Impact of COVID-19 on the Underwater Lighting Market
Underwater lighting consists of lights that are protected with robust materials for smooth functioning in seas, lakes, ponds, and other marine areas. The increasing installation of these lights in commercial pools and the rising adoption of these lights for night fishing are driving the growth of the underwater lighting market. The traditional sources of light have been replaced by light-emitting diodes (LEDs) for better underwater illumination. Oceanographers also use these lights for defining the biological and physical aspects of the ocean. However, the global spread of COVID-19 from China has drastically impacted the underwater lighting market. Governments have prohibited all types of recreational activities such as swimming, fishing, boating, surfing, and rafting, lowering the adoption of underwater lighting. Besides, the decrease in the sales of energy-efficient LEDs is also hampering the growth of the market. In the LED industry, most of the production takes place in China, which is a hub for raw materials but is also the country where COVID-19 originated.
According to the MRFR analysis, Asia-Pacific is expected to be the fastest-growing regional market in terms of revenue owing to the increasing construction of swimming pools due to the rising development of luxurious residential complexes equipped with modern amenities as well as the flourishing tourism industry in the region. However, delays in the construction of new commercial swimming pools due to the COVID-19 pandemic has also resulted in decreasing the sales of underwater lighting, which is also hampering the growth of the market. The halt in the construction of fountains and amusement parks in countries such as China, Japan, and South Korea has also adversely affected the growth of the market in the region. The reopening of swimming pools in the post-lockdown period is expected to drive the growth of the market.
LED SALES, 2015–2020 (in %)