The global explosion-proof lighting market is anticipated to grow at a CAGR of around 6.7% during the forecast period (2024-2031). Market growth is driven by stringent regulations that ensure the safety of workers in remote and hazardous work environments. The rising applications in end-user industries such as oil & gas, mining, marine, food & beverages, transportation, chemical & pharmaceuticals, among others, are contributing to the market growth. Moreover, the rapid transition from traditional light systems to connected lighting solutions coupled with high efficiency and low maintenance, and volatility in raw material cost for lighting systems are the factors promoting the use of explosion-proof lighting for various applications.
However, the high initial cost of explosion-proof lighting systems is restraining market growth. However, advancements in cost-effective and wireless explosion-proof lighting can offer opportunities for market growth during the forecast period.
Explosion-proof lighting has significant applications in the oil and gas industry, which is highly prone to explosions. The industry's ongoing development is expected to further expand the scope for explosion-proof light.
The demand for explosion-proof lighting is rising in the Asia-Pacific region. The major economies such as China, India, Japan, and South Korea are contributing highly to the development of the market in the region. The investment in oil & gas, and chemical and pharmaceutical industries is high in the regional economies, contributing to the market growth.
The major players in the global explosion-proof lighting market include ABB Ltd, Abtech Ltd, Adolf Schuch GmbH, Eaton Corp PLC, Emerson Electric, GE Lighting LLC, Hubbell Inc., Phoenix Products LLC, Philips Lighting Holding B.V, Unimar Inc., Osram Licht AG, among others. The market players are contributing significantly to the market growth by the adoption of various business strategies, such as product development, mergers and acquisitions, partnerships, and more. For instance, in 2023, GRIN Industrial Co., Ltd., launched explosion-proof lighting products. The products include GHSL class 1 division 1 LED explosion proof high bay/flood light, GHSM Class 1 Division 1 LED explosion-proof low bay/area light, GHRL class 1 division 2 LED high bay/flood light, GHRM class 1 division 2 led area light, GHRS class 1 division 2 led jelly-jar light, GHLV class 1 division 2 led linear light, GHW class 1 division 2 led wall-pack light, GELT explosion proof zone 1 tubular light, and GEXT explosion proof zone 1 exit sign.
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