Expansion in the Explosion-proof Lighting Market seems optimistic over the forecast period. The rigorous norms concerning worker security in a distant and dangerous environment and the acceleration in the offshore oil and gas exploration activities will stimulate the market growth.
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The rigorous norms towards workers' security in distant and hazardous locations, better safety, and productiveness in a severe and dangerous environment, with a surge in the number of offshore stations, are the prominent forces steering the growth of the global explosion-proof lighting market. The demand for the latest explosion-proof lighting systems is anticipated to increase, led by the approaching oil and gas projects. The Johan Castberg Field in Christi LNG in the US, Norway, and Petronas Floating LNG 2 in Malaysia are a few examples of these projects. The extensive switch from conventional lighting systems to connected systems, along with the increasing acquisition of LED-based lighting fixtures in industrial facilities, has driven the market size.
However, the unstable prices of raw materials, inflated implementation cost, and the cost associated with the induction of explosion-proof LED light fixtures are anticipated to restrain the market growth.
By region, the Asia-Pacific region is expected to witness faster growth over the coming years. This is because of the intensified investments in the chemical & pharmaceutical, oil & gas, marine & shipbuilding industries, and mining. For example, Invest India states that the chemical & petrochemical industry is expected to reach USD 300 billion by the end of 2025. Moreover, India's surge in mining infrastructural establishment activities has raised the demand for explosion-proof light fixtures.
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