Global Underwater Light Market Size is Projected to Reach USD 625.68 Million by 2034, with a 5.50% CAGR Growth | Future Market Insights, Inc.
NEWARK, Del, Aug. 06, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights, the underwater light market is poised for stable growth, with its size expected to increase from USD 342.85 million in 2024 to USD 625.68 million by 2034. Over the next decade, a moderate 5.50% CAGR in the demand for underwater lights is projected to drive the expansion, which had seen a CAGR of 4.70% between 2019 and 2023.
The growing popularity of aquatic activities, such as scuba diving and underwater photography, has significantly bolstered the demand for advanced underwater lighting solutions. Moreover, advancements in LED technology have played a pivotal role in transforming the underwater light market.
The energy efficiency, durability, and versatility of LED lights make them a preferred choice for underwater applications. As environmental awareness continues to rise, the market is witnessing a shift towards sustainable and eco-friendly lighting solutions, further amplifying the adoption of LED-based underwater lights.
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Innovative underwater lights are transforming underwater environments, making them more visually stunning and engaging. As a result, businesses in the underwater equipment industry are witnessing a remarkable surge in sales. Additionally, the increasing focus on marine research and exploration has fueled the demand for high-performance underwater lighting systems.
The increase in underwater sports and amusement activities, dive search operations in defense programs and inside sunken vessels, and examining underwater structures are some key factors augmenting the demand for underwater light during the forecast period.
In emergencies, divers use light signals for locating their position at depth for designing an effective underwater light include, including the brightness of the light (expressed in Lumens) and the beam angle (expressed in degree). This is one of the key factors that is anticipated to boost the underwater light market growth in the forecast period.
During underwater diving operations, a large area is required to be illuminated with a wide beam angle, therefore, the adoption of underwater light is likely to be raised by the marine industry in recent years. The marine industry holds a maximum share which is likely to boost the sales of underwater light during the forecast period.
To provide superior products at competitive prices, market players are found to have been involved in developing products with improved functionality and durability of the underwater light to increase the production of the underwater light market size.
Also, supplying specially developed and related products such as cameras, and accessories developed for use in hazardous environments along with the underwater light are growing the underwater lights market trends. Owing to the technological developments with high-end products rising the underwater light statistics at a significant CAGR over the forecast period from 2024 to 2034.
Key Takeaways
- The United States is set to exhibit steady growth in the underwater light industry with a projected 5.60% CAGR from 2024 to 2034.
- India's underwater light industry is projected to experience massive progression, with an estimated 7.40% CAGR through 2034.
- The underwater light market in Germany is likely to show a 7.20% CAGR between 2024 and 2034.
- China's underwater light industry is projected to develop at a 7.20% CAGR through 2034.
- The South Korea underwater light industry is likely to exhibit a 6.30% CAGR from 2024 to 2034.
What Are Some Of The Factors Spearheading The Underwater Light Market?
The underwater light market demand analysis is not limited to the oceans only; these lights can be found in our day-to-day life as well, from pools to small aquariums. The changing lifestyle, growth in tourism, and increasing per capita income have given rise to the average consumer spending on leisure activities and are growing to the underwater light market future trends across the globe.
Although, commercial spaces are increasingly becoming an abode to showcase underwater scenery which is likely to increase the adoption of underwater light in the forecast period from 2024 to 2034. Moreover, with competent knowledge of the market and technical know-how, backward integration can emerge as an industry-altering trend in the underwater lights market outlook.
The high-end materials serve to protect the underwater light from the harmful and corrosive environment of the ocean or sea, but the high cost of these coatings and materials may challenge the manufacturers which can restrain the underwater light market growth in the coming period.
Considering the pace at which developments are taking place which growing the underwater light market key trends & opportunities during the forecast period from 2024 to 2034.
“India and China's remarkable expansion in the underwater light market poses a significant challenge for other longstanding leaders. India's burgeoning economy and China's robust manufacturing capabilities are driving this expansion. Their competitive pricing and increasing product innovation attract customers away from traditional market players,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Players’ Strategies for Success in the Underwater Light Market
Here are some key strategies that players in the underwater light industry employ for success:
- Research and development of advanced underwater lighting technologies
- Customization options to meet specific client needs and preferences
- Strong focus on durability and reliability to withstand harsh underwater conditions
- Marketing efforts targeting both commercial and residential sectors
- Unceasing modernization to stay ahead of competitors
- Building partnerships with boat manufacturers and marine industry stakeholders
Key Players in the Underwater Light Industry
- Aqualuma LED lighting
- Attwood
- Perko Inc.
- Shadow Caster inc.
- Underwater Lights Limited
- Ocean LED
- Griven
- WIBRE GMBH & CO.
- KG
- Spa Electrics
Recent Developments
- In November 2021, OceanLED introduced the new E2 to their Explore range. The E2 offers customers a smaller XFM light that fits well in tight spaces while still maintaining the high quality and premium features found in the larger lights of the range.
- In February 2021, Propspeed unveiled its new product, Lightspeed, at the Auckland on Water Boat Show. It's the first clear coating made to prevent fouling on underwater lights.
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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
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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