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
|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: May 6, 2021
Content info: 207 Pages
Delivery time: 1-2 business days
The global explosion-proof lighting market size is estimated to be USD 340 million in 2021 and is projected to reach 471 million by 2026, at a CAGR of 6.7% during the forecast period. The market has a promising growth potential due to several factors, including the increasing investments in the oil & gas and chemical & pharmaceutical industries for infrastructure development and project expansion plans, government regulations regarding employee safety in hazardous environments, and growing adoption of explosion-proof LED light fixtures owing to several advantages over conventional light sources.
COVID-19 sent both demand side and supply side shocks across the global economy. Leading explosion-proof lighting product providers, such as Eaton (Ireland) and Hubbell (US), have incurred significant losses owing to the pandemic. Both companies have reported a decline of approximately 10% and 12%, respectively, in their 2020 full-year revenue compared to the previous year. The impact of COVID-19 may last until 2021. The situation is almost similar in both emerging and developed economies. As of April 2021, India and the US became the worst COVID-hit countries. Several oil & gas projects in the above-mentioned countries were delayed because of the decline in fuel and energy demand from various end-user industries. With the decrease in fuel and energy demand, it is estimated that there would be negligible investments from the oil & gas players toward updating industrial facilities with energy-efficient explosion-proof lights.
"LEDs: The fastest growing light source segment of the explosion-proof lighting market."
LEDs are the most energy-efficient lighting options which can help drastically reduce the overall operating cost in industrial facilities. Additionally, LEDs can be easily operated in extreme hot and cold environments as they are less sensitive to temperature as compared with other lighting technologies. Furthermore, the increasing number of industrial facilities is expected to influence the penetration of LEDs for explosion-proof lighting application and will propel the growth at the highest rate during the forecast period.
"Zone 2: The largest segment of explosion-proof lighting market, by hazardous location."
The Zone 2 segment of the explosion-proof lighting market is expected to account for the largest share during the forecast period, owing to the increasing demand for Zone 2 explosion-proof lights in potentially explosive industrial environments existing in industries such as oil & gas and chemicals. The rise in offshore exploration and expansion projects in several countries, including the US, Canada, UK, Norway, and Saudi Arabia, is expected to create lucrative opportunities for the market players during the forecast period. Additionally, increasing investments in the chemical industry of Canada, Germany, and India to create new growth prospects for the explosion-proof lighting market.
"North America dominated the explosion-proof lighting market, globally, by market share, in 2020"
Based on region, North America dominated the explosion-proof lighting market in 2020.The commanding position of North America can be contributed to the presence of leading market players such as Emerson (US), Hubbell (US), and GE Current (US). These players together account for a market share of more than 30%. Additionally, a large number of companies are focusing on the exploration and production of oil & gas assets in the region. Therefore, the demand for explosion-proof lighting is expected to increase due to extensive expansion activities being undertaken by leading oil & gas players such as Chevron (US) and ExxonMobil (US). Furthermore, strict government regulations regarding employee safety and the phase-out of conventional lighting systems are fueling the demand for expensive explosion-proof LED lighting systems.
The explosion-proof lighting market is dominated by key global established players such as 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).
This research report segments the global explosion-proof lighting market based on Type (High Bay & Low Bay, Linear, Flood), Light Source (LED, Fluorescent, Others), Safety Rating (Class 1, Class 2, Class 3), Hazardous Location (Zone 1, Zone 2, Others), End-user Industry (Oil & Gas, Chemical & Pharmaceutical, Food & Beverage, Mining, Energy & Power, Others), and Region (North America, Europe, APAC, and RoW).
The report also provides a comprehensive review of market drivers, restraints, challenges, and opportunities pertaining to the explosion-proof lighting market and also includes value chain. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall explosion-proof lighting market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.