The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Underwater Lighting Market. The growth sectors of the Underwater Lighting Market are identified with precision for a better growth perspective.
According to Market Research Future, the global underwater lighting market has been segmented on the basis of light source, mounting type, installation type, application, and region.
By light source, the global underwater lighting market has been segmented into light-emitting diode (LED), xenon, halogen, and others. Among these, the light-emitting diode (LED) segment dominated the overall market in 2018 and is estimated to dominate its dominance during the forecast period. With the advancements in technology, LED lights have proven to be one of the efficient lighting solutions than high-intensity discharge (HID) and halogen lights. These devices do not dissipate heat and thus, do not incur high maintenance costs. This has encouraged the manufacturers of underwater lights to adopt LED instead of halogen lights and metal halides.
By mounting type, the global underwater lighting market has been bifurcated into flush-mounted and surface mounted. Among these, flush-mounted underwater lights are more economical to install in pools. Hence, these lights are expected to maintain their dominance the global market during the forecast period. However, the demand for surface mounted underwater lights is expected to grow during the forecast period owing to adoption of retrofit installations and increasing opportunities in the construction industry.
Based on installation type, the global underwater lighting market has been bifurcated into new installation and retrofit installation. The demand for new installations is high during the forecast period owing to several initiatives undertaken by the government to promote tourism in their country. However, the segment for retrofit installations is expected to determine the fastest growth during the forecast period.
Based on application, the global underwater lighting market has been segmented into boat/yacht lighting, swimming pools, fountains, and others. The installation of underwater lights in boat, yacht, and other water vehicles is expected to dominate the global market during the forecast period. However, the market for installation of underwater lights in fountains is expected to register the highest growth owing to increasing tourism in the US, China, Singapore, and Malaysia among others.
Key Players
The key players in the underwater lighting market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Signify (Formerly Philips Lighting) (Netherlands), OceanLED (UK), Dabmar Lighting, Inc. (US), Eaton (Ireland), Acuity Brands (US), Shadow Caster, Inc. (US), Attwood (US), Lumitec LLC (US), Hayward Industries, Inc. (US), Lumishore (UK), T-H Marine (US), Aqualuma (US), Underwater Lights Limited (UK), Båtsystem (Sweden), and BIRNS, Inc. (US). These players contribute a significant share in the growth of underwater lighting market.
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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", 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.
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.
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.
Underwater Lighting MarketThe global underwater lighting market is expected to register significant market growth during the forecast period.
Underwater lighting acts as an essential element for boats and yachts owing to need for better illumination at dark places.
In addition to this, advancements in ocean engineering and fishery technology have also attributed to the growth of the global underwater lighting market.
The major factors responsible for the growth of the underwater lighting market include potential growth of intelligent lighting systems for adventure sports and high adoption rate of human-centric lighting.
Among these, the light-emitting diode (LED) segment dominated the overall market in 2018 and is estimated to dominate its dominance during the forecast period.
With the advancements in technology, LED lights have proven to be one of the efficient lighting solutions than high-intensity discharge (HID) and halogen lights.
Underwater Lamps MarketThe global underwater lighting market is expected to register significant market growth during the forecast period.
Underwater lighting acts as an essential element for boats and yachts owing to need for better illumination at dark places.
In addition to this, advancements in ocean engineering and fishery technology have also attributed to the growth of the global underwater lighting market.
The major factors responsible for the growth of the underwater lighting market include potential growth of intelligent lighting systems for adventure sports and high adoption rate of human-centric lighting.
Among these, the light-emitting diode (LED) segment dominated the overall market in 2018 and is estimated to dominate its dominance during the forecast period.
With the advancements in technology, LED lights have proven to be one of the efficient lighting solutions than high-intensity discharge (HID) and halogen lights.
