Pool & Spa Market Worth $23.6 Billion by 2027 – Exclusive Report by MarketsandMarkets™
/EIN News/ — Chicago, July 29, 2022 (GLOBE NEWSWIRE) — Pool and spa market is estimated to reach USD 23.6 billion by 2027 (forecast year) from USD 19.1 billion in 2022 (estimate year), at a CAGR of 4.3% during the forecast period, according to a new report from MarketsandMarkets™. The swimming pools and spas market is expected to witness significant growth over the forecast period, driven by rising residential and commercial construction activities and increasing investment in the installation of swimming pools and spas for commercial purposes. recreational. However, emerging smart technologies and digitalization along with rising health awareness along with expanding tourism activities resulting in increased demand for hotel construction and homestays will also drive the swimming pool and pool market. spa.
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Swimming pools are expected to occupy the majority of the pool and spa market share
The swimming pools segment, by type, is expected to hold the highest market share during the forecast period, as swimming pools have been a traditional source of recreational activities for centuries and are also expected to gain momentum in the years. coming. Educational institutions such as high schools and universities sometimes have swimming pools for physical education classes, recreational activities, hobbies, and competitive sports such as swimming. Specially designed pools are also used for diving, water sports and physiotherapy, as well as for the training of lifeguards and astronauts. Swimming pools most often use chlorinated water or salt water and may or may not be heated. Tourism has seen continuous growth and increasing diversification to become one of the fastest growing economic sectors in the world. This has led to an increase in the construction of hotels, which would indirectly increase the demand for the installation of swimming pools in hotels and leisure 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 surface composition prevents algae growth. A fiberglass pool is constructed with multiple layers. The material is a combination of fiber reinforced polymer consisting of a plastic matrix reinforced with fine glass fibers. They are constructed from molds which are extremely expensive to manufacture, which is why the 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 integrated spa or water feature. Also, due to its smaller size, it uses less electrical energy than other types of pools. The COVID-19 pandemic has boosted the growth of fiberglass pool in the market due to discretionary spending options.
North America is set to become the largest pool and spa market
North America is the key region for the pool and spa market, where the main demand comes from the residential sectors in the region. California and Florida have the most in-ground swimming pools in the United States. Sales of swim spas and imported hot tubs have a small but growing influence in the US market. With millions of people in the region working from home, many with more disposable income than ever before, demand for swimming pools and virtually every element of the outdoor lifestyle has seen high demand.
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Harvia Group (Finland), Pentair (USA), Fluidra (Spain), KLAFS GmbH & Co. KG (Germany), TyloHelo (Sweden) are the major players in the global market. Pool and spa market.
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