Electrical Safety Products Market to Grow by 6% CAGR Driven by Implementation of Stringent Workplace Safety Regulation: Fact.MR
DUBAI--(Korea Newswire) January 21, 2022 -- As per a study by Fact.MR, the global electrical safety product is poised to total US$ 3.3 Bn by the end of 2021. Increasing demand for personal protective equipment, insulating tools, and arc flash safety wearable across the electrical industry is driving the growth in the market. On account of this, the sales of electrical safety products are anticipated to rise by 1.9X over the forecast period 2021 to 2031.
The rapid expansion of the construction sector and increasing investment towards the development of electricity distribution infrastructures have resulted in a substantial rise in the number of work-related accidents. For instance, according to the Japan Industrial Safety & Health Association (JISHA), around 131,156 work-related accidents were reported across Japan, causing nearly 802 fatalities in 2021.
Hence, increasing concern regarding the work-safety is expected to fuel the demand for electrical safety products in Japan and around the world.
Governments of several countries are implementing work safety regulations to curb the number of injuries and death. For instance, the Ministry of Health, Labor, and Welfare in Japan implemented the Industrial Safety and Health Law to enhance the work safety of the workers. A slew of such regulations across East Asia is estimated to create lucrative opportunities for growth in the market.
Rising government investment towards the production of renewable energy in countries such as China, Japan, and South Korea also is expected to augment the growth in the market. Driven by this, the global sales of electrical safety products are estimated to total US$ 6 Bn by the end of 2031.
In addition to this, high risk of electrocution and hazards from energized components in the development of new power grids and up-gradation of old ones is projected to spur the sales of arc flash safety and wearable rubber insulated products in the coming years.
As per Fact.MR, the global electrical safety products market is estimated to expand at 6% CAGR over the forecast period from 2021 to 2031.
“With the implementation of stringent regulation ascertaining improved electrical work safety across China, Japan, and South Korea, electrical safety products manufacturers are emphasizing on using cutting-edge fabric technology to develop lightweight and high-performance materials for producing insulated gears and wearables. This is expected to bode well for the market,” says a Fact.MR analyst.
Rising Power Generation Initiatives in China Pushes Demand for Electrical Safety Products
The trend of industrialization and urbanization has resulted in elevating a number of construction projects in developing economies, especially in China. Also, the increasing number of offshore exploration activities has significantly surged the demand for electricity across residential, industrial, and commercial sectors.
Citing this trend, the Government of China is undertaking a number of power generation initiatives to meet the increasing demand for energy. For instance, according to the National Energy Administration, China has announced its plan to increase the power generation from solar and wind plants from 9.7% to 11% by 2021.
As these electricity-based projects need proper safety equipment such as insulated gears, fire-resistant clothing, hot sticks, and mats for testing the operations, the rising number of such initiatives will create immense sales opportunities for the market in China.
In addition, the increasing number of work-related accidents is a primary factor driving the market in China. According to the China Labour Bulletin (CLB) around 75 fatalities from work-related accidents are reported across China every day, accounting for more than 25,000 deaths in 2020.
The Government in China has implemented several stringent regulations regarding work safety and mandating the use of safety equipment across the industrial sector to curb these accidents.
For instance, the Government of China has imposed a set of regulations under the Safety Production Law to increase the safety of workers and decline accidents and fatalities. Such regulations are projected to propel the demand for electrical safety equipment in the country.
As per Fact.MR, China is estimated to account for the largest revenue share in the East Asia electrical safety equipment market over the forecast period 2021-2031.
Key players operating in the market profiled by Fact.MR are:
· Aktywizacja, Ansell Ltd.
· BSD GmbH
· Chicago Protective Apparel
· Cintas Corporation
· COFRA S.r.l.
· Enespro PPE
· Fameca/SF Electric
· Honeywell International, Inc.
· Lakeland Industries
· MSA Safety
Key Questions Covered in the Electrical Safety Products Market Report
· The market survey also highlights projected sales growth of the electrical safety products market between 2021 and 2031
· The report offers insight into electrical safety products demand outlook for 2021-2031
· Electrical safety products market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
· Electrical safety products market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, chemical, and materials, to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making.
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