Explosion-proof Lighting Market worth $471 million by 2026 - Exclusive Report by MarketsandMarkets - Seite 2

Explosion-proof lighting market for chemical & pharmaceutical industry estimated to be the fastest growing segment, by end-user industry during the forecast period

The chemical & pharmaceutical industry in emerging economies such as India and China are growing rapidly and attracting high investments. For instance, according to an article published by Business Standard, the pharmaceutical industry in India attracted investments of approximately USD 1.7 billion in the year 2020 and is expected to grow faster in the years to come. Moreover, according to Invest India, the chemical & petrochemical industry in India is expected to grow to USD 300 Billion by 2025. All these factors are expected to strengthen the growth momentum of explosion-proof lighting in the chemical & pharmaceutical industry.

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North America is projected to hold the largest share of explosion-proof lighting market in 2026

North America has emerged as the world's most promising market for explosion-proof lighting. The region is witnessing increasing investments in the oil & gas industry, with a number of projects lined up during the forecast period. The Alaska LNG project in Alaska and the Corpus Christi LNG project in Texas are expected to have investments of approximately USD 45 billion and USD 24.5 billion, respectively. The Corpus Christi LNG project is expected to start its operations in 2022, and the Alaska LNG project in 2025. Oil & gas is the major end-user industry of explosion-proof lighting since any damage to assets due to explosion can lead to a high financial loss. This has triggered the installation of robust explosion-proof lighting across the region.

The report profiles key players, including Eaton (Ireland), ABB (Switzerland), Hubbell (US), Emerson (US), Signify (Netherlands), GE Current (US), Glamox (Norway), Phoenix Lighting (US), R. STAHL (Germany), and Larson Electronics (US). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, contracts, and acquisitions to strengthen their position in the market.