The “Explosion Proof Lighting Market to 2027 – Global Analysis and Forecasts by Light Type; Type; and Apadded theplication” was recently released, which can now be found through Research and Markets.
The report reveals that the explosion proof lighting market was valued at U.S. $250.1 million in 2018, and it is expected to be worth U.S. $606.1 million by 2027, growing at a CAGR of 10.7% in the forecast period. Factors such as favorable regulatory standards and growth in the oil and gas industry are anticipated to continue to bolster the explosionproof lighting market.
Explosion proof lighting plays a crucial role in the oil and gas industry. The U.S. has a vast network of oil rigs in the North American continent as well as globally. The processing facilities of oil and gas are unsafe, owing to the presence of hazardous compounds during the operations. Explosionproof lighting systems are deployed for preventing the ignition of spark from the electrical equipment. Further, the usage of LED technology in the oil and gas refineries has aided in reinforcing safety measures for unpredictable work environments.
Global certification for the use of equipment and devices in a hazardous location is essential to compete in the present modern world. A player operating in the market can accelerate its global product acceptance by bundling services. Combining hazardous locations services can help in attaining access to the worldwide market, reduce cost, as well as reduce time to market.
North America was the second most prominent region in global explosionproof lighting market in 2018, behind Europe and followed by Asia Pacific, South America, and the Middle East and Africa regions.
Other key industry dynamics were addressed in the report. One of the key market restraints is the high capital required for initial deployment, while a key market opportunity is advancements in features. A future trend of explosionproof lighting is integration with Internet of Things (IoT) technology.
For more information, and to learn about major companies operating in the global expansion of explosionproof lighting, read the original report.