The global hazardous lighting market size was valued at USD 1932 million in 2020 and is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed rapid growth of the manufacturing industry.
Hazard lights or hazards are the indicator lights on a motor vehicle that flash simultaneously to signal that the vehicle is stopped, momentarily blocking traffic. Many vehicles utilize their front and rear signal lights to generate danger lights with a characteristic blinking pattern that may be used to notify other drivers of a hazard.
The COVID-19 pandemic has had an impact on various market. On the other hand, adoption of new tactics and seeking new financing resources to overcome the growing barriers to market expansion is stimulating the market growth.
Market trends, drivers, restraints and opportunities
- Rising energy demand is drawing lot of investments, which is estimated to positively influence the market growth.
- Increasing growth of variety of industries including mining, manufacturing, and energy is expected to propel the growth of the market.
- Rising safety concerns in manufacturing facilities is anticipated to propel the market growth.
- High cost of installation can create challenges for the market growth.
- Increasing environmental concerns can restrain the growth of the market, as the quality of diode illumination is greatly reliant on the ambient operating temperature.
- LED lighting for hazardous sites has the potential to reduce facility owners' operating and maintenance expenses. This can create remunerative opportunities for the market growth.
Scope of the Report
The report on the global hazardous lighting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Hazardous Lighting Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (LED Lighting, HID Lighting, Incandescent Lighting, and Fluorescent Lighting), Hazardous Zones (Zone 0, Zone 20, Zone 1, Zone 21, Zone 2, and Zone 22), Classes (Class I, Class II, and Class III), End-user Industry (Oil & Gas, Power Generation, Chemical and Petrochemical, Pharmaceutical)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Digital Lumens Inc.; Unimar Inc.; GE Lighting LLC; Emerson Industrial Automation; and Thomas & Betts Corporation (ABB Ltd)
Hazardous Lighting Market Segment Insights
LED lighting segment is expected to grow at a robust rate
Based on types, the market is divided into LED Lighting, HID lighting, incandescent lighting, and fluorescent lighting. The LED lighting segment is expected to grow at a rapid pace during the forecast period. Increasing replacement of natural lighting systems with LEDs, which have the ability to drastically reduce energy usage is driving the segment growth. Moreover, LEDs do not contain harmful substances and their disposal has less negative consequences.
Zone 1 segment is projected to expand at a considerable CAGR
On the basis of hazardous zones, the market is segregated into zone 0, zone 20, zone 1, zone 21, zone 2, and zone 22. The zone 1 segment is projected to expand at a considerable CAGR during the forecast period. Regulatory standards encourage the use of illumination and establish the criteria for classifying a work area as a hazardous area, as well as the ambiance surrounding an industrial or manufacturing facility. This is due to the fact that hazards can also include combustible gases, dust, which increases the demand for lighting.
Class I segment is expected to account for a significant market share
Based on classes, the hazardous lighting market is segregated into class I class II, and class III. The class I segment is expected to account for a significant market share during forecast period. Ongoing technological advancements, increasing number of applications in various industrial sectors, and expanding safety measures are some of the primary drivers that are boosting the market expansion.
Oil & gas segment to grow at a healthy rate
On the basis of end-user industries, the market is categorized as oil & gas, power generation, chemical and petrochemical, and pharmaceutical. The oil & gas segment is projected to expand at a considerable CAGR during the forecast period. Rising number of exploration activities is one of the major factors fueling the segment growth.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the hazardous lighting market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period. Region's high industrial and infrastructural growth and demand for power lighting systems are driving the regional market growth. Moreover, the ongoing and upcoming coal-to-gas switching program in China is fostering the growth of the market in the region.
The global hazardous lighting market has been segmented on the basis of
- LED Lighting
- HID Lighting
- Incandescent Lighting
- Fluorescent Lighting
- Zone 0
- Zone 20
- Zone 1
- Zone 21
- Zone 2
- Zone 22
- Class I
- Class II
- Class III
- Oil & Gas
- Power Generation
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Digital Lumens Inc.
- Unimar Inc.
- GE Lighting LLC
- Emerson Industrial Automation
- Thomas & Betts Corporation (ABB Ltd)
The key players competing in the global hazardous lighting market are Digital Lumens Inc.; Unimar Inc.; GE Lighting LLC; Emerson Industrial Automation; Thomas & Betts Corporation (ABB Ltd).
Companies are engaging in partnerships, acquisitions, and mergers to expand their market share. Key players are partnering with local manufacturers and investing in R&D activities to enhance the manufacturing process to reduce the operation costs.