The Global Underwater Lighting Market was valued at USD 269.4 million in 2018 and is expected to reach USD 359.7 Million by the end of the forecast period with a compound annual growth rate (CAGR) of 4.26%.
The global underwater lighting market is expected to register significant market growth during the forecast period. Underwater lighting acts as an essential element for boats and yachts owing to need for better illumination at dark places. In addition to this, advancements in ocean engineering and fishery technology have also attributed to the growth of the global underwater lighting market. The major factors responsible for the growth of the underwater lighting market include potential growth of intelligent lighting systems for adventure sports and high adoption rate of human-centric lighting. Moreover, the advent of Internet of Things (IoT) is also expected to create opportunities for the market growth.
The global underwater lighting market has been segmented on the basis of light source, mounting type, installation type, application, and region.
The market for underwater lighting is estimated to witness significant growth during the forecast period from 2019 to 2025. The geographic analysis of underwater lighting market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. According to MRFR analysis, Asia-Pacific dominated the underwater lighting market in 2018 and is expected to maintain its dominance during the forecast period. Several factors such as demand for underwater lightings in commercial and residential spaces and rapid adoption of underwater lighting in boats, yachts, and ships for better illumination in dark is fuelling the growth of the underwater lighting market in this region. However, the North American region is estimated to witness the fastest growth among all other regions. Presence of underwater caves in this region has fuelled the growth of the market in this region. Furthermore, this region is expected to witness a major adoption of underwater lighting for residential applications. Thus, the aforementioned factors are expected to accelerate the growth of the North American region in the coming years.
The key players in the underwater lighting market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Signify (Formerly Philips Lighting) (Netherlands), Underwater Lights Limited (UK), Båtsystem (Sweden), Shadow Caster, Inc. (US), Eaton (Ireland), Attwood (US), Aqualuma (US), Lumishore (UK), T-H Marine (US), OceanLED (UK), Acuity Brands (US), Hayward Industries, Inc. (US), Dabmar Lighting, Inc. (US), Lumitec LLC (US), and BIRNS, Inc. (US). The companies are focused on innovating in their existing product portfolio as well as innovate products by investing in research and development activities to analyze the changing market trends.
- In November 2018, OceanLED launched Explore Underwater LED Light Series. The series feature flush-mount underwater LED light that is technologically advanced and highly efficient. The company has launched two models in its Explore series –E3 and E6.
- In November 2018, Light & Motion launched a new underwater light – the Video Pro 3800. The light features a power level and a battery status indicator. Also, the 3,800-lumen video light is placed in a dome port optic which increases the illumination while reducing the light fall-off at the edges of the beam.
- In May 2018, T-H Marine Supplies, Inc., acquired the assets of Blue Water LED Enterprises, LLC. Through this acquisition, assets of Blue Water have been moved to T-H Marine headquarters in Huntsville, Alabama, for further assembly and shipping of products.
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