The underwater lighting market 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. Major drivers for the growth of the market are increased demand for underwater lighting in swimming pools, use of underwater lights to attract fish during night fishing, and installation of underwater lights for aesthetic water-featured landscaping. Replacement of traditional lighting with LED underwater lighting acts as a major growth opportunity for the underwater lighting market. Major restraints for the market are high installation costs of energy-efficient LEDs, while high absorption of light underwater poses a major challenge for the growth of the market.
LEDs are semiconductors that convert electricity to light through the movement of electrons. They have evolved as a major lighting technology as they are environmentally more beneficial than High-intensity Discharge (HID)/halogen lights in terms of power consumption, reliability, durability, and longevity. Moreover, LED underwater lights are also safe as they do not get heated and can easily be switched on/off without waiting for them to cool down. LEDs ensure energy saving as well as require less maintenance. The LED segment is leading the underwater lighting market, and this trend is expected to continue during the forecast period as well.
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The underwater lighting market for surface mounted is projected to grow at a higher CAGR than the market for flush mounted during the forecast period. Surface-mounted lights are standard fixtures attached to recessed junction boxes. They are mainly of 2 types—ceiling-mounted lights and wall-mounted lights. Surface-mounted light fixtures are attached to exposed ceilings with the fixtures completely visible. These fixtures are used in fountains, boats/yachts, pools, aquariums, and ponds. Surface-mounted underwater lighting is cheaper as compared to flush-mounted lighting as it does not require drilling. Therefore, the demand for surface-mounted lighting is expected to increase in the coming years.
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 people, 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 the demand for underwater lighting to be used in swimming pools.
Asia Pacific is expected to be the largest market for underwater lighting during the forecast period. This market in Asia Pacific has been studied for China, Japan, India, and the Rest of Asia Pacific. The Rest of Asia Pacific includes Singapore, Malaysia, Thailand, Australia, and New Zealand. China is the largest market for underwater lighting in the Asia Pacific region. An increase in the number of swimming pool construction projects in Asia Pacific due to its flourishing tourism industry and the development of luxurious residential complexes equipped with modern amenities are expected to drive the growth of the underwater lighting market in Asia Pacific. Companies manufacturing underwater lighting are looking to tap the growth opportunities in this region during the forecast period.