In terms of revenue, the global market for fire and explosion proof lights is projected to reach US$ 363.80 Mn in 2022. By 2032, the market is expected to grow at a CAGR of 7% and reach US$ 715.65 Mn in value.
Ironically, despite the constant generation of renewable energy, there is also a large global need for crude oil. The global consumption of oil and other liquids is predicted to rise from 1.4 million barrels per day in 2015 to 1.5 million barrels per day in 2016, according to the U.S. EIA (Energy Information Administration).
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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.
In the oil and gas business, which deals with a lot of highly combustible and volatile materials, lights that are fire and explosion proof are typically employed. In fire and explosion resistant lights, the apparatus is surrounded in a cage that can withstand any gas or vapour explosion that can occur inside of it and shield the area from a possible fire.
The oil and gas industry, chemical industry, off-shore oil and gas station, petrochemical industry, power station, mining industry, police, military, rescue relief, inspection, etc. all use fire and explosion proof lights.
Global Fire and Explosion Proof Lights: Market Dynamics
The daily operation of the offshore oil rig produces a need for lighting and lighting equipment in the challenging marine environment. Additionally, there is a necessity for fire and explosion safe lights due to the presence of highly combustible and volatile petrochemicals.
The demand for fire and explosion proof lights is anticipated to increase with the number of offshore oil and gas installations, pushing the market for these lights worldwide. The need for fire and explosion safe lights is also anticipated to be driven by the replacement of current energy infrastructure’s fire and explosion proof lighting.
A combination of strict government regulations surrounding the installation of illumination in dangerous work environments and growing employee .
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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.
Global Fire and Explosion Proof Lights Market: Segmentation
On the basis of product type, fire and explosion proof lights market can be segmented in to fire and explosion proof string lights, fire and explosion proof hand lamps, fire and explosion proof flash lights, fire and explosion proof tank lights, etc.
On the basis of end use industry, fire and explosion proof lights market can be segmented in to oil and gas industry, power industry, chemical sector, mining industry, and others.
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.
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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:
- oil and gas industry
- power industry
- chemical sector
- mining industry
- others
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