Hazardous Lighting Market Share, Size and Industry Growth Analysis 2021-2026

Hazardous Lighting Market size was valued at $1.8 billion in 2020 and it is estimated to grow at a CAGR of 2.29% during 2021-2026. The growth is mainly attributed to the increasing investment on various industries, high penetration of internet of things (IoT), increasing demand for efficient advanced lighting solutions across industries and rapid industrialization in emerging economies. Furthermore, the constant innovation in advanced technologies such as artificial intelligence (AI), machine learning (ML), radio-frequency identification (RFID) along with other wireless technologies, which are being used for producing advanced connected hazardous lighting system; and awareness regarding energy conservation boost the growth of hazardous lighting market. Furthermore, government's initiatives for greener strategies to support sustainable development across the world, is one of the major driving factors of hazardous lighting industry. Hence, the above mentioned factors will drive the adoption rate of various hazardous lighting solutions such as industrial LED lighting, fluorescent lighting, high-intensity discharge lamps and others, during the forecast period 2021-2026.