Explosion-proof Lighting Market: APAC is projected to be the fastest growing regional market between 2021 and 2026

 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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APAC is projected to be the fastest growing regional market between 2021 and 2026

APAC is expected to exhibit the highest CAGR in the explosion-proof lighting market during the forecast period. The region has witnessed significant investments in the oil & gas, chemical & pharmaceutical, mining, and marine & shipbuilding industries. For instance, according to Invest India, the chemical & petrochemical industry in India is expected to grow to USD 300 billion by 2025. Furthermore, the increase in mining infrastructure development activities in India is driving the demand for explosion-proof light fixtures. Also, according to International Energy Statistics, China is the fifth-largest oil producer globally with a market share of 5%. In the APAC region, the number of industrial facilities is increasing significantly as raw materials are easily available in Asian countries such as India and China. Also, being one of the fastest-growing innovation centers in the world, companies around the globe are looking to invest and expand their industrial bases in the APAC region. All these factors are placing explosion-proof lighting market in APAC towards a positive growth trajectory.

The outbreak of the COVID-19 pandemic has affected the global supply chain of the lighting industry, owing to the lockdowns imposed across many countries during the first and second quarters of 2020. The supply chain of lighting devices is complex and depends on several suppliers from disparate locations to be in synchronization with each other. The shortage of even a single component can hold up an entire production line, resulting in inventory and cashflow backlogs. Unless the entire supply chain of the lighting device market is operational and functioning smoothly, their production is challenged and constrained. Thus, most of the lighting OEMs and integrators are witnessing a shortage of electronic components such as chips and LED drivers. This has created an imbalance, resulting in a demand–supply gap and an increase in the prices of lighting products. Disruption in the supply chain would create an imbalance in the demand–supply equation and create pressure across entities in the explosion-proof lighting ecosystem.

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.

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