The global fire and explosion proof lights market is anticipated to be worth US$363.80 Mnin terms of revenue in 2022. The market is projected to expand at a CAGR of 7% to reach a market size of US$ 715.65 Mn by 2032.
Attributes
Details
Fire and Explosion Proof Lights Market CAGR
7%
Fire and Explosion Proof Lights Market (2022)
US$ 363.80 Million
Fire and Explosion Proof Lights Market (2032)
US$ 715.65 Million
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Multiple Usage of Fire and Explosion Proof Lights Creates Demand in End-use Industries
Managing offshore oil rigs (which must be operational 24 hours a day) necessitates illumination and lighting systems that can resist the severe conditions of the maritime environment. Furthermore, the presence of extremely flammable and volatile petrochemicals drives the demand for fire and explosion proof lights. Stringent regulations governing workforce safety in distant and dangerous places, as well as improved safety and productivity in harsh and hazardous environments, also stimulate market growth.
Preference for these hazardous location lighting is growing since protection against fire and explosions is a crucial part of several industrial environments' safety measures. Fire and explosion proof lights are in great demand in the oil and gas sector, where extremely flammable and explosive materials are often handled. The growing number of offshore oil and gas installations is predicted to fuel demand for fire and explosion proof lights, thrusting the global market.
IoT has evolved as the most Prominent Trend in the Market
Contemporary trends involve the use of powder-coated aluminum housings, stainless steel, brass, high-intensity nylon polymers, heat-resistant silicone gaskets, and waterproof connectors to improve the reliability and safety of fire and explosion proof lights.
Factors such as increased product sales on online platforms, increased use of explosion proof lighting in workplaces and other locations, and the government's Smart City Project are likely to offer market opportunities increasing the demand for fire and explosion proof lights.
Since industries such as oil and gas, chemical and pharmaceutical, and food and beverage count heavily on budget optimization, there has been a prompt alteration in the adoption of connected lighting solutions over outmoded lighting systems at the moment. The demand for IoT-enabled fire and explosion proof lights is projected to upsurge over the forecast period.
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Market Participants have begun to Seek Secure Investments in New Technologies
The fire and explosion proof lights market are fragmented, with several competitors fighting for first place. The market players are highly engaged in research and development. These actions aid in the discovery of concepts that aid in the improvement of lighting systems. The manufacturers are also attempting to make the lighting systems more sustainable and environment friendly. These aspects are likely to fuel the expansion of the market.
Manufacturers offer a range of fire and explosion proof lights with various lighting sources like fluorescent, LED, and others. At present, LEDs are being used by market players to create fire and explosion-proof lights more energy efficient. This is expected to provide considerable potential for the market players functioning in the fire and explosion proof lights industry. Furthermore, continued advancements in wireless explosion proof lighting by manufacturers and LED integration in wireless data transfer are likely to generate significant potential prospects over the forecast period.
Global production of renewable energy is perpetual, however, ironically global consumption of crude petroleum is also high. According to EIA (Energy Information Administration) of the U.S., global consumption of petroleum and other liquid is estimated to increase from 1.4 million barrel per day in 2015 to 1.5 million barrel per day in 2016. Huge reliance on petroleum product is creating the new opportunities for off shore oil production which is turn is expected to be a major driver for the global fire and explosion proof lights.
Fire and explosion proof lights are generally used in the oil and gas industry where mostly highly flammable and volatile matters are handled. In fire and explosion proof lights, apparatus is enclosed in the cage, and the cage is capable of withstanding any explosion of gas or vapor that may occur inside it and prevent the surrounding from potential fire. Fire and explosion proof lights find its application in oil field, chemical industry, off shore oil and gas station, petrochemical industry, power station, mining industry, police, military, rescue relief, inspection, etc.
Global Fire and Explosion Proof Lights: Market Dynamics
Maintaining the off shore oil rig (operating day in and day out) creates the demand for illumination and lighting equipment in harsh condition of marine environment. Furthermore, the presence of highly flammable and volatile petrochemicals creates demand for fire and explosion proof lights. Increasing number of off shore oil and gas stations is expected to drive the demand for fire and explosion proof lights, thus driving the global fire and explosion proof lights market. Replacement of fire and explosion proof lights in existing energy infrastructure is also expected to drive the demand for fire and explosion proof lights.
Stringent government regulation regarding installation of lighting in hazardous work place coupled with the rising awareness about the safety of employee as well as mechanical assets is anticipated to propel the demand for fire and explosion proof lights during the forecast period. Law enforcement agencies across the globe is emphasizing on use of reliable and safe equipment, which in turn is anticipated to create the demand for fire and explosion proof flash lights, thus driving the global fire and explosion proof lights market over the forecast period.
Recent trend includes incorporation of powder coated aluminum housings, stainless steel, brass, high impact nylon polymers, heat resistant silicone gaskets, and watertight connectors to make fire and explosion proof lights more reliable and safe. Furthermore, manufacturers are using LED for fire and explosion proof lights to make it more energy efficient.
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Global Fire and Explosion Proof Lights Market: Regional outlook
Global fire and explosion proof lights market can be segmented into five major geographical regions as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Middle East and Africa is estimated to be the most dominant region in the production of oil and gas and hence, contributes major share to the global fire and explosion proof lights market. Stringent government regulation regarding installation of lighting system in hazardous work place in North America and Europe is anticipated to augment the demand for fire and explosion proof lights in this region.
Global Players
Major players identified in the manufacturing of fire and explosion proof light includes Hubbell Ltd, Larson Electronics, Nordland Ligthing, Zhejiang Tormin Electrical Co.,Ltd., R. STAHL, Inc., PETRO MIDDLE EAST, Eaton, Brite Strike Technologies SA among others.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and geographies.
Global Fire and Explosion Proof Lights Market: Segmentation
On the basis of product type, fire and explosion proof lights market can be segmented in:
fire and explosion proof string lights
fire and explosion proof hand lamps
fire and explosion proof flash lights
fire and explosion proof tank lights
On the basis of end use industry, fire and explosion proof lights market can be segmented in:
