According to MarketsandMarketsTM' market research analysis, there will be significant growth in the Explosion-proof Lighting Market. A solid compound annual growth rate (CAGR) of 6.7% is predicted for the market over this time, taking it from an estimated USD 340 million in 2021 to a projected USD 471 million by 2026.

The adoption of cutting-edge lighting technologies like LED and the rising importance of safety in potentially hazardous industrial areas are two reasons for this tremendous growth. The demand from various end-user sectors for explosion-proof lighting solutions that offer safety in potentially explosive environments also contributes to the market's growth.

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Several important factors have contributed to the market's expansion. First, there has been a noticeable rise in investments in the chemical and pharmaceutical industries as well as the oil and gas industry, most of which are going towards building and expanding infrastructure. Additionally, governments all over the world are emphasising energy saving more and more, which has increased demand for more effective lighting options. The demand for more management and energy savings is also causing a swift transition from conventional lighting systems to connected lighting solutions on the market. Due to their many benefits over traditional light sources, such as energy efficiency, a longer lifespan, and improved safety in hazardous areas, LED-based explosion-proof light fixtures are also becoming increasingly popular.

The 1996 National Electrical Code, the European Committee for Electrotechnical Standardisation (CENELEC), and the Increased Safety "Ex e" are just a few examples of the authoritative organisations that have established strict safety regulations that process industries like oil & gas, chemical & pharmaceutical, mining, energy & power, and food & beverage must abide by worldwide. In hazardous workplaces, these requirements demand the usage of items that have received certification. Therefore, it is essential to build effective and efficient explosion-proof lighting systems to guarantee both the safety of workers and the continuous functioning of processes inside these businesses. An essential factor fueling the expansion of the explosion-proof lighting market is the dedication to upholding safety standards through the use of these goods.

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LED lights to dominate the explosion-proof lighting market, by light source

Due to their exceptional advantages, LED lights are positioned to take centre stage in the explosion-proof lighting market. The most energy-efficient lighting option currently on the market, LEDs are able to drastically lower total operational costs in industrial applications. When comparing the total cost of ownership to fluorescent bulbs, they actually provide a cost advantage of 4-5 times. The fact that LEDs are less sensitive to temperature changes than other lighting technologies makes them ideal for use in both extremely hot and cold locations, which is another significant benefit. The adoption of LEDs for applications requiring explosion-proof lighting is anticipated to increase as the number of industrial facilities rises, further solidifying their market leadership.

Explosion-proof lighting market for chemical & pharmaceutical industry estimated to be the fastest growing segment, by end-user industry during the forecast period

Over the course of the forecast period, the chemical & pharmaceutical industry category is predicted to experience the explosion-proof lighting market's fastest expansion. This increase is primarily attributable to the booming chemical and pharmaceutical sectors in developing nations like China and India, which are growing rapidly and attracting substantial investments. For instance, it is anticipated that the Indian pharmaceutical business, which attracted investments totaling over USD 1.7 billion in 2020, will continue to grow quickly. Similar to this, Invest India predicts that by 2025, India's chemical and petrochemical industry will reach an astounding $300 billion USD. These significant advancements are anticipated to accelerate the market's fastest-growing sector, explosion-proof lighting solutions for the chemical and pharmaceutical industries.

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North America is projected to hold the largest share of explosion-proof lighting market in 2026

By 2026, North America will hold the biggest market share for explosion-proof lighting, reaffirming its position as the industry leader on a global scale. The oil and gas sector, where many high-value projects are planned for the forecast period, is now seeing an increase in investments in the region. Notably, the Corpus Christi LNG project in Texas and the Alaska LNG project in Alaska are anticipated to draw considerable investment, with sums of about USD 24.5 billion and USD 45 billion, respectively. The Corpus Christi LNG project is scheduled to start up in 2022, while the Alaska LNG project will follow in 2025. Given the importance of the oil and gas industry and the possibility of significant financial losses in the event that explosions damage assets, there is a greater emphasis on the installation of reliable explosion-proof lighting systems throughout the region, which is fueling the market's expansion in North America.

The report profiles key players, including Eaton (Ireland), ABB (Switzerland), Hubbell (US), Emerson (US), Signify (Netherlands), GE Current (US), Glamox (Norway), Phoenix Lighting (US), R. STAHL (Germany), and Larson Electronics (US). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, contracts, and acquisitions to strengthen their position in the market.

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