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 “ [FURL=https://www.industryarc.com/Report/19049/led-lighting-in-oil-and-gas-market]LED Lighting in Oil & Gas Market[/FURL] : 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).”
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Global LED Lighting in Oil and Gas Market: Segmentation and Company Profile
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.
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. 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.
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.