Market Size of Hazardous Location LED Lighting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.86 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hazardous Location LED Lighting Market Analysis
The Hazardous Location LED Lighting Market was valued at USD 416.5 million in 2020 and is expected to reach USD 689.32 million by 2026, registering a CAGR of 8.86%, during the period of 2021 - 2026. Amid the COVID-19 pandemic, the market witnessed a halt in production and disruption in the supply chain, which lead to the weakened growth of industrial output and the decline of light-manufacturing output across significant manufacturing hubs.
- Factors such as the regulatory standards promoting the use of LED lightings and worker safety in hazardous locations, regulations that demand the usage halt of mercury vapor ballasts and metal halide activated lighting, demand for cost-effective lighting solutions, high service life, replacement of traditional lighting systems with LEDs are expected to drive the growth of the market during the forecast period.
- With the introduction of new solutions to illuminate the work area, players in the market are finding exciting opportunities for growth. For instance, Emerson introduced 'Appleton Rigmaster LED Linear Luminaire,' a new solution to quickly and safely illuminate land-based drilling rigs, for the oil and gas industry, in May 2019. This solution is expected to streamline the cumbersome and time-consuming task of installing and maintaining bright, energy-efficient lighting in hazardous areas on drilling rigs.
- Further, industries dealing with the processing of delicate particulate matter, fireworks, etc. and require maximum safety are deploying LED Lights for hazardous locations. This is expected to provide the market with growth opportunities in the future.
- With the introduction of reforms and initiatives such as the Energy Star Program, the United States has been at the forefront of LED adoption. The program mandates the lighting applications to adhere to industry standards such as IEC, NEC, and test procedures.
- Chemical industries were affected globally during the COVID-19 pandemic, leading to increased prices of LED lighting. For instance, Lumileds in April 2020, announced the increased prices for LED lights by 4% starting mid-April 2020 and attributed the same as a measure to offset costs it incurred during the coronavirus pandemic.
