Rising Underwater Sports Activities Will Drive Underwater Light Market to Grow at 5.5% CAGR and Reach US$ 523 Million by 2032: Future Market Insights, Inc.
The Europe region holds an underwater light market share of 30% by 2032. Moreover, the growing demand for Aesthetic water-featured landscaping helps fuel the market’s growth. On the other hand, the high cost associated with installing energy-efficient LEDs is restricting the market and hampering the development of the global underwater lighting market.
NEWARK, Del, March 09, 2023 (GLOBE NEWSWIRE) — The global underwater light market is anticipated to reach a valuation of US$ 523 million by 2032, with sales growing at a moderate CAGR of 5.5% from 2022 to 2032. Valued at US$ 306 million in 2022, the market is driven by an upsurge in underwater sports and amusement activities. Underwater light is used extensively for cave dives or water dives when it’s dark at night. Increasing usage in dive search operations in defense programs and inside sunken vessels, and in the examination of underwater structures also drives the expansion of the underwater light market during this period of observation.
Underwater lights are found in applications in the oceans, seas, pools, and aquariums. Increasing tourism and tourist activities have improved the prospects for the underwater light market. The shifts in lifestyle and rising per capita income which enable consumers to spend on leisure activities like underwater sports and amusement activities further aid the growing demand for underwater light. A rise in commercial spaces that showcase underwater scenery will also spur the demand for underwater lights.
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The use of underwater lights by divers to locate their position in emergency cases will create greater demand for the overall market. Moreover, the use of underwater lights in underwater diving operations requires manufacturers to produce highly effective underwater lights with accurate brightness and beam angle. This aspect opens avenues of opportunities for underwater light manufacturers as it propels market players to offer superior quality products at competitive prices.
It is estimated that backward integration will act as an industry-transforming trend that will positively influence the sales of the underwater light market. Moreover, market participants employ competitive pricing tactics while also launching products with improved functionality and durability. These market strategies will increase the production of underwater lights during the projection period. Again, providing specially developed and associated products like cameras and other accessories that are specifically made for use in a hazardous environment along with underwater lights will benefit the overall underwater light market. Integration of advanced technological tools into high-end underwater lights will ensure the steady growth of the underwater lights market in the forthcoming years.
Though the market for underwater lights will undergo positive growth over the forecast period, it is not without its share of challenges. The high-end materials of underwater light serve to protect it from the harmful or corrosive environment of the sea or ocean, but the high cost of these coatings and materials will present a challenge for manufacturers. This factor will likely restrict the growth of the underwater light market.
Key Takeaways:
- High costs of materials and coatings will hamper the growth of the underwater light market.
- Europe will dominate the global underwater light market with about a 30% share of the market.
- The underwater light market in North America will account for a 28% share of the global market.
- Start-ups in the market are focusing on adopting advanced technology into their products.
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Competitive LandscapeÂ
Aqualuma LED Lighting, Shadow-Caster Inc., Underwater Lights Limited, Griven, WIBRE GMBH & CO., and Spa Electric, among others, are a few of the key players in the underwater light market profiled in the full version of the report.
Leading market players are focusing on product innovation and development so as to launch new products into the market. These businesses also adopt cutting-edge technologies and competitive pricing to enhance their product portfolios. A few of these participants engage in partnerships, mergers, and acquisitions to strengthen their market position. For instance, in the recent development of 2019, QTS-100, a small and powerful underwater light that provides 20,000+ lumens of light was launched in the U.K.Â
More Insights Into the Underwater Light MarketÂ
In its latest report, FMI offers an unbiased analysis of the global underwater light market, providing historical data from 2016 to 2021 and forecast statistics for 202 to 20. The report delivers a detailed ten-year sales forecast with an in-depth study of drivers, opportunities, restraints, trends, and segmentation of the market. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, technology, sales channel, application, end-user, and region.
According to the reports, based on region, the underwater light market in Europe will demonstrate strong growth. The target market in this region will dominate in the international space with a share of 30%. Rising adoption of these lights in boats, yachts, and increasing pool applications will shape the underwater light market in Europe. North America, too, will present notable growth in the market due to the rapid development of port cities. In conclusion, rising underwater sports and amusement activities, increasing dive operations, and contributions from Europe will drive the growth of the underwater lights market.
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Key Segments
By Technology:
- Halogen and Xenon
- High-Intensity Discharge (HID)
- Light Emitting Diode (LED)
- Others
By Type:
- Dive Lighting
- Marine Lights
- Non-marine Lights
By Sales Channel:
- OEMs
- Aftermarket
By Application:
- Stationary
- Mobile
By End User:
- Residential
- Commercial
- Non-commercial
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- MEA
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Table of Content
1. Executive Summary
  1.1. Global Market Outlook
  1.2. Demand-side Trends
  1.3. Supply-side Trends
  1.4. Technology Roadmap Analysis
  1.5. Analysis and Recommendations
2. Market Overview
  2.1. Market Coverage / Taxonomy
  2.2. Market Definition / Scope / Limitations
3. Market Background
  3.1. Market Dynamics
  3.2. Scenario Forecast
  3.3. Opportunity Map Analysis
  3.4. Product Life Cycle Analysis
  3.5. Supply Chain Analysis
  3.6. Investment Feasibility Matrix
  3.7. Value Chain Analysis
  3.8. PESTLE and Porter’s Analysis
  3.9. Regulatory Landscape
  3.10. Regional Parent Market Outlook
  3.11. Production and Consumption Statistics
  3.12. Import and Export Statistics
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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