Explosion-proof Lighting Market worth $471 million by 2026 - Exclusive Report by MarketsandMarkets™

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May 06, 2021, 09:30 ET

CHICAGO, May 6, 2021 /PRNewswire/ -- According to the new market research report "Explosion-proof Lighting Market with COVID-19 impact analysis by Type (High Bay & Low Bay, Linear, Flood), Light Source (LED, Fluorescent), Safety Rating, Hazardous Location, End-user Industry, and Region – Global Forecast to 2026", published by MarketsandMarkets™, the market is estimated to be USD 471 million by 2026 (forecast year) from USD 340 million in 2021 (estimated year), at a CAGR of 6.7% between 2021 to 2026. Factors attributing to the growth of the market include increasing investments in the oil & gas and chemical & pharmaceutical industries for infrastructure development and project expansion plans, growing focus of governments towards energy conservation, rapid transition from traditional light systems to connected lighting solutions, and surging adoption of LED based explosion-proof light fixtures owing to several advantages over conventional light sources.

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Globally, every process industry—such as oil & gas, chemical & pharmaceutical, mining, energy & power, and food & beverage—is required to follow safety measures formulated by the 1996 National Electrical Code, the European Committee for Electrotechnical Standardization (CENELEC), and the Increased Safety "Ex e," along with various other certifications for products used in hazardous environments. These measures are followed by installing effective and efficient explosion-proof lighting products that maintain safety standards and allow smooth functioning of processes in the above-mentioned industries. This is a major factor contributing to the growth of the explosion-proof lighting market.

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

LEDs are the most energy-efficient lighting options and can be used to drastically reduce the overall operating cost in industrial facilities. They are 4–5x times cheaper as compared to fluorescent lamps while considering the total cost of ownership. Additionally, LEDs are not as sensitive to temperature as other lighting technologies and therefore can be easily operated in extreme hot and cold environments. Furthermore, the increasing number of industrial facilities is expected to influence the penetration of LEDs for explosion-proof lighting application.

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 & pharmaceutical industry in emerging economies such as India and China are growing rapidly and attracting high investments. For instance, according to an article published by Business Standard, the pharmaceutical industry in India attracted investments of approximately USD 1.7 billion in the year 2020 and is expected to grow faster in the years to come. Moreover, according to Invest India, the chemical & petrochemical industry in India is expected to grow to USD 300 Billion by 2025. All these factors are expected to strengthen the growth momentum of explosion-proof lighting in the chemical & pharmaceutical industry.

Browse in-depth TOC on "Explosion-proof Lighting Market"

142 – Tables
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214 – Pages

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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. The region is witnessing increasing investments in the oil & gas industry, with a number of projects lined up during the forecast period. The Alaska LNG project in Alaska and the Corpus Christi LNG project in Texas are expected to have investments of approximately USD 45 billion and USD 24.5 billion, respectively. The Corpus Christi LNG project is expected to start its operations in 2022, and the Alaska LNG project in 2025. Oil & gas is the major end-user industry of explosion-proof lighting since any damage to assets due to explosion can lead to a high financial loss. This has triggered the installation of robust explosion-proof lighting across 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.

Related Reports:

Explosion Proof Equipment Market with COVID-19 Impact Analysis by Product (Cable Glands & Accessories, Industrial Controls, Process Instruments, Sensors, and Signaling Devices), Connectivity Service, Zone Classification, Industry, and Geography – Global Forecast to 2025

Industrial Lighting Market by Light Source (LED, HID, Fluorescent), Offering (Lamps & Luminaires, Control Systems, Services), Installation Type (New, Replacement, Retrofit), Product, Application, and Geography - Global Forecast to 2023

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