European Swimming Pools & Spas Market size worth $1.5bn by 2026
Published Date: July 16, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Europe Swimming Pools & Spas Market size is set to surpass USD 1.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
The European swimming pools & spas market is driven by increasing number of high net-worth individuals. In 2019, the European Union reported that the region is witnessing rapid growth in the number of individuals with assets more than USD 1 million. The high inclination of these consumers toward luxury amenities is expected to support the growing demand for movable swimming pools & spas in the region.
Industry challenges include high operating & maintenance costs incurred by movable swimming pools & spas. These systems require a continuous supply of electricity to function efficiently. Portable spas with poor insulation fail to retain the water temperature and require repeated heating. The continuous running of electric pumps and motors for water recycling contributes to an increase in electricity expenses. However, innovations in the field of filtration systems and insulation materials of swimming pools & spas are slated to reduce these costs, providing a positive outlook to the market growth.
The COVID-19 pandemic has impacted the global trade and economic growth on a large scale. The swimming pools & spas market players in Europe are observing a decline in sales due to decrease in consumer spending capacity. To contain the spread of the virus, government authorities have imposed restrictions on wellness centers, gyms, swimming pools & spas, contributing to the slow market expansion. Though, the market is expected to showcase a steady growth in 2021, depending on the reduction of the COVID-19 spread.
The rising demand for flexibility of space in modern homes
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The movable pools product segment held over 60% market share in 2019 and is estimated to grow at a growth rate of 10% from 2020 to 2026. The high flexibility of use space offered by movable pool floors is driving their penetration in the market.
Pool transformation allows raising and lowering the pool bed to achieve varying depths within the swimming pool. This expands the range of possible aquatic activities and provides a flat-floor space when the pool is not in use, providing an efficient way to solve space and safety issues.
Browse key industry insights spread across 200 pages with 191 market data tables & 22 figures & charts from the report, “European Swimming Pools & Spas Market Size, By Product (Movable Swimming Pools, Movable Spas), By Accessories (Pool Accessories [Pool Covers, Poolpods, Integrated Stairs, Water Depth Display], Spa Accessories [Tub Covers, Tub Pad, Stairs]), By Material (Plastic, Rubber, Fiberglass, Stainless Steel) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Proliferation of pool accessories is fueling the market revenue
The pool accessory segment valuation is anticipated to reach USD 950 million by 2026impelled by rapidly increasing number of swimming pools in residential and commercial properties. Swimming pool designers recommend the use of several pool accessories, such as covers, pods, and water depth display, to enhance the user experience & safety while accessing the swimming pools, thereby augmenting the market share.
Pool covers are predicted to witness a high growth in the Europe swimming pools & spas market on account of several benefits such as extra insulation and protection from dirt, dust & other debris. Moreover, manufacturers of movable swimming pools & spas, such as Variopools and Aqualift, are offering a high level of customization in pool covers.
Demand for stainless steel in movable pool floors owing to high strength and malleability
Stainless steel material segment is projected to register a CAGR of over 5.5% through 2026. Stainless steel is used in the construction of movable swimming pools & pool floors due to several advantages such as strength, durability, design flexibility, and easy maintenance. The combination of malleability and strength allows manufacturers to customize the steel into various designs & shapes as per customer demands. However, Europe swimming pools & spas manufacturers prefer to use lightweight materials, such as fiberglass and plastic, for movable spas owing to the heavy nature of stainless steel.
Rising disposable income accounting for swimming pools & spas market growth in Europe
Several European countries including France, Germany, and Romania are witnessing an increase in consumer disposable income, contributing to the growing demand for movable swimming pools & spas. According to a report by the Organization for Economic Co-operation and Development (OECD), in France, the average household net-adjusted disposable income per capita was USD 31,304 in 2019 and is increasing at an escalating rate.
Major players are collaborating with companies operating in the industry to strengthen their product portfolio and enhance their offerings. For instance, in October 2019, AKVO Spiralift completed two multifunctional pool projects in Germany in partnership with Bodan Schwimmbadbau. The pools were equipped with a series of compact & powerful lifts beneath the pool floor to provide them with the ability to adjust the water depth.
The key participants in the European swimming pools & spas market include Beachcomber Hot Tubs, AKVO Spiralift Inc., Coast Spas, Jaquar Group, Twinscape Group, Watkins Wellness, Aqualift, Lift'O, Roca Sanitario, S.A., Variopool Group, Bestway among others.