As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global demand for electrical safety products market is anticipated to exceed a valuation of US$ 3.3 Bn in 2021, and expand at an impressive CAGR of more than 6% over the forecast period of 2021 to 2031.
The market increased at a CAGR of 5.6% during the historical period of 2016 – 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing stringent workplace regulations by various regulatory bodies across the globe and growing demand for electrical safety equipment.
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Demand for electrical safety products has been steadily increasing for decades, as they provide the necessary security, comfort, and flexibility for staff. In response to this growing demand, electrical safety product manufacturers are emphasizing the integration of materials that dry quickly and absorb moisture. This shall ensure strong business stance and adherence to established criteria and international standards during the product development process.
High risk of electrocution and increasing hazards from energized components are also expected to drive global demand for electrical safety products. Also, companies are striving to improve worker safety and strong adherence to regulations such as OSHA, NIOSH, and others, which will push the sales of electrical safety products over the coming years.
Key Takeaways from Market Study
- The global electrical safety products market is expected to burgeon at a healthy CAGR of over 6% during the forecast period.
- In terms of revenue, sales of electrical safety products are estimated to exceed a value of US$ 6 Bn by 2031.
- Stringent workplace safety regulations across regions to bolster demand for electrical safety products.
- Over the past half-decade, China has enjoyed the upper hand in driving sales of electrical safety products, and is anticipated to hold the crown till the end of the forecast period.
- Demand for arc flash safety products is high in the power utility market.
- Wearable rubber insulation stands top in the industrial and commercial sector.
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“Increasing workplace safety concerns and new government policies to strengthen demand for electrical safety products,” says a Fact.MR analyst.
Collaboration is the key to success where players are constantly striving to become the supply partner for a group of companies, which, in turn, will strengthen their financial sheets over the long run. This strategy is not only used to generate higher $ opportunities but also to channel investments to produce potential product lines.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global electrical safety products market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the market on the basis of product (electrical personal protective equipment, wearable rubber insulation (insulating gloves (class 00-5), insulating sleeves, insulating boots, insulating mats/blankets), arc flash safety, arc flash clothing (FR shirts, FR pants/overall AND FR Jackets), insulating mats, footwear, insulating gloves, other arc flash (hats, face shield, goggles, hearing), insulating tools (telescopic, switching, shotgun, fitting and others), cover up insulation (covers, blankets and hoses and clips), application (shock hazard and arc flash hazard), end use industry (power utility, industrial and commercial (solar, wind, OP&G power networks, mining power networks, datacenters SS, LV equipment, rail (catenary, SS), larger commercial, industrial premises and switchgear producers), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Central & Latin America).
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