The oil & gas industry is potentially one of the most hazardous industry sectors where chances of explosions are too high. Based on this sector, Reportlinker’s recent report “Global Hazardous Location LED Lights Industry” projects that the Hazardous Location LED Lights market worldwide is to grow by US$356. 8 Million, driven by a compounded growth of 10.9%.
The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market. Poised to reach over US$ 224.3 Million by the year 2025, Oil & Gas will bring in healthy gains adding significant momentum to global growth.
Drawing attention to the developed world, the survey states that the United States will maintain a 12.6% growth momentum. While within Europe, which continues to remain an important element in the world economy, Germany will add over US$15.5 Million to the region’s size and clout in the next 5 to 6 years. Over US$16.6 Million worth of projected demand in the region will come from the rest of European markets. In Japan, Oil & Gas will reach a market size of US$20.7 Million by the close of the analysis period.