At a CAGR of 6.7% from 2021 to 2026, the Explosion-proof Lighting Market is anticipated to grow from USD 340 million in 2021 to USD 471 million by 2026 (forecast year). Increased government attention to energy conservation, the rapid shift from traditional light systems to connected lighting solutions, and the rapid adoption of LED-based explosion-proof light fixtures due to their many advantages over conventional light sources are all factors contributing to the market's growth. Other factors include rising investments in the oil and gas, chemical and pharmaceutical, and infrastructure development and project expansion plans.

Every process industry around the world is required to adhere to safety regulations set forth by the 1996 National Electrical Code, the European Committee for Electrotechnical Standardization (CENELEC), the Increased Safety "Ex e," as well as numerous other certifications for products used in hazardous environments. Examples of these industries include oil and gas, chemical and pharmaceutical, mining, energy and power, and food and beverage. Following these precautions, the above-mentioned businesses can operate smoothly thanks to the installation of effective and efficient explosion-proof lighting solutions that uphold safety regulations. This is a significant component boosting the explosion-proof lighting market.

According to Light Source, LED lights will dominate the market for explosion-proof lighting.

The most energy-efficient lighting solutions are LEDs, which can be employed to significantly lower industrial facilities' overall operating costs. When comparing the total cost of ownership to fluorescent bulbs, they are 4-5 times less expensive. Additionally, LEDs may be used in extremely hot and cold areas without difficulty because they are less sensitive to temperature than other lighting technologies. The proliferation of industrial facilities is also anticipated to have an impact on the use of LEDs in explosion-proof lighting applications.

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According to end-user industries, the explosion-proof lighting market is anticipated to develop at the quickest rate during the forecast period in the chemical and pharmaceutical industries.

In developing nations like China and India, the chemical and pharmaceutical industries are expanding quickly and drawing significant investment. For instance, according to a Business Standard report, the Indian pharmaceutical business garnered investments totaling about USD 1.7 billion in 2020 and is predicted to expand more quickly in the years to come. Additionally, the chemical and petrochemical sector in India is predicted to reach USD 300 billion by 2025, according to Invest India. All of these elements are anticipated to accelerate explosion-proof lighting's expansion in the chemical and pharmaceutical industries.

In 2026, North America is anticipated to account for the greatest market share for explosion-proof lighting.

Explosion-Proof Lighting has found its most promising market in North America. Increased investments are being made in the oil and gas sector in the region, and several projects are planned for the coming years. An estimated USD 45 billion and USD 24.5 billion in investments are anticipated for the Corpus Christi LNG project in Texas and the Alaska LNG project in Alaska, respectively. Both the Corpus Christi LNG project and the Alaska LNG project are scheduled to begin operations in 2022 and 2025, respectively. The primary end-use industry for explosion-proof lighting is the oil and gas sector since any explosion-related asset damage might result in significant financial losses. This has caused the region-wide installation of sturdy explosion-proof lighting.

Key Players

Key participants are profiled in the study, including Eaton (Ireland), ABB (Switzerland), Hubbell, Emerson, Signify, GE Current, Glamox, Phoenix Lighting, R. STAHL, and Larson Electronics (US). To increase their position in the market, these businesses put a lot of effort into implementing both organic and inorganic growth strategies, including new launches and developments, contracts, and acquisitions.

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