Redefining Industrial Lighting: The $471 Million Explosion-proof Lighting Market
The global Explosion-proof Lighting Market is projected to increase significantly from its estimated value of USD 340 million in 2021 to USD 471 million by 2026. This forecast shows a consistent Compound Annual Growth Rate (CAGR) of 6.7% from 2021 through 2026. The MarketsandMarketsTM-curated report takes into account a number of aspects, including explosion-proof lighting types (high bay and low bay, linear, flood), light sources (LED, fluorescent), safety ratings, hazardous areas, and end-user industries.
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Several important factors are driving the explosion-proof lighting market's expansion. The oil & gas, chemical & pharmaceutical, and other industries have been gradually expanding their investments in infrastructure construction and expansion projects, which has contributed to the market's expansion. Further encouraging the use of energy-efficient lighting solutions is the increased government emphasis on energy conservation. The transition from conventional lighting systems to connected lighting solutions is happening quickly, which is encouraging the market's growth. Due to their many benefits over traditional light sources, LED-based explosion-proof light fixtures are also becoming more widely used, which has a big impact on the market's increasing trajectory.
Worldwide, strict safety regulations are required by organisations like the 1996 National Electrical Code, the European Committee for Electrotechnical Standardisation (CENELEC), and the Increased Safety "Ex e." These industries include those that deal with oil and gas, chemicals and pharmaceuticals, mining, energy and power, and food and beverage. The usage of certified items for hazardous situations is required by these rules. In order to ensure safety compliance and continued operations within these industries, it is now essential to install efficient and compliant explosion-proof lighting systems. The market for explosion-proof lighting is expanding as a result of businesses prioritising the installation of solutions that increase safety and efficiency in their operations, which is a primary driving force behind the industry's expansion.
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LED lights to dominate the explosion-proof lighting market, by light source
LED lights are positioned to take the lead as the main light source in the explosion-proof lighting market. Because of its remarkable energy efficiency, LED technology stands out and significantly lowers operating costs across the board for industrial operations. When comparing total cost of ownership to fluorescent bulbs, LEDs offer a cost advantage of 4-5 times. Additionally, unlike other lighting technologies, LEDs are resistant to shifting temperatures, enabling them to function effectively in extremely hot and cold conditions. Explosion-proof lighting solutions based on LED technology are becoming more widely used in an increasing number of industrial facilities due to their low cost and flexibility to adapt to a variety of working circumstances, further strengthening their market leadership.
Explosion-proof lighting market for chemical & pharmaceutical industry estimated to be the fastest growing segment, by end-user industry during the forecast period
Among the numerous end-user categories over the anticipated period, the explosion-proof lighting market within the chemical and pharmaceutical industry is anticipated to experience the fastest expansion. The chemical and pharmaceutical business is expanding quickly and attracting substantial investments, especially in rising economies like China and India. According to Business Standard, investments in India's pharmaceutical sector totaled around USD 1.7 billion in 2020, and it is predicted that this growth would continue in the years to come. The chemical and petrochemical sector in India is predicted by Invest India to be worth a significant $300 billion by 2025.
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North America is projected to hold the largest share of explosion-proof lighting market in 2026
By 2026, North America is predicted to hold the greatest market share in the explosion-proof lighting sector. This region has established itself as a very promising market for explosion-proof lighting, mostly due to the growth of oil and gas investment. Notably, a large number of projects are planned for development during the forecast period, which supports this market leadership. Major projects like the Corpus Christi LNG project in Texas and the Alaska LNG project in Alaska are expected to receive significant investments of around USD 24.5 billion and USD 45 billion, respectively. Strong explosion-proof lighting installations have become necessary due to the enormous financial risks involved with any asset damage caused by explosions in the oil and gas industry, making this sector the region's main end-user of this technology. The use of explosion-proof lighting is anticipated to increase across North America as a result of this emphasis on safety.
The report profiles key players, including Eaton (Ireland), ABB (Switzerland), Hubbell (US), Emerson (US), Signify (Netherlands), GE Current (US), Glamox (Norway), Phoenix Lighting (US), R. STAHL (Germany), and Larson Electronics (US). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, contracts, and acquisitions to strengthen their position in the market.
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