New York, United States, July 21, 2022 (GLOBE NEWSWIRE) -- The global swimming pool construction market includes building new pools and fixing old ones in homes and businesses. Concrete, fiberglass, and vinyl liner are used for the construction of swimming pools. Depending on user requirements, the construction can be either on the ground or above ground. Due to the rise in the number of diseases, more people are becoming aware of the importance of fitness. This has led to constructing new gyms with swimming pools and renovating old gyms and pools with new equipment. A rise in travel and tourism worldwide has also led to the building of new hotels, rented bungalows, and renovation of old hotels and rented bungalows with swimming pools.
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Improving Health Awareness and Flourishing Tourism Industry Spurs the Swimming Pool Construction Market
Physical health ailments and mental illnesses are rising due to improper work-life balance. As a result, people are becoming more aware of the importance of general health and fitness, increasing the construction of gyms and swimming pools. According to statistics, about 2,000 gyms and 750 swimming pools were opened in the US in 2019. Swimming pools improve cardiovascular strength and physical health. They also decrease anxiety and depression and improve the overall mood. These health benefits are expected to propel the growth of the swimming pool construction market.
Furthermore, the tourism business has grown drastically, increasing the demand for accommodations. Key market players are focusing on improving hotels' aesthetic appeal by investing in swimming pools to attract more travelers. Tourism boosts the demand for goods and services, improving the national GDP. This suggests that people are increasingly spending on travel and luxuries. Consequently, there is an increase in the construction of hotels to meet the growing demand, thereby boosting the market growth.
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Budding Trend of IoT Integration in Swimming Pools Create Tremendous Market Opportunities
IoT sensors offer innovative features to maintain the cleanliness of the swimming pools. This saves the maintenance cost and time as they can be used in filters and temperature controllers. These systems can sense the water contamination level and clean it automatically. IoT systems also control lights and water heaters. Consequently, IoT makes it cheaper to maintain and run swimming pools, giving rise to umpteen growth opportunities.
North America commands the leading position in the global swimming pool construction market and is expected to grow at a CAGR of 4.1% during the forecast period. The US, Canada, and Mexico are the three prominent countries in the swimming pool construction market in North America. The regional growth is attributed to the swelling construction of swimming pools and the improving health awareness among people in North America.
Europe accounts for the second-largest market share. It is expected to grow at a CAGR of 3.8%, generating USD 2 billion during the forecast period. Many high-end hotel projects are under construction in the UK, Germany, France, and Spain. As tourism is increasing in Europe, there is a need for the construction of hotels. Over 450 new high-end hotel projects with multiple pools are being built in Europe, and they are expected to be open in the coming years, which can lead to an increase in the market share.
Asia-Pacific is expected to grow swiftly during the forecast period. Asia-Pacific is home to two of the most populated countries, China and India. The market is driven by countries' GDP and tourism. Furthermore, there has been a rise in the construction of private homes, hotels, and other commercial properties with swimming pools in Asia-Pacific.
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The major key players in the global swimming pool construction market are
Global Swimming Pool Construction Market: Segmentation
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