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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Driver: Increasing investments in major end-user industries—oil & gas and chemical & pharmaceutical
Oil & gas is the major end-user industry of explosion-proof lighting since any loss or damage to assets due to an explosion can lead to increased costs. With several upcoming oil & gas projects across the globe, the demand for new explosion-proof lighting in the oil & gas industry is expected to increase, which will drive the market growth during the forecast period. Some of these projects include the Johan Castberg Field in Norway, Corpus Christi LNG in US, and Petronas Floating LNG 2 in Malaysia. In the chemical & pharmaceutical industry, the presence of flammable substances is high, and any reaction of the substances with sparks within the luminaire could lead to an explosion. Therefore, lights encased within thick glass covers and an explosion-proof box are used in the industry. Additionally, the industry in emerging economies such as India and China is growing rapidly and attracting high investments. For instance, according to Invest India, the chemical & petrochemical industry in India is expected to reach to USD 300 Billion by 2025.
Restraint: High initial cost associated with deployment of explosion-proof LED light fixtur
The average cost of an explosion-proof LED light fixture is USD 500, which is considerably higher as compared to fluorescent light fixtures, whose prices are approximately USD 300 for similar form factor. An efficient lighting solution—LED lights—can save costs in the long run. However, the initial cost associated with the implementation and equipment is very high. LED lamps are approximately 10 times costlier than conventional lamps. However, the mass production of LED lamps and evolving lighting technologies are expected to reduce the price of LEDs significantly in the near future. With lighting control systems, the lighting costs can be reduced by 30–60 percent while enhancing lighting quality and reducing environmental impact. Efforts need to be taken by the manufacturers, facility managers, and the governments to make customers aware of the long-term benefits of installing LED lighting solutions.
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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