NEW YORK, June 21, 2019 /PRNewswire/ --
The global explosion proof lighting market was valued at US$ 250.1 Mn in 2018 and is expected to reach US$ 606.1 Mn by 2027, growing at a CAGR of 10.7% in the forecast period. Factors such as favorable regulatory standards and growth in the oil& gas industry are anticipated to bolster the explosion proof lighting market growth.
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The explosion proof lighting plays a crucial role in oil & gas industry.The US has a vast network of oil rigs in the North American continent as well as globally.
This fact has helped propel the explosion proof lighting market over the years.The processing facilities of oil & gas are unsafe owing to the presence of hazardous compounds during the operations.
The explosion proof lighting systems are deployed for preventing the ignition of spark from the electrical equipment. Further, the usage of LED technology in the oil & gas refineries has aided in reinforcing safety measures for unpredictable work environments.
Global certification for the use of equipment and devices in a hazardous location is essential to compete in the present modern world.A player operating in the market can accelerate its global product acceptance by bundling services.
Combining hazardous locations services can help in attaining access to the worldwide market, reduce cost, as well as reduce time to market.
The most prominent region in global explosion proof lighting market in 2018 accounted for Europe, followed by North America and the Asia Pacific.South America and the Middle East and Africa held the fourth and fifth position in terms of market shares in explosion proof lighting market.
The dominance of Europe is majorly accountable for growth in diverse industries needing explosion proof lightings such as construction and chemicals.Also, the European region has introduced a ban on incandescent light bulbs and low-voltage halogen bulbs.
Further, the mandates, including energy efficiency mandates, are projected to propel the growth for LED explosion proof lighting in the Europe region.The Asia Pacific is estimated to be the fastest growing geography during the forecast period from 2019 - 2027.
The manufacturing sector of emerging countries in the Asia Pacific is consistently witnessing high growth, which is expected to bolster the market growth.
The overall explosion proof lighting market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the explosion proof lighting market.
It also provides the overview and forecast for the global evidence explosion lighting market based on all the segmentation provided for five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Explosion Proof Lighting industry.The major companies operating globally in the explosion proof lighting market include Larson Electronics, Emerson, GE Lighting, R.
STAHL, and Osram, among others.
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