The global Hazardous Location LED Lighting Market is estimated to account for US$ 451.0 Mn in terms of value by the end of 2021. Hazardous location LED lighting products are used in a wide range of industrial applications. These include oil and gas, power generation, mining and steel, pharmaceutical, and military and public safety. Several companies are manufacturing these lighting products. They are designed to withstand shock and vibration as well as water and extreme temperatures.
Global Hazardous Location LED Lighting Market: Drivers
Growing demand from oil and gas industry is expected to augment growth of the global hazardous location LED lighting market over the forecast period. The oil and gas industry is one of the major uses of LED lightings. Due to the mixtures of gases in this industry are at risk of causing life-threatening explosions, the demand for hazardous location LED lighting is increasing in this industry to ensure safety of workers in such environment. Thus, this factor is likely to boost the market growth in the near future.
Global Hazardous Location LED Lighting Market: Opportunities
Increasing adoption of connected lighting solutions is anticipated to offer various business opportunities in the global hazardous location LED lighting market over the forecast period. In recent years, the adoption of connected lighting technology has increased rapidly replacing conventional lighting systems, owing to several benefits offered by these solutions such as improved luminance, increase in energy efficiency, and cost savings in the long run. With the use of connected lighting, users can remotely regulate the lights depending on their needs, which in turn reduces cost of the energy.
Global Hazardous Location LED Lighting Market: Restraints
The global hazardous location LED lighting market growth is expected to be hampered due to difficulties in generating high revenue occurring due to the Covid-19 pandemic. The coronavirus outbreak adversely impacted several industries. Various companies involved in this market witnessed significant losses during the pandemic. Moreover, government around the globe reduced their expenditure on areas focusing on improvement of healthcare infrastructure, due to which the demand for explosion-proof LED lighting declined during this period.
Global Hazardous Location LED Lighting Market - Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of Covid-19 in Wuhan, China, spread across more than 200 countries around the globe. Several industries were impacted due the epidemic of Covid-19. Many countries imposed stringent lockdown regulations to control the spread of the virus, and under these regulations major market activities such as manufacturing, supply chains, and distribution operations were disrupted. The production and demand declined in the hazardous location LED lighting market, due to the lack of raw material supply and manpower. Thus, the market was negatively impacted during the pandemic. However, as the pandemic situation has returned to normal, the market is expected regain growth in the coming future.
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Key Takeaways:
The global hazardous location LED lighting market was valued at US$ 451.0 Mn in 2021 and is forecast to reach a value of US$ 939.6 Mn by 2030 at a CAGR of 8.10% between 2022 and 2030.
Class I segment held dominant position in the global hazardous location LED lighting market in 2021, accounting for 56.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Hazardous Location LED Lighting Market Trends:
Increasing investment in significant end user industry such as mining, steel manufacturing, power, and others is a growing trend in the market. The demand for LED lights for hazardous locations are high in these industry due to the increase in investments. Moreover, increase in the risks of safety and security in public transportation including the railways is leading to implementation of lighting and control measures by authorities needed for safe working conditions. Thus, demand for LED lighting is increasing in several end user industries, which is expected to fuel growth of the market.
Moreover, the market is expected to witness strong growth in Europe due to constant engagement of associations in the region in proposing plans and strategies for lighting segments. Moreover, increasing construction and infrastructural activities related to chemical and petrochemical facilities in the region is also boosting the adoption of LED lightings. For instance, in 2018, Ineos announced that it has approved a EUR 2.7 billion capital project for building both a propane dehydrogeneation unit and a grassroot ethane cracker unit in northern Europe.
Global Hazardous Location LED Lighting Market: Competitive Landscape
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, Technology Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation
