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Explosion-proof Lighting Market worth $471 million by 2026

Global Hazardous Area Equipment Market To Reach $9 4 Billion By 2027

Global Hazardous Area Equipment Market to Reach $9.4 Billion by 2027 Amid the COVID-19 crisis, the global market for Hazardous Area Equipment estimated at US$6 Billion in the year 2020, is projected to reach a revised size of US$9.4 Billion by 2027, growing at a CAGR of 6.5% over the analysis period 2020-2027. Cable Glands & Accessories, one of the segments analyzed in the report, is projected to record a 7.8% CAGR and reach US$2.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Process Instruments segment is readjusted to a revised 6% CAGR for the next 7-year period.

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

Explosion-proof Lighting Market worth $471 million by 2026 - Exclusive Report by MarketsandMarkets Explosion-proof Lighting Market with COVID-19 impact analysis by Type (High Bay & Low Bay, Linear, Flood), Light Source (LED, Fluorescent), Safety Rating, Hazardous Location, End-user Industry, and Region - Global Forecast to 2026 , published by MarketsandMarkets , the market is estimated to be USD 471 million by 2026 (forecast year) from USD 340 million in 2021 (estimated year), at a CAGR of 6.7% between 2021 to 2026. Factors attributing to the growth of the market include increasing investments in the oil & gas and chemical & pharmaceutical industries for infrastructure development and project expansion plans, growing focus of governments towards energy conservation, rapid transition from traditional light systems to connected lighting solutions, and surging adoption of LED based explosion-proof light fixtures owing to several advantages over conventional light sources.

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