The global consumption value of LED-based lamps used in explosion-proof light fixtures is forecast to increase from US$151.5 million in 2013 to US$248.1 million in 2020.
The Europe, Middle East and African (EMEA) region, driven by its use of explosion-proof lighting in the oil-related industry, is forecast for slightly faster growth than the America region. The American (South, Central and North America) region, pushed initially by the mining and oil-related sub-applications, is forecast later-on to hold strong market positions in commercial/industrial, mining/oil-related, as well as the military and transportation-oriented sectors.
In terms of value, the Asia Pacific (APAC) region is forecast to grow at a slightly faster pace versus other regions during the forecast period. The APAC region consumption is driven by use of the LED lamps in the commercial/ industrial (factory) application, the firm said.