Electrical Safety Products Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Electrical Personal Protective Equipment, Wearable Rubber Insulation, Arc Flash Safety and Insulating Tools); Application (Shock Hazard and Arc Flash Hazard); End-Use Industry (Power Utility and Industrial and Commercial)); and Region/Country
Global Electrical Safety Products Market was valued at USD 3 billion in the year 2022 and is expected to grow at a steady rate of around 7% during the forecast period 2023-2030. Electrical safety products are commonly used by workers who are exposed to handling and maintaining electrically powered equipment. Industries nowadays are implementing such measures and components to mitigate electrical hazards and prevent its dangerous effects in case of an incident. Workspaces not adhering to electrical safety can lead to accidents or fatalities.
The major reason for expansion of this market is the rapid growth of industrialization, rising construction projects, and increase in demand for the PPE products for the workers and employees, thus, boosting the market growth. Strict government policies and regulations towards compulsory use of electrical safety products by the workers engaging in heavy and hazardous activities represent the key factors that fuel the market growth. In addition, the surge in number of workers and employees across rapidly growing industries such as automotive, pharmaceutical, and apparel production industries also act as other key factor propelling the market growth. Major product innovations and strategies adopted by key players will enhance the market share during the forecast period.
Ansell LTD., BSD GmbH, Workwear Outfitters, LLC, CHARNAUD & Co (Pty) Ltd., Chicago Protective Apparel, National Safety Apparel, Cintas Corporation, Oberon Company, Paulson Manufacturing, and Enespro PPE are some of the key players in the market. Several M&A’s along with product launches have been undertaken by these players to facilitate customers with innovative products.
Insights Presented in the Report
“Amongst type, liquid category to witness higher CAGR during the forecast period.”0
Based on type, the market is segmented into electrical personal protective equipment, wearable rubber insulation, arc flash safety and insulating tools. Among these, the arc flash safety segment is expected to witness higher growth during the forecast period owing to the rapid expansion of industrial and commercial sectors across the globe. FDI is projected to fuel the growth of the global electrical safety products market over the period of the forecast by meeting the rising demand of ever-increasing population in the form of infrastructure development.
“Amongst end-use industry, hypermarket & supermarket category to witness higher CAGR during the forecast period”
Based on end-use industry, the market is divided into power utility and industrial and commercial. Among them, the power utility sector accounted for largest market share due to the surge in demand for electrical safety components and equipment’s. Another major factor contributing towards the growth of the market is the extensive investment made by nations in power grid upgrades and production of renewable energy to enable utility to consumers and drive their projects to attain economies of scale. Similarly, there is a shift in strategy of major electrical products players to promote safety initiatives in order to gain competitive edge, which ultimately drive the market growth. For instance, in April 2019, ESFI launched a collection of videos, info graphics and other media sources intended to help workers in nonelectrical jobs to stay safe from electrical hazards.
“North America to hold a significant share in the market”
The global electrical safety products market in North America account for the significant share and is anticipated to maintain its position over the forecast period. Major factor driving the expansion of the market in the region is the propensity of end-use industries to implement safety steps across all industrial premises, which involves hazardous operations by workers. The development of electrical safety technology will also play a significant role in the expansion of the industry in the area. In addition, the establishment of safety standards adhered by industries and the implementation of electrical safety initiatives would drive the market’s growth.
Electrical Safety Products Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global electrical safety products market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Electrical Safety Products Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global electrical safety products market were the three major steps undertaken to create and analyze the adoption of electrical safety products in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electrical safety products market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the electrical safety products market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electrical safety products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application and end-use industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electrical safety products market. Further, we conducted factor analysis using dependent and independent variables such as various type, application and end-use industry of electrical safety products. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electrical safety products market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electrical safety products market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the electrical safety products market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global electrical safety products market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electrical safety products. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and distribution channel in the global electrical safety products market.
The main objective of the global Electrical Safety Products market Study
The current & future market trends of the global electrical safety products market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the electrical safety products market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, application and end-use industry.
- Define and analysis of the regulatory framework for the electrical safety products industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the electrical safety products market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the electrical safety products market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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