In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Hayward Industries, Inc., acquired ConnectedYard, Inc., a manufacturer of pHin Smart Water Care solution in 2018, which simplifies the process for maintaining any pool as it provides alerts to users for any chemicals that are to be added to the pool or to monitor and maintain the water balance.
Fluidra SA, a Spanish listed company engaged in the manufacturing of equipments and other products for residential and commercial swimming pools, launched the Blue Connect which measures the temperature, pH and disinfectant concentration through an app on the smartphone of the user.
A smart pool monitor is a battery powered device that can electronically indicate the amount of chemicals present in a pool by measuring the chemical levels. These devices can provide notifications to the user through smartphones whenever the time comes for treatment of the pool by removing chemicals and checking the cyanuric acid or alkaline levels as well as the presence of chlorine content in the pool. It is attached beneath the surface of water in the pool and it continuously measures the pH levels, checks for Oxidation Reduction Potential (ORP). A Wi-Fi network is required to connect these devices with Bluetooth connection through a smartphone, so that the pool can be monitored from any place and at any time. These devices will be able to provide proper and correct information and maintain the pool by ensuring that necessary chemicals are being used in the right proportion and proper pH levels are maintained. This keeps the pool hygienic and clean at all times. The option of obtaining electronic readings for the alkalinity levels and calcium content is also available.
The global smart pool monitors market is anticipated to grow at a CAGR of around 7% over the forecast period (2020-2027). Some of the factors driving the growth of the market include steady rise in the incomes of individuals globally, growing preferences for luxurious and attractive amenities such as gyms and swimming pools at residential complexes, increasing interest among consumers to own smart and IoT devices for monitoring their activities and increasing number of individuals owning and using smart phones and other consumer electronics goods so that monitoring can be done from various locations.
Get more information on this report: Download Sample PDF
With smartphones usage growing every day owing to its features that provide users with updated information and alerts through apps, users are finding it easier to operate their daily activities by just a click on their phones. Smart pool monitors that use sensors to check quality of water and contain wireless technology are being launched by several market players. The sensors are used to detect any trouble caused or to alarm the user in case of any emergency situations. Moreover, there has been an increasing demand for smart and IoT integrated monitoring devices among the consumers worldwide as the users can deploy these devices for various important tasks, which would enable them to multitask, thereby saving considerable time and resources. As there is no intervention of human-beings, the demand for smart pool monitors is estimated to significantly increase during the forecast period.
The rise in the number of residential as well as commercial construction projects globally is generating the demand for swimming pool facilities to be provided at such places. This is in turn helping generate the demand for smart pool monitors in order to ensure proper and accurate maintenance of the pools.
There has been a lot of research and development in the field of information technology and various kinds of smart pool monitors with unique characteristics are being introduced into the market, which is enabling consumers to choose products based on the features and benefits offered by them. This is estimated to support this niche market to attain decent growth over the forecast period.
Smart Pool monitors are highly expensive, which is anticipated to limit the market growth during the forecast period, even though their application for multiple beneficial uses certainly serves the user adequately.
Our-in depth analysis of the global smart pool monitors market includes the following segments:
On the basis of regional analysis, the smart pool monitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North American region occupies the highest market share owing to increase in construction of residential and commercial complexes. The markets in Asia Pacific and Middle East regions are predicted to perform reasonably well on account of growth of the luxury real estate industry and increasing demand from individuals belonging to these regions for swimming pool facilities at construction sites.
The smart pool monitors market is further classified on the basis of region as follows: