Underwater Lighting Market Analysis

Market Research Future (MRFR) projects the global underwater lighting market to reach USD 359.7 million at a CAGR of 4.26% from 2019 to 2025 (forecast period).

Underwater lighting systems are often made up of lights that are protected with durable materials to ensure smooth operation in ponds, lakes, seas, and other underwater locations. Because these lights are frequently submerged in saline water, the manufacturers must create corrosion-resistant cases. According to the law of refraction, the direction of light changes in water and does not follow a straight path. This causes light to scatter and does not give ambient light to divers beneath the water. As a result, in recent years, the traditional source of light has been replaced by light-emitting diodes (LEDs) for better underwater illumination. Oceanographers utilize underwater lights to determine the physical and biological aspects of the ocean.

Several variables influence the worldwide underwater lighting market's growth. The growing demand for underwater lighting in swimming pools, as well as the trend toward the use of energy-efficient LEDs, has contributed to the expansion of the global underwater lighting market. Furthermore, one of the reasons contributing to the overall market's growth is the use of underwater lights for fishing. However, the high installation cost of LEDs is projected to stymie global market expansion.

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Underwater Lighting Market Overview

The global underwater lighting market is anticipated to reach USD 359.7 million at a CAGR of 4.26% from 2019 to 2025 (forecast period). Several factors influence the growth of the worldwide underwater lighting market. The growing demand for underwater lighting in swimming pools, as well as the trend toward the use of energy-efficient LEDs, has contributed to the expansion of the global underwater lighting market. Furthermore, one of the reasons contributing to the growth of the overall market is the use of underwater lights for fishing. Nevertheless, the high installation cost of LEDs is projected to stifle worldwide market expansion.

COVID-19 Impact on the Global Underwater Lighting Market

The worldwide distribution of COVID-19 from China has had a significant impact on the underwater lighting market. Governments have prohibited all forms of recreational activities, including swimming, fishing, boating, surfing, and rafting, reducing the use of underwater lighting. Furthermore, the decline in sales of energy-efficient LEDs is impeding the market growth. The majority of LED manufacture takes place in China, which is not just a raw material hub but also the origin of COVID-19.

Underwater Lighting Market Segmentation

The worldwide underwater lighting market has been segmented based on the light source, mounting type, installation type, and application.

By light source, the worldwide underwater lighting market has been segmented into light-emitting diode (LED), xenon, halogen, and others.

By mounting type, the worldwide underwater lighting market has been bifurcated into a flush mounted and surface mounted.

Based on installation type, the worldwide underwater lighting market has been bifurcated into new installation and retrofit installation.

Based on application, the worldwide underwater lighting market has been segmented into boat/yacht lighting, swimming pools, fountains, and others.

Underwater Lighting Market Regional Analysis

By region, the worldwide underwater lighting market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Central & South America.

Due to the increased development of upscale residential complexes equipped with modern amenities, as well as the region's burgeoning tourism industry, Asia Pacific is predicted to be the fastest-growing regional market in terms of revenue. However, delays in the construction of new commercial swimming pools owing to the COVID-19 epidemic have resulted in a decrease in underwater lighting sales, hampered the market's growth. The pause in the construction of fountains and amusement parks in countries such as China, Japan, and South Korea has also hampered the region's market growth. The reopening of swimming pools during the post-lockdown period is projected to drive industry growth.

Underwater Lighting Market Key Players

MRFR has recognized a few companies as prominent players in the worldwide underwater lighting market. These include Signify (Formerly Philips Lighting) (Netherlands), Eaton (Ireland), Acuity Brands (US), Hayward Industries, Inc. (US), Lumishore (UK), T-H Marine (US), Shadow Caster, Inc. (US), Attwood (US), Aqualuma (US), OceanLED (UK), Dabmar Lighting, Inc. (US), Lumitec LLC (US), Underwater Lights Limited (UK), Båtsystem (Sweden), and BIRNS, Inc. (US). These companies are analyzed based on their geographic presence, origin, product portfolio, significant developments, and expertise in lighting technology. Apart from the players mentioned above, Light & Motion (US), Perko Inc. (US), Wibre (Germany), Submertec (UK), Shenzhen Sanxinbao Semiconductor Lighting Co., Ltd (China), Global Light & Power LLC (UAE), and Fire Water Marine (US) too have an important presence in the global underwater lighting market.

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Table of Contents

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.3 Research Objectives

2.4 Markets Structure

3 Market Insights

4 Research Methodology

5 Market Dynamics

5.1 Introduction

5.2 Drivers

5.3 Restraints

5.4 Opportunities

5.5 Challenges

6 Market Factor Analysis

6.1 Porter’s Five Forces Analysis

6.1.1 Threat of New Entrants

6.1.2 Bargaining Power of Buyers

6.1.3 Threat of Substitutes

6.1.4 Rivalry

6.1.5 Bargaining Power of Suppliers

6.2 Value Chain/Supply Chain of Global Underwater Lighting Market