Market Research Report
Asia-Pacific Hazardous Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||965528|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Asia-Pacific Hazardous Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: January 1, 2021||Content info: 120 Pages||
Asia-Pacific Hazardous Lighting Market was valued at USD 703.76 million in 2020 and is expected to reach USD 950.64 million by 2026 at a CAGR of 5.14% during the forecast period 2021 - 2026. Asia-Pacific region has seen significant growth in industrial and infrastructure development supported by an increase in demand for industrial products, global investments, and technological advancements. This growth has triggered the need for energy-efficient lighting technologies across hazardous areas.
According to the National Beareau of Statistics, the total amount of oil processed for 2019 reached 651.98 Million Tonnes, or about 13.04 million barrels per day (bpd). The growth in the petroleum industry is mainly due to the start-up of two new refineries by China National Petroleum Corporation (CNPC), which has also planned to open six new refineries in the year 2020. Thus, there is a high demand for hazardous lighting in the country, especially for LED lighting, as China has a growing need in the LED market.
According to a report by CPhI, Japan is the second fastest-growing mature pharmaceutical market. The growth in the market is due to favorable government actions and a rise in dose formulations and generics market. This may in turn, increase the demand for lighting in hazardous locations in Japan's pharmaceutical industry.
Asia-Pacific region is among the fastest developing region with technical developments, economic growth and innovations. With an intense penetration of LEDs in countries like China, India, Japan and, South Korea, progressive initiatives have been taken in the adoption of Smart lighting solutions for hazardous areas.
As Covid-19 has affected the supply chain of LED manufacturers in the region, the prices of LEDs can be expected to rise in the near future. With almost all the industries shut down, the coupled effect with increased prices will affect the demand of Hazardous Lighting.
Rising Demand for Cost-effective LED Lighting Solutions
The market for Asia-Pacific Hazardous Lighting Market is highly fragmented as the market is highly competitive, with many players in the market. The key players in the market include R. Stahl Pte Ltd., ABB Asia Pte Ltd., Hubbell Asia Ltd.