Underwater Lighting Market - Forecasts from 2023 to 2028

The underwater lighting market is projected to grow at a CAGR of 4.46%, reaching US$475.103 million in 2028 from US$350.055 million in 2021.

Underwater lighting refers to lights illuminating water bodies, such as swimming pools, fountains, aquariums, jacuzzis, etc. There are multiple reasons for the need for underwater lighting, such as for safety purposes and to improve the ambience and aesthetics, to make it more attractive for swimmers and by-passers.

The surge in demand for swimming pools and other artificial water infrastructure is positively impacting market growth.

The demand for underwater lighting is directly influenced by the need for swimming pools, jacuzzis, and other similar artificially constructed water bodies. With increasing urbanization in developing countries, and rises in disposable incomes of people as well as their standards of living, the demand for swimming pools is growing in water resorts, clubs, and residential apartments and complexes. Further, the gradual increase in global temperatures is also influencing the rise in demand for swimming pools for recreation and relief. Improved lifestyles of consumers have also increased demand for underwater sports and activities such as scuba diving, which also require underwater lighting. Thus, these factors are cumulatively adding to the need for underwater lighting to be used in an increasing number of water bodies being constructed globally. Key businesses in this market have recently seen positive financial effects due to such efforts. For instance, according to their yearly reports, the lighting and lighting controls segment of Acuity Brands had an increase in revenue of over 16% from 2021 to 2022. It produced total revenues of roughly US$3.8 billion in 2022.

High costs of LED installation are expected to restrain the industry's expansion.

A significant challenge this industry faces relates to the high installation costs of LEDs. LED lights are used for underwater lighting because of their effectiveness and energy efficiency in the long term. However, these lights involve a high installation cost, which is a deterrent to their increased adoption. Additionally, the maintenance of these LED lights also involves significant costs. There is also a requirement for technical knowledge for its installation and operation that can sometimes act as another negative factor for the growth of this industry.

The North American region is expected to account for a significant market share in the underwater lighting industry.

North America is expected to constitute a significant market share, and similar trends will be followed in the forecast period. This market share is owed to underwater cavern lighting and governmental assistance in aquatic activities. Additionally, a big tourism industry increases the demand for swimming pools and other artificial waterbodies, which, in turn, facilitates the growth in demand for underwater lighting. The European market is also expected to experience steady growth in this industry due to similar reasons, as well as the increased access to and demand for new watersports and underwater activities due to the increased purchasing power of a younger demographic that prioritizes recreational activities. There is also a market for yachts and boats in the European regions, which further drives the demand for underwater lights, as these products are used in yachts and other types of boats for night fishing and decoration. The Asia-Pacific region is also anticipated to experience increasing growth in this industry due to a rising tourism and hospitality industry which facilitates the construction of water activity parks, fountains, aquariums, etc.

Market Developments:

• In September 2022, OceanTools launched an AC lamp to their line of subsea lighting products. This product can be used on underwater vehicles for illumination and offers features such as analog control and temperature-based color controls.
• In August 2021, Hella Marine announced the launch of Apelo Underwater Lighting in the entertainment lighting segment. The product offers complete color customization controls for entertainment, such as creating a better atmosphere or ambience. These lights provide more illumination while using lesser energy.
• In November 2021, OceanLED announced the launch of Explore E2 underwater LED lights, their first XFM light with multiple beam options. The product is compact-sized for tight installations.

Market Segmentation:

BY SOURCE TYPE

• LED
• Halogen
• Metal Halide Lamps

BY MOUNTING TYPE

• Surface Mounted
• Flush Mounted

BY APPLICATION

• Boating/Yacht Lighting
• Fountains
• Swimming Pools
• Others

BY GEOGRAPHY

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East And Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others