The “Explosion-proof Lighting Market” research, the market is expected to increase significantly and reach a value of around USD 471 million by 2026, up from an estimated USD 340 million in 2021. Between 2021 and 2026, this projected growth translates into a Compound Annual Growth Rate (CAGR) of 6.7%.
The demand for explosion-proof lighting solutions across a range of industries is driven by a number of factors, including the expansion of the market and the rise in safety laws, particularly in hazardous locations. Furthermore, technological developments, especially in light source alternatives like LED and fluorescent, are driving market expansion by providing long-lasting and energy-efficient lighting solutions.
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Numerous important aspects are driving the explosion-proof lighting market's expansion. First off, the need for explosion-proof lighting solutions is being driven by rising investments in sectors like the oil and gas and chemical and pharmaceutical industries, which are focused on infrastructure construction and expansion projects. Second, the adoption of energy-efficient lighting solutions by enterprises is being spurred by governments across the globe placing a greater emphasis on energy conservation measures. Furthermore, networked lighting solutions are quickly replacing conventional light systems, improving control and efficiency. Furthermore, it is noteworthy that the use of LED-based explosion-proof light fixtures is on the rise since these sources have several benefits over traditional ones, such as greater durability, longer lifespans, and energy efficiency.
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Safety laws enforced worldwide by organisations like the European Committee for Electrotechnical Standardisation (CENELEC) and the 1996 National Electrical Code are essential for all process industries, including mining, oil and gas, chemical and pharmaceutical, energy and power, and food and beverage. It is imperative that all of these rules be followed, including non-negotiable requirements for products used in hazardous situations and standards like Increased Safety “Ex e” certificates. As a result, installing reliable and powerful explosion-proof lighting equipment becomes crucial. These lighting solutions help these industries' operations run more smoothly while also guaranteeing compliance with safety regulations. As a result, the market is expanding due in large part to the growing demand for lighting products that are explosion-proof.
LED lights to dominate the explosion-proof lighting market, by light source
LED lighting is the most energy-efficient option available, allowing industrial enterprises to drastically cut running expenses. When taking into account total cost of ownership, LEDs have a cost advantage of four to five times over fluorescent bulbs. They are the best options for industrial settings because of their energy efficiency and robustness. Because LEDs are less sensitive to temperature changes than other lighting technologies, they can operate dependably in extremely hot or cold temperatures. Furthermore, because LEDs are affordable and ideal for harsh industrial environments, it is anticipated that their use in explosion-proof lighting applications would rise in tandem with the expansion of industrial facilities.
Explosion-proof lighting market for chemical & pharmaceutical industry estimated to be the fastest growing segment, by end-user industry during the forecast period
Particularly in developing nations like China and India, the chemical and pharmaceutical industries are expanding quickly and drawing large investments. According to a Business Standard report, the pharmaceutical sector in India attracted investments of approximately USD 1.7 billion in 2020, and this growth is anticipated to continue in the years to come. Furthermore, by 2025, the chemical and petrochemical sector in India is expected to be valued at USD 300 billion, according to Invest India. These large investments and growth estimates highlight the chemical and pharmaceutical industries' rapidly expanding momentum. The need for safety precautions, such as explosion-proof lighting, is anticipated to grow as these businesses develop.
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North America is projected to hold the largest share of explosion-proof lighting market in 2026
Thanks to an increase in investments in the oil and gas sector, North America has established itself as the most attractive market in the world for explosion-proof lighting. The region is now experiencing a noteworthy flood of investments, as many projects are planned for development throughout the course of the projection period. With estimated investments of over USD 45 billion and USD 24.5 billion, respectively, the Alaska LNG project in Alaska and the Corpus Christi LNG project in Texas stand out among these projects. The Corpus Christi LNG project is expected to start operations in 2022, while the Alaska LNG project is expected to start operations in 2025. Robust safety precautions, such as explosion-proof lighting, are essential given the inherent dangers involved with the oil and gas business, where any asset damage due to explosions can result in significant financial losses. As a result, the North American region's significance in the worldwide explosion-proof lighting market has been further enhanced by the installation of dependable explosion-proof lighting solutions throughout the region.
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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