Future Market Insights
Various underwater activities have witnessed high growth over the last couple of decades. The increase in underwater sports and amusement activities, dive search operations in defense programs and inside sunken vessels, and examining underwater structures, these are some key factors augmenting the demand growth of underwater lights. Also, in emergency situations, divers use light signals for locating their position at depth. The factors which play a key role in designing an effective underwater light include, the brightness of the light (expressed in Lumens) and the beam angle (expressed in degree). During underwater diving operations, the large area is required to be illuminated with wide beam angle. In order 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 lights. Also, supplying specially developed and related products such as cameras, accessories developed for use in hazardous environmentsalong with the underwater light, etc. is among the key trends observed in the underwater lights market. Owing to the technological developments to meet the increasing demand for high-end products, the market for underwater lights is expected to increase at a significant CAGR over the forecast period of 2017–2027.
Underwater light Market: Dynamics
On a broader-scale, the factors for growth of the underwater lights market include the high increase in the oceanic underwater activities for either geo-political or marine research purposes. However, the underwater light market 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 has given rise to the average consumer spending on leisure activities, which in turn, is leading to the growth of commercial spaces to meet the demand for leisure from across the globe. Such commercial spaces are increasingly becoming an abode to showcase underwater scenery where the underwater lights are the essence. Further, the ability of the manufacturers to develop cost effective, energy efficient, and durable products in multi-color offerings is expected to reinforce the market from the supply side. Advances such as development of high-density light emitting diode (LED) technology, etc. are further expected to impulse the market players to incorporate and develop advanced technologies to not just supply the need, rather create the new demand.
The underwater light market is not limited to the sales of finished products; it also provides opportunity for growth of the market players having presence downward the value chain. 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. This will lead to solidifying the current market position of the players, along with opening the new opportunity spaces for research and development on advanced materials used for underwater applications. Raw materials such as tritonium coating, aluminum bronze housing, injection molded transparent polymer, and etc. are used in the manufacture of underwater lights. The high-end materials serve as to protect the underwater lights from the harmful and corrosive environment of ocean or sea, but the high cost of these coatings and materials provides significant challenges to manufacturers. Another challenge associated with underwater lights include to render the underwater scenes as aesthetically and as naturally as possible, without compromising the overall cost of the system. Taking the pace, at which developments are taking place, into account, the market for underwater lights is expected to overcome/ moderate such challenges and provide significant opportunities for growth over the forecast years.
Underwater light market: Segmentation
Out of the many ways by which the global underwater lights market can be segmented is on the basis of lighting technology, type, sales channel, application, and end-user.
On the basis of lighting technology, the global underwater light market segments into:
Halogen and Xenon
High Intensity Discharge (HID)
Light Emitting Diode (LED)
On the basis of type, the global underwater light market segments into:
Hand-held and Others
Other Marine and Boat Lights
Aquarium and Other Lights
On the basis of sales channel, the global underwater lights market segments into:
On basis of application, the global underwater lights market segments into:
On the basis of end-user, the global underwater lights market segments into:
Hotel, Restaurants, and Amusement Parks
Divers and Related Service Provider Companies
Dock and Ports
Boats and Other Marine
Oil and Gas
Underwater light market: Region-wise outlook:
Owing to the increasing underwater operations in the Asia Pacific region, the market is expected to witness significant growth opportunities over the coming years, with support from the non-marine applications as well. The market in Europe and USA is also expected to increase with strong demand from boat, super yachts, and pool applications. The growth in urbanization and development of port-cities is additionally expected to boost the demand for dock lightning across the EMEA region over the coming years.
Underwater light market: Key Participants:
Some of the key participants identified across the value chain of the underwater lights market include: Aqualuma LED lighting, Attwood, Perko Inc., Shadow Caster inc., Underwater Lights Limited, Ocean LED, Griven, WIBRE GMBH & CO., KG, Spa Electrics, Underwaterkinetics, and THERMALEC international, etc.
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