NewYork, NY -- (SBWIRE) -- 10/12/2021 -- Hazardous Lighting Market size was valued at $1.8 billion in 2020 and it is estimated to grow at a CAGR of 2.29% during 2021-2026. The growth is mainly attributed to the increasing investment on various industries, high penetration of internet of things (IoT), increasing demand for efficient advanced lighting solutions across industries and rapid industrialization in emerging economies. Furthermore, the constant innovation in advanced technologies such as artificial intelligence (AI), machine learning (ML), radio-frequency identification (RFID) along with other wireless technologies, which are being used for producing advanced connected hazardous lighting system; and awareness regarding energy conservation boost the growth of hazardous lighting market. Furthermore, government's initiatives for greener strategies to support sustainable development across the world, is one of the major driving factors of hazardous lighting industry. Hence, the above mentioned factors will drive the adoption rate of various hazardous lighting solutions such as industrial LED lighting, fluorescent lighting, high-intensity discharge lamps and others, during the forecast period 2021-2026.

Hazardous Lighting Market Segment Analysis – By Type

Hazardous Lighting market is segmented into LED lighting, incandescent lighting, hid lighting, fluorescent lighting and others, based on type. LED lighting segment dominated the market with a share of 24.6% in 2020, due to the increasing environmental concerns and increasing adoption of light emitting diode (LED) lighting system across industries. As of first quarter of 2019, Energy Efficiency Services Ltd. (EESL) had replaced approximately 89.15 lakh street lights with LEDs across 1,400 Indian cities. LED lighting system not only reduces the energy cost but also it's an environmental friendly technology, which fuels the adoption rate of this solution during the forecast period. A recent study states that, the New York City and Chicago will save $14 million and $10 million respectively, each year by reducing the energy cost with the help of LED lightings. Besides this, growing awareness regarding environmental issues and governments initiatives to promote more environmental friendly products create a huge opportunity for the industrial LED lighting technology. For instance, in January 2017, the Government of India announced about its plan to phase out the production of incandescent bulb in the next 3 years along with putting a ban on production as well as on sale of high voltage lamps and promoting the usage of energy efficient lighting systems such as industrial LED. Similarly, in September 2020, the Uttar Pradesh State Industrial Development Authority (UPSIDA) launched a drive for cleaning up and repairing the roads, drains, lights installed in the industrial sites at Surajpur. Through this drive, 1,000 street lights will be replaced by the industrial LED lighting system. Furthermore, this technology is energy efficientt han any other lighting system such as fluorescent lighting, high-intensity discharge lamps and others. Moreover, industrial LED lighting technology offers durability, which means longer lifespan and also provides compactness. This in turn boosts the adoption rate of this solution and triggers the growth of this market. Such advantages are analysed to drive the market in the forecast period 2021-2026.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=509475
Report Price: $ 5900 (Single User License)

Hazardous Lighting Market Segment Analysis- By End User Industry

On the basis of end-user industry, this market is segmented into Oil & Gas, chemical & petrochemical, pharmaceutical, food & beverage, mining, power and others. Chemical and Petrochemical industry is analyzed to grow with the fastest CAGR of 3.4% during 2021-2026. Increasing investment in this industry, increasing popularity of explosion proof industrial LED lights, environmental awareness and others are the key influencing factors behind this growth. According to a report of India Brand Equity Foundation (IBEF), Indian chemical industry reached $178 billion in 2019 and is anticipated to reach $304 billion by the year 2025, which represents a 9.3% CAGR growth. Apart from that, Government's initiatives for the growth of this industry plays a major role. Indian Government allocated $32.2 million fund to the chemical and petrochemical department, under the 2021-2022 union budget. This sector is one of the highest GDP contributing sector in India. With such growth, the number of fire accidents in these sectors is also increasing. According to the data collected from risk methods, chemical industry suffers the most among all the industries from fires and explosions. In March 2019, a deadly chemical plant blast took place in Jiangsu province of China, identified as severe production accident, which claimed 78 people's life. Apart from that, adoption of this technology reduces the overall maintenance cost, that plays a major role in the growth of this market. Hence, rising investment in this industry is being seen as the opportunity for the players operating in the Hazardous Lighting market during 2021-2026.

Hazardous Lighting Market Segment Analysis- By Geography

North America region held the highest Hazardous Lighting market share around 30.18% of in 2020, and anticipated to register significant growth during the forecast period 2021-2026, due to the early adoption of this technology, rising demand for energy efficient lighting systems such as industrial LED lighting, presence of prominent market players and others. Furthermore, growing investment for smart factories, increasing investment in process industries and increasing number of workplace accidents are fuelling the growth of this market. As of 2020, the U.S. federal government had invested $11 billion fund in pharmaceutical industry for the vaccine development as well as for the expansion of manufacturing capacity via operation warp speed and biomedical advanced research and development authority. Similarly, in October 2020, Mexican Government unveiled its plan of investing $14 billion on the refining business of PetroleosMexicanos (Pemex), to boost the oil firm's ability of processing heavy crudes. Such strategic investments for the development of process industries will create huge demand for hazardous lighting systems including industrial LED lighting, fluorescent lighting, high-intensity discharge lamps and will drive the growth of hazardous lighting market in this region during the forecast period 2021-2026.

Hazardous Lighting Market Drivers

Increasing Investment in Process Industry:

One of the major drivers behind the growth of hazardous Lighting market is growing investment across process industries. Rapid industrialization and government's initiatives in the form of investments for developing industries are analyzed to affect the adoption of hazardous lights. In August 2019, Reliance announced about its plan of producing only jet fuel and petrochemical at Jamnagar by implementing an oil-to-chemical strategy to eliminate most fuel produced in the favor of high value products. With such investments, the number of accidents in such plants is also increasing due to the presence of many hazardous, flamable fluids, substances and gases in those plants. These substances can cause severe accidents in those areas, which can damage the assets and can cause fatal or non-fatal injuries to the employees. In June 2021, 18 people including 15 women died in a fire accident at a chemical firm in Pune industrial area. Similarly, in June 2021, a major fire broke in a chemical factory of RS chemicals, situated in an industrial area of Greater Noida. These type of incidents accelerate the demand for the lighting systems, which contains light fixtures along with thick glass covers to keep sparks and any other potential exploring sources away from it.

Increasing Demand of Connected Lights:

Growing demand for connected lights is one of the major drivers behind the growth of this market. This growth is mainly attributed to the increasing environmental concerns across the world and high adoption rate of industrial LED lighting across industries. Industries are investing heavily for the installation of more reliable connected lighting system, as these lighting systems save huge fraction of operating and maintenance costs. To fulfill such rising demand, the market players of this industry are launching more advanced products. In May 2020, Eaton announced about the launch of its new explosion-proof recessed lighting solution, HRL series LED Ex Lighting, which is perfectly suitable for wet, extreme temperature environment and hazardous explosion-proof areas. Furthermore, for promoting the adoption of such lighting systems, Government is also taking initiatives. Furthermore, no harmful ultraviolet or infrared radiation is produced from the usage of LED lights, which makes this technology more environment friendly. Hence, the above mentioned factors are set to boost the market growth during 2021-2026.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=509475

Hazardous Lighting Market Challenges

High Initial Cost:

Even though, Hazardous Lighting market is growing rapidly, high initial cost of this technology and is one of the major factors that hampers the growth of this market. The growing penetration of IoT and the ability of technology to save money in the long run creates huge demand for this IoT-enabled connected LED lighting but the initial cost of this technology is way too high. Hence, the high in initial price will hamper the growth of this market during the forecast period 2021-2026.

Hazardous Lighting Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Hazardous Lighting Industry Outlook. Hazardous lightingtop 10 companies includes ABB Ltd, Emerson Industrial Automation, Digital Lumens Inc., Philips Lighting Holding, DCD Technologies ME FZCO, Nemalux Inc., Cree Inc., Luceco Middle East FZCO, GE Lighting, Osram Licht AG and others.

Acquisitions/Technology Launches

In December 2020, Eaton had launched its new HPLN Ex LED explosion-proof lighting that can deliver highly reliable performance under terrible operating conditions in extremely corrosive, wet, dusty, hot, cold and other hazardous explosion-proof areas.

In June 2019, Raytec announced the launch of an LED technology based ATEX floodlight luminaire, Spartan Crane. This product is designed for use on Marine or Offshore Crane booms, where the high performance and highly reliability white light illumination is needed for ensuring the safety of the crane operations.

Key Takeaways

LED lighting held the highest market share in 2020 and is anticipated to witness significant amount of growth, owing to increasing awareness regarding environmental issues and growing adoption of industrial LED lighting in various industries.

Chemical sector is analysed to witness the fastest growth between 2021-2026. Rising investment and increasing number of accidents in this sector are the key factors behind the growth.

North America held the major market share in 2020 and is anticipated to witness significant growth during forecast period, owing to the early adoption of this technology, rising investment in various industries and the presence of prominent market players.

Increasing investment in process industries and penetration of connected lighting technology across industries works as a growth driver for this market during 2021-2026.

The top players of this market includes ABB Ltd, Emerson Industrial Automation, Digital Lumens Inc., Philips Lighting Holding, DCD Technologies ME FZCO and others.

Related Reports:

A. Explosion Proof Lighting Market
https://www.industryarc.com/Report/15610/explosion-proof-lighting-market.html

B. Smart Lighting Market
https://www.industryarc.com/Report/15032/smart-lighting-market.html

For more Electronics Market reports, please click here

About IndustryARC:
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.