Explosion Proof Lighting Market 2019: Major Players- (ABB, Eaton Corporation Plc, General Electric, Hubbell Inc., Osram Licht AG)

The global explosion proof lighting market was valued at USD 485.1 million in 2018 and is expected to reach USD 815.5 billion in 2026, growing at a CAGR of 6.7% during the forecast period.

Dublin, United States – September 27, 2019 /MarketersMedia/ —

The global explosion proof lighting market was valued at USD 485.1 million in 2018 and is expected to reach USD 815.5 billion in 2026, growing at a CAGR of 6.7% during the forecast period. Stringent regulation pertaining to worker safety in remote and hazardous areas, enhancing safety and productivity in harsh and hazardous areas and growing number of off shore oil and gas stations to drive the growth of the explosion proof lighting market.

Explosion proof lighting is used in areas where hazardous and flammable chemical substances such as vapors and dust exist such as energy and power and oil and gas industry where exclusively flammable and volatile substances are handled. Explosion proof lighting is designed is such a way that it has converged with a cage, the cage can withstand any explosion inside the system and prevent the surrounding from a potential fire. The explosion proof lighting is used in various applications such as chemical, marine, power plants, airports, military bases, oil & gas, laboratory, food & beverage, transportation facility, and others.

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The major factors which drive the growth of explosion proof lighting market are growing demand for better and efficient lighting systems, stringent government regulations pertaining to industrial safety standards, and technological advancement in explosion proof lighting. Furthermore, the growing demand for mining, oil and gas, and construction activities across the globe are also expected to fuel market growth during the forecast period. According to the Energy Information Administration (EIA), the global consumption of petroleum and other liquid is estimated to increase from 1.4 million barrel per day in 2015 to 1.5 million barrels per day in 2016. The rigs used in offshore drilling, offshore platforms, and petroleum refineries, processing facilities require explosion proof lighting, continuous development in wireless control platforms for LEDs are expected to create major growth opportunities for explosion proof lighting during the forecast period. However, high maintenance and equipment costs and lack of industry standardization is acting as a restraint to this market.

Key Findings:

Based on the type, the mobile lighting segment is expected to grow at the highest CAGR of around 8.5% during the forecast period

Based on the light type, the LED segment is accounted for the largest share in the market and held for around 28% of the total market, in 2018

Based on the application, the oil & gas segment is accounted for the largest share in the market and held for around 32% of the total market, in 2018

Asia-Pacific accounted for around 40% share of the global explosion proof lighting market in 2018