HAZARDOUS LOCATION LED LIGHTING MARKET ANALYSIS
The global hazardous location LED lighting market size was valued at USD 451.00 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 8.10% from 2022 to 2030. There are several factors driving the growth of the global hazardous location LED lighting market. These include increased offshore activities and the growth of the oil and gas industry. Increased demand for energy efficient LED lighting solutions is also expected to help propel the market.
Figure 1: Global Hazardous Location LED Lighting Market Share (%), By Region, 2021
Market players are adopting various growth strategies is a growing trend
Major players in the global hazardous location LED lighting market are increasingly focusing on adoption of both inorganic and organic growth strategies such as development and launch of novel products, acquisitions, and contracts in order to gain a strong position in the market. This in turn is expected to propel growth of the market in the near future. For instance, in October 2020, Hubbell announced the launch of its novel Luna LED Temporary Floodlight. The new Floodlight is rated IP66 and IP67 and is dust-tight and protected against powerful jets of immersion and water.
Global Hazardous Location LED Lighting Market Trends:
Increasing focus of governments on energy saving is a recent trend
Government around the world are focusing on energy saving, which is creating demand for LED lighting. LEDs are the long-lasting and most energy-efficient alternatives. Governments of developed and emerging regions are enacting stringent regulations that require the use of LEDs in lighting applications. These regulations are also mandating manufacturers to achieve minimum lighting efficiency standards. This has created substantial demand for hazardous location LED light fixtures, which in turn is driving growth of the market.
Figure 2: Global Hazardous Location LED Lighting Market Share (%), By Class, 2021
Hazardous Location LED Lighting Market Report Snapshots
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