PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402633
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402633
The Global Bulkhead Lighting Market size was valued at US$ 432.3 Million in 2022 and is projected to reach US$ 664.6 Million by 2030, growing at a CAGR of 5.5% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 432.3 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 5.50% | 2030 Value Projection: | US$ 664.6 Mn |
Traditionally a staple for the exterior of boats, bulkhead lights are now a popular design choice for unique interior spaces. The industrial look of a bulkhead light is ideal for unique spaces with an exposed structure, such as a rustic wood finish or concrete surface. Designed with a rugged appearance, the metal cage and brass, gold, or white finishes found on bulkhead lights can be a striking accent piece. Bulkhead lights are often associated with a nautical aesthetic, as they evoke images of being on a ship. This style is a good fit for homeowners who want to create a space with an edgier, vintage feel.
The growing popularity of bulkhead lighting in residential applications is expected to augment the growth of the global bulkhead lighting market over the forecast period. This type of light is a popular option for outdoor passageways, hallways, and bathrooms, among others. The demand for these applications is increasing rapidly, which in turn is driving market growth. The key drivers fueling the growth of global bulkhead lighting market are rapid urbanization, increasing consumer spending on home decor and remodeling, and rising demand for energy-efficient lighting solutions from the commercial sector. Additionally, technological advancements such as the emergence of smart and Wi-Fi enabled bulkhead lights are creating new opportunities. However, high initial costs of LED and advanced lighting fixtures remain a major challenge. Furthermore, unstable economic conditions due to the ongoing pandemic situation have negatively impacted the construction industry, hampering market growth.
However, the longer time and high cost of installing bulkhead lights are major factors expected to hinder growth of the global bulkhead lighting market during the forecast period.
Global Bulkhead Lighting Market Detailed Segmentation: