Hazardous Location LED Lighting Growth Accelerated by Increased Demand for Energy-Efficiency

 

Hazardous Location LED Lighting Market

Hazardous location LED lighting products are used in spaces where fire or explosion hazards may be present due to flammable gases, vapors, dust, or fibers. These lighting fixtures are specifically manufactured to maintain safe operation within hazardous locations such as oil refineries, chemical plants, and mines. LED lights are increasingly being used as they provide better efficiency, longevity, and durability compared to traditional lighting sources.

 

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 Dynamics:

Increasing usage of LED lighting in oil and gas industry is a key driver fueling growth of the hazardous location LED lighting market. LED lights offer numerous advantages over traditional lighting sources such as incandescent bulbs for hazardous environments. They consume less power, have longer lifespan, emit less heat, and are shatter-proof. These benefits have led to higher adoption of LED lights in oil rigs, refineries and gas storage facilities where explosion risks are high. The second driver is growing construction activities in hazardous industrial units. Many countries are expanding and upgrading their oil extraction and chemical processing infrastructure which requires new plants to be set up. This widespread construction drives the need for safe and reliable hazardous location lighting fixtures.

 

SWOT Analysis

Strength: Hazardous location LED lighting offers many safety benefits compared to traditional lighting technologies. LED lights have a long lifespan of over 50,000 hours and require very low maintenance. They provide bright, energy efficient illumination even in dangerous industrial environments.

Weakness: The initial investment cost of LED lighting is higher than traditional lighting sources. Certain hazardous location applications may still require traditional lighting due to certification requirements. LED lighting produces less heat than traditional lights which can be an issue for applications requiring warmth.

Opportunity: Strict government regulations pertaining to energy efficiency and workplace safety are driving increased adoption of LED lighting. The mining, oil & gas, and manufacturing industries present major growth opportunities. Technological advances continue to improve LED lighting performance while lowering prices.

Threats: Slow economic growth during recessions can negatively impact capital spending on new LED lighting projects. Supply chain disruptions and trade conflicts involving key LED component producers pose risks. Traditional lighting industries may intensify price competition as their markets are disrupted.

 

Key Takeaways

The Global Hazardous Location LED Lighting Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by various drivers. Regional analysis shows that North America currently dominates the market owing to strict occupational safety regulations and an early focus on energy efficiency initiatives across industries. Europe and Asia Pacific are rapidly growing markets for hazardous location LED lighting.

 

Regional analysis: North America accounts for the largest share of the hazardous location LED lighting market currently. Countries such as the US and Canada have stringent workplace safety standards driving LED lighting adoption. Additionally, industrial sectors such as oil & gas and mining are major end users. Europe is the second largest market led by countries like Germany, the UK, and France where energy efficiency is prioritized. The Asia Pacific region is expected to witness the fastest growth over the forecast period led by China, India, Japan and other developing nations increasing investments in industrial infrastructure and modernizing worker safety standards.

 

Key players: 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 Frères, 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.newsstatix.com/hazardous-location-led-lighting-market-size-share-growth-outlook-2023/

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