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The global pool & spa market is expected to reach USD 23.6 billion by 2027 from an estimated USD 19.1 billion in 2022, at a CAGR of 4.3% from 2022 to 2027
The growth of the pool & spa market is proportional to the growth of the health awareness among people, which are the primary drivers of growth in demand for recreational and exercising activities. Apart from this, an increase in the tourism sector and the rising investments in luxury homes after the COVID-19 situation has led to the installation of pools & spas to achieve mental and physical relaxation.
New York, July 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pool & Spa Market by Type, Accessories, Material and Region - Global Forecast to 2027" - https://www.reportlinker.com/p06310401/?utm_source=GNW
As a result, the pool & spa may experience a growth in demand during the forecast period.
Pools: The largest-growing segment by type in the pool & spa market
Based on type, the pools are expected to occupy the largest share in the pool & spa market.Swimming pools are a great addition to any backyard, adding years of enjoyment and fun.
Residential swimming pools utilize many different construction methods.Household swimming pools come in all different shapes and sizes.
Commercial swimming pools often come with stringent safety requirements, such as lifeguards on duty, locking gates or limited access.Lap pools can either be indoor or outdoor and have many features such as bulkheads and diving boards and are usually rectangular in shape.
Pools as a feature in hotels are more common in tourist areas or near convention centers. As with the different types of in-ground pools, a lap pool can be constructed in concrete, vinyl, or acrylic sheet. Lap pools are ideal for people with narrow yards. The increasing population leading to scarcity in availability of wide spaces is likely to drive the market for lap pools. Another major reason have been the lower maintenance costs for the lap pools, which is also a major factor driving the market growth of lap pools in comparison to other type of pools.
Pool Pumps: The largest segment by power rating in pool & spa market
The pool pumps accounted for the largest share in the global pool & spa market, by accessories, in 2022.The accessories are vital for the smooth operation of a pool or spa, and to improve the user experience.
A growth of the pool & spa market will directly drive the demand for these accessories during the forecast period.Pool pumps are used for circulating and filtering water in the pools.
A single-speed pump is the simplest, cheapest type of swimming pool pump with no speed settings.A dual-speed pump offers two settings, a high setting for more demanding tasks like vacuuming and a low setting for everyday duties.
A variable-speed pump offers multiple speed options which is used for an energy-efficient setting and helps to save money on electric bill in the process. Variable-speed filters allows to optimize performance and save energy.
Asia Pacific: The fastest-growing region in pool & spa market
Asia Pacific is expected to grow with the highest CAGR during the forecast period.Asia Pacific consists of many of the emerging economies including Japan, India, and China, that are likely to exhibit strong economic growth.
Australia is the top market for pool & spa in the region.The growth in Australia is driven by the increased focus on home renovations and improvements.
The hospitality industry is one of the end user that is driving the spa market, owing to the increase in usage of hydrotherapy bathtubs.Also, the rising popularity of the traditional massage in the region is expected to drive the pool & spa market.
The tourism industry is expected to boost up the market in the region due to the increase in construction of hotels and resorts, hence increasing the installation of pool & spa in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 50%, Tier 2- 35%, and Tier 3- 15%
• By Designation: C-Level- 30%, Director Level- 20%, and Others- 50%
By Region: Asia Pacific- 40%, Middle East & Africa- 30%, North America- 15%, Europe- 8%, , and South America - 7%.
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the pool & spa market include Harvia Group (Finland), Pentair (US), Fluidra (Spain), KLAFS GmbH & Co. KG (Germany), TyloHelo (Sweden).
Research Coverage:
The report explains, describes, and forecasts the global pool & spa market, by type, accessories, material, and region.
It also offers a detailed qualitative and quantitative analysis of the pool & spa market.The report provides a thorough review of the major market drivers, restraints, opportunities, and challenges.
It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the pool & spa market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for pool & spa, which would help pool & spa manufacturers/builders review the growth in demand.
2. The report facilitates system providers understand the pulse of the market and offers insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p06310401/?utm_source=GNW
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