According to the latest market analysis report by Technavio, a leading global technology research and advisory company, the potential growth difference for the swimming pool market between 2019 and 2024 is $3.56 billion. The report also predicts the market will witness an accelerating growth momentum at a compound annual growth rate of 2.29% during the projected period—exciting news for pool professionals, as it shows the industry isn’t slowing down anytime soon.
1. The surging construction industry growth will continue to bolster the swimming pool market.
The construction revenue source segment held the largest swimming pool market share in 2019, says Technavio. Moreover, the segment will continue to account for the highest revenue throughout the forecast period. The surging growth of the construction industry is one of the critical factors proliferating the swimming pool market growth in recent years.
2. North America will account for almost half of the market’s growth through 2024, with considerable support from the popularity of the wellness tourism industry.
The report states that North America will be the leading region with 44% of the market’s growth during the forecasted period. Therefore, the swimming pool market in North America, of which the U.S. is the key market, is expected to garner significant business opportunities. In addition, the presence of developed infrastructure and the thriving wellness tourism industry will increase the swimming pool market growth in North America over the slated period.
3. Large-scale urbanization will drive residential pool construction growth.
The report also notes that key market dynamics indicate that large-scale urbanization and the development of residential units will further drive the growing construction of residential swimming pools. These factors are likely to positively influence market growth over the next few years.
