CHICAGO, July 18, 2022 /PRNewswire/ — According to the new market research report “Pool & Spa Market by Type (Pools – Lap, Wading, Heated; Spas – Electric, Steam, Sauna, Hydromassage Bath), Accessories (Filters, Chlorinators, Blowers, Cleaners, Covers, Suction Fittings, Pumps), Material and Region – Global Forecast to 2027”, published by MarketsandMarkets™, the global Pool & Spa Market is projected to reach USD 23.6 billion by 2027.The Pool & Spa Market size is estimated to be USD 23.6 billion by 2027 (forecast year) from USD 19.1 billion in 2022 (estimated year), at a CAGR of 4.3% during the forecast period. The Pool & Spa Market, is expected to witness significant growth during the forecast period, owing to the rising residential and commercial construction activities and increased investment installation of pools & spas for recreational purposes. However, emerging smart technologies and digitalization along with the growing health awareness as well as expansion of tourism activities leading to increased demand for construction of hotels and homestays will also drive the market for pool & spa.
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Pools are expected to occupy majority of the Pool & Spa Market share
Pools segment, by type, is projected to hold the highest market share during the forecast period because pools are a traditional source of recreational activity since ages and is expected to gain momentum in upcoming years as well. Educational facilities such as high schools and universities sometimes have pools for physical education classes, recreational activities, leisure, and competitive athletics such as swimming. Specially designed swimming pools are also used for diving, water sports, and physical therapy, as well as for the training of lifeguards and astronauts. Swimming pools most commonly use chlorinated water or salt water and may be heated or unheated. The tourism has experienced continued growth and deepening diversification to become one of the fastest growing economic sectors in the world. It has led to increase in construction of hotels which would indirectly increase the demand for pool installation in the hotels and recreation centers.
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Fiberglass by material is expected to dominate the market
Fiberglass pools generally require the lowest maintenance and lifetime costs and the makeup of the surface prevents the growth of algae. A fiberglass pool is constructed with several layers. The material is a combination of fiber-reinforced polymer made of a plastic matrix strengthened by fine fibers of glass. They are built from moulds that are extremely expensive to make, hence manufacturer has a finite number of shapes, designs and sizes available. The size is usually no wider than about 4 or 5 meters. Some fiberglass pools also have the option of an in-built spa or water feature. Also, due to the smaller size, its utilize less electrical power than the other pool types. The COVID-19 pandemic has boosted the growth of fiberglass pool in the market due to the options for discretionary spending.
North America likely to emerge as the largest Pool & Spa Market
North America is the key region for the Pool & Spa Market where the major demand is driven from the residential sectors of the region. California and Florida have the most inground swimming pools in the US. Sales of swim spas and imported hot tubs are a small but growing influence on the US market. With millions of people in the region working from home, many of them with more disposable income than ever, demand for pools and practically all elements of the outdoor lifestyle experienced a high demand.
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Harvia Group (Finland), Pentair (US), Fluidra (Spain), KLAFS GmbH & Co. KG (Germany), TyloHelo (Sweden) are the key players in the global Pool & Spa Market.
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