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Explosion-proof LED lighting set for steady growth to 2024
Better awareness of the cost benefits of LED lighting - and particular growth in demand for explosion-proof LED lighting - are among the driving forces behind the market's predicted growth between now and 2024. In a newly published report from Persistence Market Research, the organisation forecasts 3.3% compound annual growth in global sales of LED work lights from 2016-24. This will see over a million LED work lights shipped by the end of 2024, taking the global market from a value of just over $8 billion in 2016 to $10.7 billion by the end of the forecast. According to Persistence Market Research, misconceptions about the cost of LED lighting have held the market back in recent years, as buyers simply have not recognised the overall financial benefits of the technology. But this is now changing, and especially in terms of demand for explosion-proof LED lighting, the global market is witnessing new growth, with Europe the single largest region for sales. The region's growth is predicted to be a little lower than the average, at 3.1%, but with an existing market share of over a third, this will maintain Europe's position as the world's leading region for LED work lights. Take a look at our range of LED lighting here or contact us for more information by giving us a call on 01925 852 745 or by filling out one of our online enquiry forms here.read more
Ex equipment market dominated by oil, gas and chemicals
Hazardous substances drive demand for explosion proof equipment, according to a report from IndustryARC, with the oil and gas sector accounting for 16% of market share and the chemicals business taking the second largest slice of 12%. Together the sectors amount to more than a quarter of the total demand for Ex equipment and demonstrate the hazardous areas that can occur in the presence of flammable substances like oil and gas, as well as potentially flammable or corrosive chemicals. Similar risks lead to relatively high demand for Ex equipment in other industries too, for example in aerospace where powerful fuels are commonly present, marine installations like oil rigs and other confined environments at sea, and mining facilities where there may be a risk of releasing hidden gases. "As the work environments have become more challenging, it is necessary for the manufacturers to provide equally safe work environments," the study reports. "In industries such as oil and gas and chemicals, certain processes are carried out in areas that contain flammable gases, dust and other particles ... in order to overcome such risks, hazardous area equipment is installed." With more and more hazardous areas to protect, the report forecasts compound annual growth of 5% from 2016 to 2021, taking the market for explosion proof equipment to $5.6 billion worldwide.read more