Dublin, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The "LED Lighting in Oil & Gas Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The LED Lighting for Oil and Gas market is expected to reach $188.7m by 2025, growing at a steady rate of 3.4% during the forecast period owing to the long lifespan and durability of LED lighting in harsh environments.
Moreover, LED lighting uses less power and provides better visibility, the primary factors which is driving oil and gas manufacturers to install LED lighting in their plant locations.
LED Lighting for Oil and Gas Market Outlook
The LED Lighting Market in Oil and Gas refers to an electric light or a cluster of electrical lights housed in a light fixture that produces light using light-emitting diode (LED). LEDs are used in signaling devices or lighting fixtures that are installed in various hazardous sectors of oil and gas industry. LED lightings and fixtures are more ideal than traditional incandescent and fluorescent lamps.
In comparison, quality LED lights possess properties that enables them to withstand high temperatures, are heat & flame resistant, and can also withstand explosions in hazardous areas. LEDs use at least 75% less energy and last up to 25 times longer than incandescent lighting.
LED Lighting for Oil and Gas Market Growth Drivers
Increasing demand for power is leading to investments for commissioning of new advanced power generation units in the existing bases. Also, increasing safety concerns are leading to regular maintenance of the plants. These factors are set to drive the LED lighting market in oil and gas.
LED Lighting for Oil and Gas Market Challenges
Rising resource autonomy and environmental awareness has blocked numerous upcoming exploration sites in the world. This results in the budget allocation by the government of various economies that further limits the funds that would be allocated on exploration, excavation and extraction projects. This is analyzed to constrain the growth of the LED lighting market in oil & gas.
LED Lighting for Oil and Gas Market Research Scope
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the LED Lighting for Oil and Gas market.
The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period.
This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of LED Lighting Oil and Gas market, and their specific applications in different industries.
LED Lighting for Oil and Gas Market Key Players Perspective
Hubbel Inc. headquartered in the U.S. is the leading player in designing, manufacturing, and selling of electrical and electronics products for residential and commercial applications. This is the major company contributing to around 8% of the overall market revenue. The company being the pioneer in LED lighting in oil and gas for various applications has remained as the dominant player. The next leading players are Dialight and Eaton Corp. with 8% and 7% of market share respectively.
Some of the other key players mentioned in this report are Eaton Corp., Emerson Electric Co., ABB Group, GE Company, Dialight Plc, AZZ Inc., Larson Electronics Inc., and Adolf Schuch GmbH.
LED Lighting for Oil and Gas Market Trends
Increase in the demand for petroleum and gas products is propelling the manufacturers to establish new sites and plants while complying with the safety regulations and protection of equipment and workers. The commercialization of shale gas technology and hydraulic fracking are some of the new methods, which are expected to boost the need for LED lighting at workplaces.
Advancements in technology is enabling gas and petroleum manufacturers to dig deeper than before, possessing a high risk for workers working at such depths. Life jacket manufacturers are using LED lights on jackets of workers for quick detection in case of a mishap. Companies manufacturing such life jackets are expected to follow this trend in their upcoming products.
The Department of Malaysia organized an IEC conference to highlight and encourage the importance of use of explosion proof lighting solutions in industries operating in Asia. This initiative is anticipated to fuel the usage of LED lighting in Oil and Gas industry.
China is set to double its shale gas output within the next three years. The country's national companies have developed homegrown technology, which is anticipated to help them extract gas from the country's shale rock formations. The increase in production is expected to boost the usage of related equipment, which includes gauges, regulators, tubing, and efficient lighting with high quality safety features.
Groups of LED Lighting for Oil and Gas: IEC & EU Standards, NEC
Zones of LED Lighting for Oil and Gas: Zone 0, Zone 1, Zone 2
Temperature Class of LED Lighting for Oil and Gas: T1 (450C or 842F), T2 (300C or 572F), T3 (200C or 392F), T4 (135C or 275F), T5 (100C or 212F), T6 (85C or 185F)
Applications of LED Lighting for Oil and Gas: Area Lighting, Linear Lighting, Flood Lighting, Exit & Emergency Lighting, Portable & Task Lighting, Signaling, Others
Sectors of LED Lighting for Oil and Gas: Upstream, Midstream, Downstream
The LED Lighting for Oil and Gas market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.
For more information about this report visit https://www.researchandmarkets.com/r/v2zxja
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