The global Hazardous Location Lighting Market is estimated to be valued at US$ 527.02 Mn or Million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hazardous location lighting products are designed to operate in flammable, ignitable or explosive environments where standard lighting fixtures would cause a hazard due to the risk of ignition. They comply with relevant safety standards and provide illumination without risk of ignition.
Market key trends:
One of the key trends in the hazardous location LED lighting market is the growing demand for energy efficient and long lasting lighting solutions. LED lighting fixtures last significantly longer than traditional lighting such as fluorescent and incandescent, with lifespan of over 50,000 hours. They also consume up to 90% less energy as compared to traditional lighting solutions. This reduces maintenance and energy costs substantially over the lifetime of fixtures. LEDs also produce less heat, which reduces the risk of ignition in hazardous locations. Therefore, LED lighting is increasingly becoming the preferred choice for hazardous location illumination.
Segment Analysis
The global hazardous location LED lighting market is dominated by the industrial sub-segment in 2023, accounting for around 55% of the market share. This is because hazardous location LED lights are widely used in oil & gas, chemical, and power generation industries owing to their safety and durability benefits. LED lights have a longer lifespan compared to traditional lighting options and provide illumination even in hazardous environments with combustible gas or flammable dusts present.
Key Takeaways
Global Hazardous Location LED Lighting Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing concerns over industrial safety.
Regional analysis
North America accounted for the largest share of over 30% of the global hazardous location LED lighting market in 2023. This is attributed to stringent safety regulations for industrial areas across the US and Canada. Asia Pacific is projected to witness the fastest growth during the forecast period owing to rising industrialization in China, India, and Southeast Asian countries.
Key players
Key players operating in the hazardous location LED lighting market include Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc., IKIO LED Lighting, Luceco Middle East FZCO, Glamox UK, WAROM Technology MENA FZCO, SA Equip, Shenzhen CESP Co. Ltd., Raytec Ltd., PROLUX International FZ LLC, Hilclare Lighting, Munira Lighting (AL Hatimi Trading FZE), Hubbell Limited, Emerson FZE (Emerson Electric Co.), Current Lighting Solutions LLC (GE Current), ABB Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, and Technology Co. Ltd.
Read More- https://www.newsstatix.com/hazardous-location-led-lighting-market-value-analysis-and-forecast/
The Global Hazardous Location LED Lighting Device Market Report, is designed with the purpose of providing the complete overview regarding various market measures till the forecast period 2027.
This report is being developed using unique research systems and intelligence procedures by our team of professional analysts and scholars.
The report is highly competent of providing colossal data which is collected with the help of very precise methodology.
The report mainly focuses on the analysis based on recent and present changes in the industry.This Press Release will help you to understand the Volume, growth with COVID19 Impact Analysis.
) The data comprised in the report is drawn with help of segmental analysis, Porter’s Five Force analysis, competitive landscape and many other affiliated studies.
Our smart report on Hazardous Location LED Lighting Device market can support the clients in clarifying the challenges regarding the various market measures.
