Market Analysis

The global underwater lighting market will touch USD 359.7 million at a 4.26% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Underwater lighting system generally includes lights which are guarded with resilient materials for a smooth functioning in seas, lakes, ponds, and other underwater areas. As these lights are submerged often in saline water, it becomes essential for manufacturers in designing cases which are resistive to corrosion. Owing to its alluring features and plentiful benefits, underwater lighting has wide applications in fountains, swimming pools, boat/yacht lighting, and others.

Various factors are fuelling the global underwater lighting market growth. As per the recent MRFR market estimates, such factors include increasing demand in swimming pools, shift towards the adoption of energy-efficient LEDs, wide applications for fishing, and increasing substitution of traditional lights with LEDs.

On the contrary, high installation cost of LEDs and the impact of the COVID-19 pandemic may limit the global Underwater Lighting Market growth over the forecast period.

Key Players

The eminent players profiled in the global underwater lighting market report include 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), and Signify (Formerly Philips Lighting) (Netherlands), among others.

The global underwater lighting market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

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Market Segmentation

The MRFR report throws light on an inclusive segmental analysis of the global underwater lighting market based on installation type, light source, application, and mounting type.

By light source, the market is classified into halogen, xenon, light-emitting diode (LED), and others. Of these, the LED light source will lead the market over the forecast period.

By mounting type, the market is classified into surface mounted and flush mounted. Of these, the surface mounted segment will dominate the market over the forecast period.

By application, the market is classified into fountains, swimming pools, boat/yacht lighting, and others. Of these, swimming pools will spearhead the market over the forecast period.

Regional Analysis

By region, the global underwater lighting market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of underwater caves and government initiatives to support underwater activities, construction of private swimming pools in the hospitality sector, and increasing adoption for residential applications are adding to the global underwater lighting market growth in the region.

In the APAC region, the underwater lighting market is predicted to have admirable growth over the forecast period. Increasing construction of fountains and amusement parks in Japan, South Korea, and China, demand for underwater lightings in residential and commercial spaces, rapid adoption in ships, yachts, and boats for better illumination in dark, rise in the number of swimming pool construction projects, flourishing tourism industry, development of luxurious residential complexes equipped with modern amenities, demand for luxury cruises, high disposable income, and growing need for yachts are adding to the global underwater lighting market growth in the region.

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