LED Lighting in Oil & Gas Market - Forecast(2021 - 2026)

 LED Lighting for Oil and Gas Market Overview

The LED Lighting for Oil and Gas market is expected to reach $188.7m by 2023, 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.
The major applications of this market are for area lighting, linear lighting, flood lighting, exit & emergency lighting, portable & task lighting, signaling, and many others.


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 2017, with forecast done up to 2023. 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.

Location: United States

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