Growth in tourism and hospitality and increased construction of swimming pools to drive the market growth
Growing inclination toward having personal pools, increasing trend to construct swimming pools with DIY setup, increasing online support options offering guidance for basic pool maintenance tasks, and implementing energy-efficient methods to increase cost savings are the latest trends that are likely to increase the global market growth. Further, increasing demand for additional swimming pool features, growing usage of eco-friendly products and changing purchasing behavior of customers in developed and developing countries are among the emerging trends that will shape the market in next five years. Also, the usage of different materials to build swimming pools such as fiberglass, vinyl, and concrete is one of the major factors that is driving the global pool equipment market. In addition to it, growth of the tourism and hospitality industry, increase in urban population, and penetration of the internet contributing to the rise in awareness about pros and cons of having swimming pools for residential buyers are the significant factors that will boost the market during the forecast period.
Pool Equipment Market: Segmental Overview
The residential segment is likely to be the largest contributor to the global pool equipment and maintenance market
The residential segment is likely to be the largest contributor to the global pool equipment market and include buyers such as an individual house, apartment, and condominium owners. The number of swimming pools in the individual house segment is lower than the apartment and condominium segment. However, the number of swimming pools in apartments and condominiums is increasing due to urbanization across the globe and rise in awareness to stay fit. Likewise, the growth of in-ground pools will surpass above ground pools. The pool equipment segment is likely to witness the maximum growth and the pool pump segment is going to be a dominant segment.
Pool Equipment Market: Geographical Analysis
North America to remain the largest market and market in RoW and likely to surpass Europe in 2022
North America had the highest number of swimming pools in 2016, and it is expected to sustain its position during the forecast period. Europe held the second position in terms of a number of swimming pools in 2016, but RoW is expected to surpass it by 2022. RoW, which constitutes Latin America and MEA, is likely to account for more than 28% of the market share in terms of revenue and installed pool base, respectively in 2022. The pool equipment market in APAC is characterized by demand for low-cost products. It is fragmented in this region with Australia being the sole major contributor to the growth in the region. As the demand increases from other countries, the market in APAC will eventually start driving revenue growth.
Pool equipment and maintenance market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Pool equipment
- Pool maintenance
- Residential swimming pools
- Commercial swimming pools
- Inground swimming pools
- Above ground swimming pools
- North America