The Explosion-Proof Lighting Market is projected to grow from USD 340 million in 2021 to USD 471 million by 2026; it is expected to grow at a CAGR of 6.7% from 2021 to 2026. The key factors fueling the growth of this market include increasing investments in the oil & gas and chemical & pharmaceutical industries for infrastructure development and project expansion plans and deployment of LED-based explosion-proof lights by consumers to replace conventional lights and help reduce energy and revenue losses, complemented by government initiatives toward phasing out of halogen and incandescent light fixtures in industrial lighting environments.
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The Explosion-Proof Lighting Market is dominated by key global established players such as 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.
Eaton (Ireland) held the majority of the Global Explosion-Proof Lighting Market Share in 2020. The company is a world leader in the design and manufacturing of LED light fixtures of exact specifications for various lighting applications in hazardous environments, according to the International Electrotechnical Commission (IEC) and European Union (IECEx and ATEX) standards. The company is well acknowledged among leading oil & gas players of the world, which helped the company record high sales in the year 2020. Hubbell (US) followed in second place with a wide product portfolio of energy-efficient lighting solutions and caters to an array of industry verticals including, oil & gas, chemicals & pharmaceuticals, energy & power, food & beverages, marine & shipbuilding, and mining. Rapid transition from traditional light systems to connected lighting solutions has led to the market growth of these companies.
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Eaton (Ireland) is a leader in the Explosion-Proof Lighting Market. It concentrates on product innovation and continuously adds new products to its portfolio. The company launched several new products such as the HPLN Ex LED, HRL Series LED, and CEAG ExLin linear LEDs for Zone 1 and 2 hazardous environments that promise excellent luminous efficacy and substantive cost savings over traditional fluorescent fixtures. Additionally, the company has developed a highly integrated distribution network that enables it to connect with its customers to facilitate the faster movement of products in the market.
Another important player in the Explosion-Proof Lighting Market is Hubbell (US). The company is looking forward to combining both domestic and international innovation energy to synchronize with the market and industry trends, utilize opportunities for further development, and create niche products. Apart from this, the company is focusing on domain research to improve product performance and develop new applications. The company has been involved in regular product launches over time to diversify its product portfolio for various applications. Recently, Chalmit, a division of the Hubbell Group, launched Protecta X LED and Luna LED Floodlights that offer exceptional illumination and lamp lifespan.
Other major players in the Explosion-Proof Lighting Market are mainly focusing on expanding their regional presence and new product launches to achieve continuous and sustainable development.
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