The new report by Expert Market Research titled, ‘Global Hazardous Location LED Lighting Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global hazardous location led lighting market, assessing the market based on its segments like class, device type, end-user industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 493.2 million
- Forecast CAGR (2023-2028): 8.74%
- Forecast Market Size (2028): USD 815.29 million
As a replacement of traditional lighting, the hazardous site LED lighting industry is in high demand. Explosion resistant lighting is very important in hazardous site industrial applications, which contributes to market growth. Furthermore, the oil and gas sector are a major end consumer of hazardous site LED lighting. Offshore drilling rigs require hazardous site LED lighting solutions. These systems are in great demand in a variety of settings, including offshore platforms, processing facilities, and petroleum refineries. This increase in demand can be ascribed to the fact that gas mixes in the oil and gas sector can produce life-threatening explosions, making safety in such an environment critical. An unsafe lighting system can be one of the most common sources of ignition, there is a demand for high quality hazardous location LED lighting systems in the oil and gas industry.
Industry Definition and Major Segments
Hazardous site lighting is a system or light fixture that can resist harsh circumstances and assure safety in places where LED illumination is required. Hazardous places are characterised as areas with high concentrations of combustible or flammable dust, metals, gases, and vapours, among other things.
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By class, the market is divided into:
- Class I
- Class II
- Class III
Based on device type, the industry can be categorised into:
- Zone 0
- Zone 20
- Zone 1
- Zone 21
- Zone 2
- Zone 22
Based on end user industry, the industry can be segmented into:
- Oil and Gas
- Petrochemical
- Industrial
- Power Generation
- Pharmaceutical
- Processing
- Others
The regional markets for the product include:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Industries dealing with the processing of delicate particulate matter, fireworks, etc. and require maximum safety are deploying LED Lights for hazardous locations. This is expected to provide the market with growth opportunities in the future. Furthermore, the global market for hazardous location LED lighting has been growing considerably for the last few years. The stringent government regulations around products used in hazardous areas and safe installation of electrical wiring and equipment to prevent accidents and promote safe electrical practices are aiding the industry. Moreover, the increasing demand for energy-efficient and cost-effective LED lighting solutions is expected to further propel the market growth in the forecast period.
Key Market Players
The major players in the market are Nemalux Inc., CESPEX Lighting Co., Ltd, Munira lighting, DCD Technologies Inc., Luceco plc, Warom Technology Incorporated Company and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
About Us:
Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
