According to a press release from EIN Presswire, the global swimming pool market, which was valued at $6.8 billion in 2019, is expected to reach $7.4 billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 3.8 percent.
In 2019, the North America region dominated the swimming pool construction market, followed by the LAMEA region (Latin America, Middle East, and Africa). The swimming pool construction market includes revenue generated by construction of new swimming pools and renovation of old swimming pools in residential and non-residential infrastructure. These swimming pools are generally built with materials such as concrete, fiberglass, and vinyl liner. The pools are designed upon the requirement of the user, whether it should be inground or aboveground.
Attributed to the increase is the rise in per capita income, which has raised the standard of living and has escalated private home swimming pool construction.
Furthermore, increasing global healthconsciousness has given rise to an increase in gyms equipped with pools.
Finally, an increase in tourism has led to more swimming pools being constructed in hotels.