtures. Increasing construction of new swimming pools and fountains is expected to contribute to the growth of the new installations segment of the market during the forecast period.
Based on application, the swimming pools segment is projected to lead the underwater lighting market from 2019 to 2024.
The swimming pools segment is projected to lead the underwater lighting market during the forecast period. Swimming pools are fitted with underwater lights such as LEDs to ensure their safe use during nighttime as well as to enhance their aesthetic appeal. Underwater lighting used in swimming pools is connected to transformers that convert electrical energy to a voltage of 12V. 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.
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 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.
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119 - Pages
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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.
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