February 28, 2024

Increasing Demand from Construction Industry to Fuel Growth of Bulkhead Lighting Market

Market Overview:

These lights are commonly used to illuminate open spaces, aisles, corridors and other common areas. They provide general lighting and come with advantages such as compact design, durability, resistance to vibration and moisture. They ensure safety by illuminating pathways and evacuation routes. Growing construction of new ships and modernization of existing ships is driving the demand for bulkhead lighting.

Market key trends:

One of the key trends in the bulkhead lighting market is the growing adoption of LED lights. LED lights offer several benefits over traditional lighting such as high energy efficiency, low heat emission, longer lifespan and reduced maintenance. Rise in maritime trade and offshore oil & gas operations is propelling the shipbuilding activities worldwide. This is increasing the need for lighting solutions that ensure safety and visibility in common areas of vessels. Manufacturers are focusing on developing waterproof and vibration resistant bulkhead lights with motion sensors, dimming features and remote management capabilities. Growing infrastructure development worldwide for ports, terminals and bridges is also augmenting the demand for bulkhead lighting solutions.

Porter’s Analysis
Threat of new entrants: The bulkhead lighting market has moderate threat of new entrants due to high initial investments required to set up production facilities and achieve economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several established manufacturers offering a variety of bulkhead lighting products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and competition among suppliers.
Threat of new substitutes: Threat from substitutes is low as bulkhead lighting has few product substitutes that can offer the same level of safety, lighting intensity and targeted illumination.
Competitive rivalry: The market witnesses high competition between Eaton Corporation, Philips Lighting, Hubbell Incorporated, Zumtobel Group AG and other players.

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 a CAGR of 5.5% over the forecast period, due to increasing demand for energy-efficient lighting solutions from various industries.
Regional analysis: North America dominates the bulkhead lighting market currently, owing to stringent regulations regarding energy conservation. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, Japan and India emerging as lucrative markets.
Key players: 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. Eaton Corporation and Philips Lighting captured over 20% of the market share in 2022.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it