Safety Ratings and Hazardous Locations: Key Factors in Explosion-proof Lighting Market Growth

The Explosion-proof Lighting Market Size is expected to increase at a compound annual growth rate (CAGR) of 6.7%, from an estimated USD 340 million in 2021 to an estimated USD 471 million by 2026.

Pune, 06/06/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The global Explosion-Proof Lighting Market is projected to witness substantial growth in the coming years, according to the latest report titled "Explosion-proof Lighting Market by Type, Light Source, Safety Rating, Hazardous Location, End-user Industry, and Region – Global Forecast to 2026." With an estimated value of USD 340 million in 2021, the market is anticipated to reach USD 471 million by 2026, marking a commendable CAGR of 6.7% during the forecast period from 2021 to 2026.

Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202357576

The growth of the market can be attributed to several key factors, each playing a significant role in driving its expansion. One of the primary contributors is the increasing investments in the oil & gas and chemical & pharmaceutical industries. These sectors are witnessing substantial infrastructure development and project expansion plans, which in turn, necessitate advanced and reliable lighting solutions to ensure safety and efficiency in hazardous environments. Another crucial factor is the growing focus of governments around the world on energy conservation. As global energy demands continue to rise, there is a pressing need to adopt more sustainable and energy-efficient technologies. Governments are implementing policies and providing incentives to encourage the transition to energy-saving lighting solutions, thereby fostering market growth. The rapid transition from traditional lighting systems to connected lighting solutions is also propelling the market forward. Connected lighting systems offer superior control, monitoring, and automation capabilities compared to conventional systems. These advanced features not only enhance operational efficiency but also contribute to significant energy savings, making them an attractive option for various industries.

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. 

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=202357576 

Globally, every process industry—including oil & gas, chemical & pharmaceutical, mining, energy & power, and food & beverage—must adhere to stringent safety measures set by the 1996 National Electrical Code, the European Committee for Electrotechnical Standardization (CENELEC), and the Increased Safety “Ex e,” among other certifications for hazardous environments. Compliance with these standards necessitates the installation of effective explosion-proof lighting products, which ensure safety and enable smooth operation in these industries. This critical need for certified, reliable lighting solutions significantly drives the growth of the explosion-proof lighting market, supported by technological advancements that enhance performance, energy efficiency, and durability.

LED lights to dominate the explosion-proof lighting market, by light source

LEDs are the most energy-efficient lighting options available, significantly reducing overall operating costs in industrial facilities. When considering the total cost of ownership, LEDs are 4–5 times cheaper compared to fluorescent lamps. This cost efficiency, combined with their durability and longevity, makes LEDs an attractive choice for industrial applications. Unlike other lighting technologies, LEDs are not sensitive to temperature fluctuations, allowing them to operate effectively in extreme hot and cold environments. As the number of industrial facilities continues to grow, the adoption of LEDs for explosion-proof lighting applications is expected to increase, driven by their cost benefits, energy efficiency, and adaptability to harsh conditions. This trend underscores the expanding role of LEDs in enhancing operational efficiency and safety across various industries.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/explosion-proof-lighting-market-202357576.html

Explosion-proof lighting market for chemical & pharmaceutical industry estimated to be the fastest growing segment, by end-user industry during the forecast period

The chemical and pharmaceutical industries in emerging economies like India and China are experiencing rapid growth and attracting substantial investments. For instance, the pharmaceutical industry in India garnered approximately USD 1.7 billion in investments in 2020, with projections for even faster growth in the coming years, according to Business Standard. Additionally, Invest India reports that the chemical and petrochemical industry in India is expected to expand to USD 300 billion by 2025. These robust investment trends and industry growth projections are set to significantly boost the demand for explosion-proof lighting. As these industries expand, the need for reliable, safe, and efficient lighting solutions becomes paramount, strengthening the growth momentum of explosion-proof lighting in the chemical and pharmaceutical sectors.

North America is projected to hold the largest share of explosion-proof lighting market in 2026

North America has emerged as the world's most promising market for explosion-proof lighting, driven by substantial investments in the oil & gas industry. The region is witnessing a surge in major projects, such as the Alaska LNG project in Alaska and the Corpus Christi LNG project in Texas, with investments of approximately USD 45 billion and USD 24.5 billion, respectively. The Corpus Christi LNG project is expected to commence operations in 2022, followed by the Alaska LNG project in 2025. The oil & gas industry is a major end-user of explosion-proof lighting, as any damage to assets due to explosions can result in significant financial losses. Consequently, the need for robust explosion-proof lighting solutions is increasing across North America, ensuring safety and operational efficiency in these high-stakes environments.

News Covered:

https://www.prnewswire.com/news-releases/explosion-proof-lighting-market-worth-471-million-by-2026--exclusive-report-by-marketsandmarkets-301285674.html