Pool & Spa Market

Pools and spas are a popular feature in residential and commercial properties, offering relaxation and entertainment for individuals and families alike. As the demand for these amenities continues to rise, the pool and spa industry has seen significant growth in recent years.

One of the key drivers of this growth is the increasing popularity of backyard staycations. With many people choosing to spend their vacations at home, the addition of a pool or spa can provide a luxurious and convenient escape. Additionally, as more people work from home, the need for a relaxing outdoor space has become even more essential.

In addition to residential properties, commercial properties such as hotels and resorts also continue to invest in pools and spas as a way to attract guests and enhance their experience. The use of high-quality materials and advanced technology has allowed for the creation of unique and innovative pool designs, further adding to their appeal.

Along with the rise in demand, there has also been a growing focus on sustainability in the pool and spa industry. From energy-efficient pumps and heaters to water-saving features, manufacturers and designers are prioritizing eco-friendly options. This not only benefits the environment but can also result in cost savings for pool and spa owners in the long run.

However, it is important to note that owning a pool or spa requires proper maintenance and upkeep. Regular cleaning, chemical balancing, and equipment checks are necessary to ensure safe and enjoyable use. Pool and spa professionals offer a range of services, from routine maintenance to repairs and renovations, to ensure the longevity and functionality of these amenities.

In conclusion, the pool and spa industry is a thriving market that offers relaxation, entertainment, and luxury for both residential and commercial properties. With advancements in technology and a focus on sustainability, the industry is poised for continued growth and innovation. Proper maintenance and upkeep are essential for safe and enjoyable use, and pool and spa professionals can provide the necessary services to ensure these amenities are always in top condition.

The luxury real estate market has made a remarkable comeback since the onset of the COVID-19 pandemic. With an increasing demand for larger homes that provide a healthy lifestyle and bring people closer to nature, this segment of residential homes has evolved into a domain of family health and wellness. As a result, the demand for attractive amenities, such as a spa, gym, and swimming pool, greatly impact the construction of residential complexes.

The pandemic has significantly increased the demand in the pool and spa market, but it has also affected the supply chain with increased prices and exceptional volatility in the availability of raw materials and key components. The sauna and spa market, however, remained resilient due to the rising demand to replace sauna heaters. The introduction of work-from-home and short-time working also encouraged homeowners to invest in their properties, including adding a pool or spa.

Before COVID-19, the pool market was growing faster than the national economy, but it was strongly impacted, as its activities were classified as non-essential by the government. The action plans to return to normal activity included the adoption of protective protocols to keep pools safe and the manufacture of equipment for hospitals, mainly hygiene and disinfection products. However, the construction sector was temporarily disturbed by the medical restrictions, while pool-related services exploded during the summers. Suppliers experienced a boom in demand for basic equipment, such as pumps, filters, and blowers, from commercial swimming pools that were closed for a long time.

Pool & Spa Market Dynamics

Drivers in Pool & Spa Market

The growth of the tourism industry and wellness tourism, especially in Europe, has led to an increase in demand for swimming pools and spas for recreational purposes. The construction of hotels and homestays to accommodate the growing number of tourists further drives the demand for such facilities. Additionally, the modern concept of a spa center offers a range of services that promote physical and mental well-being, which could also contribute to the growth of the pool & spa market. However, recovery in the industry remains slow and uneven due to varying levels of mobility restrictions, vaccination rates, and traveller confidence post-COVID-19.

Restraints: Impact on the Environment

Water conservation has become a global priority, with concerns over the significant amounts of water consumed by swimming pools. On average, a domestic swimming pool can hold between 20,000 and 60,000 liters of water, and poorly maintained pools can lead to contamination, which requires draining and replacement. This can result in a significant amount of water wastage. In addition, poorly maintained pools may require more frequent backwashing, which can also contribute to water waste. To address this issue, maintaining proper chemical balance and filtration can help conserve water.

The increasing demand for energy resources has also led to volatility in energy prices, which can be a challenge for the swimming pool and spa industry. Swimming pools and spas require a significant amount of electricity to operate their components and accessories, and changes in economic conditions, availability of energy resources, and increasing demand can contribute to price volatility. Therefore, the industry may face challenges in managing energy consumption and minimizing its impact on the environment.

Opportunities in Pool & Spa Market

The growth of the construction industry presents opportunities for the pool and spa market. The residential sector is the largest end-use sector and has been driving the demand for swimming pools and spas worldwide. North America is expected to be the fastest-growing region for residential development, while the Asia Pacific region will remain the most active. The demand for swimming pools and spas is fueled by construction activities, as they are installed in both residential and commercial settings for recreational activities. This presents an opportunity for the global swimming pool market to grow in the coming years. The inclusion of attractive amenities in residential complexes, such as gym facilities and swimming pools, attracts more attention from property buyers. Therefore, builders are influenced to include these amenities in their projects to meet the rising demand.

Challenges in Pool & Spa Market

One of the significant challenges faced by the pool and spa industry is the instability in the prices of raw materials, especially crude oil, natural gas, and coal. These materials are complex combinations of hundreds of components that must undergo a refining process to produce usable chemicals. The fluctuating prices of crude oil in recent years have caused a similar trend in the unit prices of raw materials primarily used in the production of components or accessories related to the pool and spa market. As a result, manufacturers may face pressure to reduce prices for items like filters, blowers, covers, and other accessories to stay competitive in the market. This instability can create challenges for businesses in the industry to maintain profitability and keep pace with changing market dynamics.

The market for pools is expected to be the largest segment from 2020 to 2027, according to estimates based on type. Lap pools are anticipated to dominate this segment during this period. Lap pools are designed for swimming laps and are not the most family-friendly option, but they are excellent for swimmers using a pool for exercise. These rectangular-shaped pools are generally long, ranging from 30 to 70 feet, and require less water, resulting in lower annual maintenance costs than most other types of pools. As residential lots have become smaller, the popularity of lap pools is expected to increase, driving the pool & spa market.

Pool pumps are projected to hold the highest market share in the accessories segment during the forecast period. Pool pumps are essential components of a pool's or spa's circulation system and are available in various types such as horizontal, single-stage, centrifugal, and self-priming pumps. Swimming pool pumps work by drawing water in through centrifugal force, passing the water through a filter, and pushing the water back into the pool. Variable-speed pumps are the latest innovation in pool equipment technology.

During the forecast period, the North America region is expected to hold the largest market share in the pool and spa market. Canada's construction investment rose by nearly 11% year-over-year in 2021, with both residential and non-residential sectors increasing by 14% and 8%, respectively. The construction sector in Mexico has also experienced growth. The increasing demand for pools and spas in this region is driven by the growing residential construction. Additionally, post-COVID-19, there has been an increased consumer interest in wellness therapies, leading to a rise in health awareness in the region.

Key Players in Pool & Spa Market

• HARVIA GROUP
• PENTAIR
• FLUIDRA
• KLAFS GMBH & CO. KG
• TYLOHELO
• ROCA
• SAWO INC.
• KOHLER CO.
• ARCTIC SPAS
• JAQUAR
• BULLFROG SPAS
• COAST SPAS MANUFACTURING INC.
• BTL
• DURAVIT AG
• NARVI OY
• UNBESCHEIDEN GMBH
• STAS DOYER
• PHYSIOTHERM
• EFFE
• LEISURE BATHS LTD

Recent Developments in Pool & Spa Market

In January 2022, a new wellness area was introduced featuring a recreational stainless steel swimming pool and various water features such as air beds, hydro-massage benches, cascades, and neck massage jets, among others.

In October 2021, Harvia Group, a Finnish sauna and spa company, entered an exclusive distribution agreement with Bergman Ltd, a Tokyo-based company. The agreement aims to open 50 Harvia Sauna & Spa showrooms in Japan within the next three years, catering to the mature spa culture and evolving sauna market in the country. Harvia has been supplying heaters to Japan for over 15 years.

In the same month of October 2021, Pentair, a water treatment and filtration company, acquired Pleatco for approximately USD 255 million. Pleatco specializes in manufacturing water filtration and clean air technologies for customers in the pool, spa, and industrial air industries.

The global pool and spa market has seen significant growth in recent years, with advancements in technology and increasing demand for wellness therapies contributing to this growth. One major trend in the market is the increasing demand for smart pool and spa systems, which allow users to control their pools and spas remotely through their smartphones or other smart devices. These systems can help reduce energy consumption and improve efficiency, making them an attractive option for eco-conscious consumers.

Another trend in the market is the growing popularity of saltwater pools, which use salt chlorinators instead of traditional chlorine-based systems. Saltwater pools are known for their gentler effects on skin and eyes and are considered more environmentally friendly than traditional chlorine-based systems.

The COVID-19 pandemic has also had a significant impact on the pool and spa market. With people spending more time at home, there has been a surge in demand for backyard pools and spas. This trend is expected to continue as consumers prioritize health and wellness, leading to increased demand for products that promote relaxation and stress relief.

In terms of geographical developments, the Asia-Pacific region is expected to see significant growth in the pool and spa market due to increasing urbanization, rising disposable incomes, and a growing demand for luxury goods. Additionally, government initiatives to promote tourism and hospitality are expected to drive demand for pools and spas in the region.

Overall, the pool and spa market is expected to continue growing in the coming years, driven by advancements in technology, increasing demand for wellness therapies, and changing consumer preferences.