The global electrical safety products market size is estimated to reach US$ 7.5 Bn by 2030 and anticipated to growth at a noteworthy CAGR of 7.1% during the forecast period 2021 to 2030.
The global electrical safety products market is affected by several factors, including rising concerns regarding employee safety across various end-use industries and development of the power utility sector. Thus, expanding application of electrical safety products in different sectors is propelling the global market for electrical safety products.
The onset of the novel COVID-19 pandemic is anticipated to have a moderate impact on the growth of the global electrical safety products market in 2020. Due to the shutdown of the industrial sector in several regions of the world, the demand for electrical safety products has remained relatively sluggish in the first two quarters of 2020. However, the market is expected to show signs of recovery in the last two quarters of 2020, as industries are expected to be operational again. In addition, company owners are likely to focus on implementing safety programs and ensuring workforce safety amid the ongoing COVID-19 crisis to mitigate further financial losses.
Asia Pacific dominates the global electrical safety products market with China in the dominating position despite market slowdown. The U.K is an attractive market in Europe, while Germany is expected to be the largest market. In South America, Mexico is opening doors for new opportunities. The electrical safety products market in Middle East & Africa is set to grow at a moderate rate due to various global events lined up in the upcoming years. The electrical safety products market is projected to be driven by increasing safety concerns coupled with large scale projects in all geographies.
Asia Pacific is the biggest and fastest growing market for electrical safety products. Asia Pacific being a mix of developed and developing countries is likely to provide better opportunities for the electrical safety products market during the forecast period. Economic growth and high demand for electricity has increased the demand for offshore exploration and production in the region.
Germany is the largest electrical safety products market in Europe and is set to maintain its dominance during the forecast period. Germany’s power grid ranks among the most reliable in the world despite rapid expansion of renewables. Germany has planned to install new transmission lines between northern and southern Germany, which is expected to be completed by 2025.
The primary energy demand in Middle East & Africa is likely to rise at an annual rate of 1.9% through 2035, requiring a significant increase in generating capacity. The consumption of electricity in Saudi Arabia has been increasing steadily since the last few decades. The electricity market in Saudi Arabia is showing an accelerated growth rate, which can be attributed to higher consumption rates in commercial, industrial, and private sectors. Initiatives to upgrade existing infrastructure and development of smart grids is projected to drive the electrical safety products market in the region during the forecast period.
New Developments Focus on Improving Workforce Safety
Several companies operating in the current electrical safety products market, mainly in developed regions are increasingly focusing on maximizing worker safety and protection. In September 2020, a number of tier 1 companies in the North American region has joined hands to launch “The Partnership of Electrical Safety” to ensure workers are protected from arc flash hazards. Despite the presence of OSHA standards, personnel operating on energized electrical equipment were devoid of adequate protection. The introduction of programs such as “The Partnership of Electrical Safety” is expected to play a key role in boosting the demand for electrical safety products market around the world.
Increasing Applications of Electrical Safety Products in End-use Sectors
Demand for arc flash safety products is high in the power utility market. Arc flash safety products are likely to maintain their dominance during the forecast period. However, demand for insulating tools are set to grow at a higher rate. Demand for energy is increasing due to growing end-use industries. Favorable government policies, increase in FDI, and rising urbanization will lead to high demand for power, which is expected to drive the electrical safety products market during the forecast period.
Many countries are shifting toward production of renewable energy and are investing heavily in power grid upgrade. The development of smart grids to effectively manage future demand is an increasing trend. As the power utility segment is expanding rapidly, it is expected to create opportunities for electrical safety products during the forecast period.
Wearable rubber insulation dominates the industrial & commercial segment of the electrical safety products market, with insulating gloves being the most used electrical safety product. The next decade is anticipated to be significant due to the rise in population, upgrade of infrastructure, developments in the construction sector, and investment in telecommunication, which will generate higher demand for electricity, and hence is expected to increase the demand for electrical safety products.
Many countries are investing in projects to boost their economy and to generate employment. Catering to increasing demand of a growing population in the form of infrastructure development, FDI is projected to drive the global electrical safety products market during the forecast period.
Based on end-use industry, the power utility segment has the maximum share and is expected to maintain its dominance throughout the forecast period. Under the industrial & commercial segment, large commercial, industrial premises, and OP&G power networks dominate the market. Economic growth and high demand for electricity have increased the demand for offshore exploration and production activities worldwide.
Many countries around the world are exploring untapped geographies for new reserves and trying to boost oil production to meet the increasing oil demand. Exploration activities are expected to continue at a rapid pace with increasing demand for natural gas, thus providing a suitable base for the growth of electrical safety products.
Demand for Electrical Personal Protective Equipment on Rise
For several decades, the demand for electrical personal protective gear or equipment has witnessed a steady growth, as it provides the required personnel protection, comfort, and mobility. Several players operating in the current electrical safety products market landscape are focusing on deploying cutting-edge personal protective equipment fabric technology to gain a competitive edge. In addition, market players are projected to minimize the weight of their personal protective equipment and largely utilize quick-drying fabric for improved performance. Several market players are also focusing on using materials that dry faster and absorb less moisture. During the product development phase, market players are required to follow the laid down guidelines and international standards.
Another major factor that is estimated to drive the global demand for electrical safety products is the high risk of electrocution and increasing accidental exposure to energized components. Furthermore, as companies continue to improve the workforce safety and cater to the laid down guidelines such as the Occupational Safety and Health Act (U.S.), the demand for electrical safety products is anticipated to witness growth during the assessment period.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global electrical safety products market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
Key players operating in the global electrical safety products market are Aktywizacja, Ansell Ltd., BSD GmbH, Bulwark, Charnaud, Chicago Protective Apparel, Cintas Corporation, COFRA S.r.l., Dupont, Emdesa, Enespro PPE, Fameca/SF Electric, Hastings, Hetsa, Honeywell International, Inc., Hubbell, Lakeland Industries, MSA safety, National Safety Apparel, Novax, Oberon, OEL, Paulson Manufacturing Corporation, Pfisterer, POPGRO s.r.o., ProGARM, Rauckman, Raychem RPG Ltd., Regeltex, Schneider Electric, Secura B.C., Shanghai C&G Safety Co., Ltd., Sicame, Sofamel, Stanco Safety Products, Strata-protection, TaraSafe, Terex, Thermaxx Jackets, Tianjin Shuangan Labor Protection Rubber Co., Ltd, UVEX Safety Group Gmbh, YOTSUGI CO., LTD., and Youngstown Gloves.
This report focuses on electrical safety products market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall electrical safety products market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global electrical safety products market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global electrical safety products market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the electrical safety products market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of electrical safety products are as follows:
The research methodology adopted by analysts for compiling the global electrical safety products market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global electrical safety products market.
The study objectives of this report are: