At 7.0% CAGR, Europe Explosion Proof Lighting Market is Projected to be Worth US$ 122.76 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe explosion proof lighting market was valued at US$ 71.61 million in 2023 and is expected to reach US$ 122.76 million by 2031, registering a CAGR of 7.0% from 2023 to 2031. Expansion of oil & gas industry and need to ensure workforce safety are among the critical factors attributed to drive the Europe explosion proof lighting market growth.

The oil & gas industry plays an important role in the economic transformation of various countries. Industry accounts for the largest share of global consumption of energy resources. Natural gas is likely to be one of the fastest-growing fossil fuels in the coming years. Many countries are scaling up their oil production capacities to fulfill their domestic energy demands. According to the International Energy Agency (IEA), global oil demand is expected to rise by 6% during 2022-2028, with significant requirements from the chemicals, energy, power, aviation, and petrochemical industries. The global demand is ultimately expected to reach 105.7 million barrels per day by 2028. A rapidly increasing need for oil among various industries encourages oil & gas industry players to scale up their capacities through plant expansion strategies, which creates the need for explosion-proof equipment, such as lighting, for efficiently monitoring and controlling plant operations by enhancing workers' safety.

According to the Urwald eV report published in November 2023, 384 businesses across the world reported an average capital expenditure of more than US$ 10 million in oil & gas exploration activities during 2021-2023. Thus, the expanding oil & gas industries worldwide fuel the explosion-proof lighting market growth.

On the contrary, the high costs associated with development, installation, upgrades, and maintenance hampers the growth of Europe explosion proof lighting market.

Based on type, the Europe explosion proof lighting market is segmented into fixed lighting, small and portable lighting, and mobile lighting. The fixed lighting segment held 69.3% market share in 2023, amassing US$ 49.59 million. It is projected to garner US$ 86.98 million by 2031 to register 7.3% CAGR during 2023-2031. The fixed lighting segment is further sub segmented into linear light, flood light, high bay light, bulkhead light, emergency light, and others.

By light type, the Europe explosion proof lighting market is segmented into LED light, high-intensity discharge light, fluorescent light, and incandescent light. The LED light segment held 63.3% market share in 2023, amassing US$ 45.29 million. It is projected to garner US$ 79.12 million by 2031 to register 7.2% CAGR during 2023-2031.

Based on end user, the Europe explosion proof lighting market is segmented into oil & gas, chemical, pharmaceutical, energy, manufacturing, food & beverages, military & defense, transportation & logistics, clean & medical, paint shop & application technology, agriculture & farming, public & community, and others. The chemical segment held 15.4% market share in 2023, amassing US$ 11.06 million. It is projected to garner US$ 20.38 million by 2031 to register 7.9% CAGR during 2023-2031.

By country, the Europe explosion proof lighting market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 26.1% share of Europe explosion proof lighting market in 2023. It was assessed at US$ 18.72 million in 2023 and is likely to hit US$ 29.14 million by 2031, registering a CAGR of 5.7% during 2023-2031.

Key players operating in the Europe explosion proof lighting market ABB Ltd; Eaton Corp Plc; Cortem S.p.A.; Pepperl+Fuchs SE; ABTECH; Signify Holding (Philips); Glamox; TREVOS, a.s.; TEP Ex d.o.o.; Hubbell Inc; Emerson Electric Co; Rockwell Automation Inc; Adolf Schuch GmbH; Airfal International; R. STAHL AG; NORKA; and Alfred PRACHT Lichttechnik GmbH, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com