The bulkhead lighting market consists of various types of lightings installed in marine vessels to provide illumination in the cabins, corridors, and other internal areas. Bulkhead lighting fixtures are designed to withstand harsh marine conditions and deliver reliable performance even in rough seas. They feature waterproof and corrosion-resistant housings approved by major maritime classification societies.
The global bulkhead lighting market is estimated to be valued at US$ 750 million in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the Bulkhead Lighting Market Growth is the adoption of LED lights. LED lights offer various advantages over traditional lighting such as lower energy consumption, longer lifespan, compact size, and durability. Shipping companies are increasingly installing LED bulkhead lights throughout passenger and crew cabins, corridors, engine rooms, and other interior areas of vessels to reduce energy costs and maintenance requirements. Furthermore, LED bulkhead lights have gained popularity owing to their design flexibility as they are available in various wattages, color temperatures, and beam angles allowing for customized lighting solutions. LED lights also enhance the aesthetics in the interiors of ships and boats. The rising demand from the shipping industry is expected to drive the demand for LED bulkhead lights over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as huge capital investments and strong brand loyalty are required. However, new emission norms may provide opportunities.
Bargaining power of buyers: The bargaining power of buyers is high as buyers can opt for substitutes easily. Buyers demand better features at lower costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as switching costs are high for OEMs. Suppliers depend on a few big buyers.
Threat of new substitutes: The threat of new substitutes is high with advancements in LED lighting and ongoing trends of using natural lights.
Competitive rivalry: Competition is fierce among established players. Innovation and customization provide an edge.
Key Takeaways
The Global Bulkhead Lighting Market is expected to witness high. The market size is expected to reach USD 25 Billion by 2031 from USD 10 Billion in 2024, growing at a CAGR of 25%.
Regional analysis: Asia Pacific is the fastest growing market for bulkhead lighting owing to growing aircraft fleet and automotive production. China, India, and Japan are major contributors with increasing investment in transportation infrastructure.
Key players: The major players operating in the bulkhead lighting market are Boeing, Honeywell International Inc., Stg Aerospace, UTC Aerospace Systems, Astronics Corporation, and Talon Aerospace. Key players focus on developing intelligent and LED-based lighting solutions to comply with changing norms and consumer preference for fuel-efficient vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn