The oil and gas industry is prone to several catastrophes owing to the casualties in this sector which is incessantly rising with poor lighting conditions in the workspace. As per IndustryARC’s research, the global LED lighting in the oil and gas market is evaluated to leverage a revenue of $188.7 million by 2023. The potential benefit offered by installing LED lights in the oil and gas industry is lesser threat of explosion by illuminating hazardous locations and also high quality LED fixtures reduce the chance of ignition and sparks thereby acting as a reliable industrial aid. North America held regional share accounting $23.95 million in 2018 which will grow moderately and reach $28.53m by 2023. The United States is continuously thriving to gain the place as a leading oil exporter in the world and overtake Russia by 2024. This is reflective of the development and associated profit generation in the oil industry in this country which will also elevate the need for advancement in the working facilities through LED lighting installation.
The report is titled “LED Lighting in Oil & Gas Market: By Group (IEC & EU Standards, NEC); By Zone (Zone 0, Zone 1, Zone 2); By Application (Area Lighting, Linear Lighting, Flood Lighting, Exit & Emergency Lighting, Others); & By Geography – Forecast (2018-2023).” It proffers a comprehensive study of the market driving and constraining factors and the report is constructed from vendor’s perspective to provide a superior understanding of the niche market.
Global LED Lighting in Oil and Gas Market: Segmentation and Company Profile
Oil and gas industry offers a highly hazardous environment to the employees owing to the ignition risk due to several destructive incidences one of which is posed by poor lighting systems. LED lighting installation eliminates the vulnerability of accidental sparks and explosion risks and offers a cost-effective safe environment with low power consumption. As per the aforementioned report, these benefits impulses huge LED lighting demand in the oil and gas industry which is projected to grow at a CAGR of 3.4% through to 2023. During the forecast period 2018-2023, the area lighting segment will facilitate huge demand globally, which will witness a CAGR of 2.93%.
The report analyzes the financial conduct of five leading market players which include Hubbell Corporation, Dialight plc, Eaton Corp., CZ Explosion-Proof Electric Appliances Co., Ltd., and GE Company.
Hubbell Corporation is a well-known electrical and electronic products manufacturing company which deals in lighting and control systems, wiring management, power and utility products, and many more. One of its main achievement towards the industrial sectors is providing safe lighting solutions such as flood lighting, high bay-low bay, and wall pack LED lights in hazardous locations.
Global LED Lighting in Oil and Gas Market: Growth Drivers:
· Growing awareness of effective explosion-proof lighting techniques are spreading in the flammable industrial area because of which LED lighting solution is widely accepted in oil and gas industry. Concurrently, the installation of LED lighting in these accidental prone working sectors reduces the risk of economic and life loss due to catastrophic events.
· Hike in global investment in the power and energy sector is significantly promoting the safety attributes of working environments through rich LED luminaire lighting facilities which induce less power utilization thereby offering reliability and cost-effectiveness to the industrial owners. As a result of which the LED lighting in the oil and gas market achieves huge demand and growth.