The 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", 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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Opportunity: Rapid transition from traditional lighting systems to connected lighting solutions
In recent years, there has been a rapid shift in the adoption of connected lighting solutions from traditional lighting systems due to various advantages offered by connected lighting solutions, such as increased energy efficiency, improved luminance, and cost savings in the long run. Connected lighting enables users to remotely regulate the lights according to their requirements and hence, minimize energy costs. As industries such as oil & gas, chemical & pharmaceutical, and food & beverage highly rely on cost optimization, the demand for IoT-enabled explosion-proof lighting is expected to increase during the forecast period. Additionally, several developments are taking place in the connected lighting market space. BACnet, a communication protocol for building automation, has added wireless networking options by adding the ZigBee profile to the lighting system. ZigBee is a wireless technology designed to address the requirements of the low-cost, low-power wireless sensors and control networks in LED lighting solutions. This integration between BACnet and ZigBee would help to create an efficient and connected LED lighting network.
Challenges: Difficulties in generating high revenue attributed to COVID-19 pandemic
The outbreak of COVID-19 has negatively impacted the explosion-proof lighting market. Leading explosion-proof lighting providers, such as Eaton (Ireland) and Emerson (US), have incurred significant losses owing to the pandemic. Both companies have reported a decline of approximately 10% and 8%, respectively, in their FY 2020 revenue as compared to the previous year. Governments worldwide have cut down their spending on various areas to focus on improving healthcare infrastructure, and therefore, the demand for explosion-proof LED lighting from national lighting projects is expected to shrink. Also, as industrial facilities in most parts of the world would run at a significantly low capacity in 2021, companies might delay a potential upgrade of their lighting solutions. Though for the past few months, the industrial facilities have increased their capacity, the investment in retrofitting and upgrading light fixtures is significantly impacted.
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.
North America is projected to hold the largest share of explosion-proof lighting market in 2026
North America has emerged as the worlds 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.
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