by Market Overview:
Bulkhead lighting refers to recessed ceiling lights used on vessels and ships that provide illumination without creating obstruction on the overhead area. Bulkhead lights are crucial on vessels as they help in safe navigation and provide adequate illumination inside the vessel.
Market key trends:
According to the United Nations Conference on Trade and Development, the percentage share of seaborne trade in total world merchandise trade increased from around 70% in 2010 to over 80% in 2020. This has significantly increased the demand for new ships and vessels which ultimately drives the demand for bulkhead lighting used on ships. Further, the growing retrofitting and refurbishment of existing fleet is also augmenting the market growth. The manufacturers are increasingly focusing on developing bulkhead lights with LED technology which has high brightness, energy efficiency and longer lifespan compared to traditional lights. This is anticipated to open new growth avenues for players in the bulkhead lighting market over the forecast period.
SWOT Analysis
Strength: Bulkhead lighting provides ambient lighting in spaces like indoor compartments, hallways, and storage areas. They are easy to install and maintain as they can be flush mounted on ceilings or bulkheads.
Weakness: Bulkhead lights have limited functionality as they only provide basic task lighting. Upgrading or replacing them requires uninstalling and reinstallation.
Opportunity: Growing construction of residential and commercial buildings present an opportunity for increased demand of bulkhead lighting. Rapid urbanization in developing nations also drives the market.
Threats: Presence of substitute products like downlights and strip lights poses competition. Fluctuations in raw material prices impact the overall cost of bulkhead lights.
The global Bulkhead Lighting Market Demand is estimated to be valued at US$ 456.21 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Bulkhead Lighting market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing construction activities worldwide. Rapid urbanization especially in Asia Pacific is a key driver boosting residential and commercial real estate construction.
Regional analysis: North America dominated the global market in 2023, accounting for around 30% share. However, Asia Pacific is expected to grow at the fastest rate during the forecast period due to rising infrastructure investment in India and China. European market is mature but growing at a steady pace supported by regulations regarding energy efficiency in lighting.
Key players operating in the Bulkhead Lighting market are Eaton Corporation, Philips Lighting, Hubbell Incorporated, Zumtobel Group AG, Thorn Lighting, Acuity Brands Lighting, Inc., Wipro Enterprises Private Limited, General Electric Company, Osram Licht AG, Feilo Sylvania, Nordlux A/S, Chalmit Lighting, Crompton Greaves Consumer Electricals Limited, Dialight plc, Glamox AS. Major players are focused on developing energy efficient and long lasting bulkhead lights using LED technology.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
