by 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 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hazardous location LED lighting products are used in hazardous locations where fire or explosion hazards may exist due to flammable gases, vapors, mists, combustible dusts, or fibers. Common hazardous locations include oil refineries, chemical processing plants, fueling stations, grain processing facilities, petrochemical plants, and fuel storage facilities. LED hazardous location lighting provides significant advantages over traditional lighting technologies as they are highly durable, energy efficient, cool running, and have a long operational lifespan of over 50,000 hours. They emit less heat which reduces the risk of explosion in hazardous areas. Their maintenance-free design eliminates frequent lamp replacements, which is crucial for safe operations in hazardous working conditions.
Market Key Trends:
Strict government regulations regarding workplace safety are leading industries operating in hazardous locations to upgrade their lighting infrastructure with LED solutions for improved safety compliance. LED lights have found increased adoption in areas that require lighting but cannot use traditional lighting sources due to safety concerns. Advances in LED technology have enabled products that offer enhanced illumination, durability, and efficiency suitable for hazardous areas. Manufacturers are focused on developing LED lighting fixtures with IP66/IP67 ratings that provide dust and water tight protection for reliability in dirty and wet hazardous environments like mines. The market has also witnessed growing demand for LED lights in Zone 0/Zone 20 hazardous areas where flammable gases or vapors are continuously present for critical applications.
Porter’s Analysis
Threat of new entrants: The high capital requirement involved in setting up hazardous location LED lighting manufacturing plants and certification process acts as a barrier for new entrants in the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and supply from various manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative raw material and component suppliers in the market.
Threat of new substitutes: New substitutes pose low threat as LED lighting provides better efficiency, durability and safety in hazardous locations compared to traditional lighting.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.
Key Takeaways
Global Hazardous Location LED Lighting Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing demand for energy efficient and safe lighting solutions in hazardous areas.
Regional analysis
North America is expected to dominate the hazardous location LED lighting market during the forecast period. Strict regulations regarding mine safety and increased adoption of LED lights in oil & gas industry are fuelling the market growth in this region. Asia Pacific is anticipated to witness fastest growth rate over 2023-2030 owing to rising industrialization and infrastructure development activities in countries such as India and China.
Key players
Key players operating in the hazardous location LED lighting market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc., IKIO LED Lighting, Luceco Middle East FZCO, Glamox UK, WAROM Technology MENA FZCO, SA Equip, Shenzhen CESP Co. Ltd., Raytec Ltd., PROLUX International FZ LLC, Hilclare Lighting, Munira Lighting (AL Hatimi Trading FZE), Hubbell Limited, Emerson FZE (Emerson Electric Co.), Current Lighting Solutions LLC (GE Current), ABB Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, Technology Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
