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Underwater Lighting Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Publisher Global Market Insights
Published Aug 22, 2024
Length 210 Pages
SKU # GMI19204886

Description

Underwater Lighting Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032


The underwater lighting market was valued at USD 341.6 million in 2023 and is projected to grow at a CAGR of over 5% from 2024 to 2032. This growth is largely driven by the increasing popularity of recreational underwater activities such as snorkeling, scuba diving, and underwater photography. As more people participate in these activities, the demand for specialized lighting solutions that enhance visibility and capture high-quality images is on the rise. This trend is especially noticeable in regions known for their marine biodiversity and popular diving spots.

Additionally, rising investments in marine research and exploration are boosting the need for underwater lighting solutions. Researchers and explorers require dependable and powerful lighting systems for conducting underwater studies, assessing marine ecosystems, and exploring new territories. The growing emphasis on understanding ocean environments and discovering new species is further contributing to market expansion.

In terms of light source, the market is segmented into LED, halogen, metal halide, and others. The LED segment is anticipated to experience a CAGR of over 6% throughout the forecast period. LEDs have become a dominant light source in underwater lighting due to their energy efficiency, long lifespan, and low heat output. These qualities lead to lower operational costs and increased reliability, making LEDs a preferred choice for both recreational and professional applications. Furthermore, LED technology offers greater flexibility in color rendering and light intensity, enabling customizable solutions that improve both visibility and aesthetics. LEDs are also well-suited for underwater environments due to their resistance to water pressure and corrosion.

The market is also divided based on installation type into new installations and retrofits. The new installation segment is expected to lead the market, generating over USD 200 million in revenue by 2032. This segment focuses on installing lighting systems in newly constructed underwater projects. Such installations often incorporate the latest technologies to meet modern standards of performance, efficiency, and durability, driving the adoption of advanced lighting solutions like high-performance LEDs and smart lighting systems.

North America led the global market in 2023, holding over 30% of the market share. The region's diverse range of recreational activities, marine research initiatives, and coastal infrastructure contribute significantly to the growing demand for advanced underwater lighting systems.

Table of Contents

210 Pages
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 360º synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising popularity of underwater recreational activities
3.8.1.2 Expansion of marine research and exploration
3.8.1.3 Technological advancements in LED packaging
3.8.1.4 Increased awareness of marine conservation
3.8.1.5 Technological innovations in lighting design
3.8.2 Industry pitfalls and challenges
3.8.2.1 High cost of advanced underwater lighting solutions
3.8.2.2 Maintenance and durability issues
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Lighting Source, 2021-2032 (USD Million and units)
5.1 Key trends
5.2 LED
5.3 Halogen
5.4 Metal halide
5.5 Others
Chapter 6 Market Estimates and Forecast, By Mounting Type, 2021-2032 (USD Million and units)
6.1 Key trends
6.2 Surface-mounted
6.3 Flush-mounted
6.4 Others
Chapter 7 Market Estimates and Forecast, By Installation Type, 2021-2032 (USD Million and units)
7.1 Key trends
7.2 New installation
7.3 Retrofit
Chapter 8 Market Estimates and Forecast, By Application, 2021-2032 (USD Million and units)
8.1 Key trends
8.2 Swimming pools
8.3 Boat/Yacht lighting
8.4 Fountains
8.5 Others
Chapter 9 Market Estimates and Forecast, By Region, 2021-2032 (USD Million and units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Rest of Latin America
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
9.6.4 Rest of MEA
Chapter 10 Company Profiles
10.1 Acuity Brands, Inc.
10.2 Aqualuma LED Lighting
10.3 Attwood Corporation
10.4 Bluefin LED
10.5 Dabmar Lighting, Inc.
10.6 Deep Glow Technologies
10.7 Eaton Corporation plc
10.8 Hayward Industries, Inc.
10.9 Hella Marine
10.10 Lumishore Ltd.
10.11 Lumitec LLC
10.12 Ocean LED Marine Ltd.
10.13 OceanLED USA LLC
10.14 Perko Inc.
10.15 Savage Marine Ltd.
10.16 Shadow-Caster Led Lighting, LLC
10.17 Signify N.V.
10.18 Submertec Limited
10.19 T-H Marine Supplies, Inc.
10.20 Underwater Lights Limited
10.21 WIBRE Elektrogeräte Edmund Breuninger GmbH and Co. KG

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