Hazardous location lighting equipment provides illumination for areas where fire or explosion hazards may exist due to flammable gases, vapors, dust, or fibers. LED lights have advantages over traditional lighting such as longer lifespan, lower energy consumption, and resistance to vibrations. The growing awareness about energy-savings and minimizing carbon footprint is driving the demand for LED hazardous location lighting. The global Hazardous Location LED Lighting Market is estimated to be valued at US$ 527.02 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for energy-efficient lighting is one of the major trends driving the growth of the hazardous location LED lighting market. LED lights consume around 85% less energy as compared to traditional lighting solutions such as incandescent bulbs. They last 25 to 50 times longer than conventional lighting. This significantly reduces energy and maintenance costs for industrial facilities operating in hazardous areas. The payback period for LED hazardous location lighting is estimated to be 1 to 3 years which attracts more customers towards LED lights. The higher energy efficiency, lower total cost of ownership, minimized carbon footprint, and long lifespan continue to drive the adoption of LED hazardous location lighting globally.
Segment Analysis
The hazardous location LED lighting market is dominated by the LED fixture sub-segment, which accounts for around 60% share of the total market. LED fixtures are increasingly being adopted across various hazardous locations like oil & gas, mining, power generation, chemical and others due to their high efficiency, durability, lifespan and minimal heat emission as compared to traditional lighting sources. LED fixtures also reduce operational and maintenance costs over time for end-users.
Key Takeaways
The Global Hazardous Location LED Lighting Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis reveals that North America accounts for over 35% share of the total market currently due to major presence of oil & gas industry in countries like US and Canada. The advanced oil & gas infrastructure in the region continues to drive the adoption of hazardous location LED lighting.
Key players operating in the hazardous location LED lighting market are Clasado Biosciences, VW-Ingredients, Shandong Longli Biotechnology Co., Ltd, Prenexus Health., Ingredion, Tata Chemicals Ltd., Yakult Honsha Co., Ltd., Tate & Lyle, Roquette Frà ̀ˆres, Cosucra, International Flavors & Fragrances Inc., Nestlé S.A., Renew Life, Mimi's Rock Corp, Procter & Gamble, AIDP, Hyperbiotics, Jarrow Formulas, Inc., InnovixLabs, Life Extension, Metabolic Maintenance, Naturesvelvet, and others prominent players.
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https://www.newswirestats.com/hazardous-location-led-lighting-market-size-share-growth-outlook-2023/
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