by The global Electrical Safety Management Market is estimated to be valued at US$ 3.73 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrical safety management offers various products and services that ensure safety from electrical hazards. Products such as personal protective equipment, safety labels, safety signs, and insulation tapes helps protect workers and assets from electric shocks and arc flash incidents.
Market key trends:
One of the major trends in the electrical safety management market is the adoption of digital electrical safety solutions. Various companies are offering online electrical safety training programs and digital inspection and auditing solutions. These digital solutions help businesses and organizations conduct electrical safety training anytime, anywhere and simplify compliance and risk management. They also provide analytical insights to take preventive measures and improve overall safety.
Segment Analysis
The electrical safety management market is dominated by the services segment. The services segment includes installation & commissioning, maintenance support and auditing. These services help organizations ensure safety standards are met and maintained over equipment lifecycles. The segment accounts for over 60% market share due to growing need for safety inspections, risk assessments and certifications across industry verticals using electrical equipment.
Key Takeaways
Global Electrical Safety Management Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing awareness about electrical safety measures and strict regulations mandating safety compliances.
Regional analysis North America dominates the global electrical safety management market currently, owing to stringent workplace safety regulations in the US and Canada. Asia Pacific is expected to witness the fastest growth during the forecast period with China and India emerging as highly lucrative markets. This can be attributed to industrialization and rising foreign investments in manufacturing sectors across Asia Pacific economies.
Key players operating in the electrical safety management market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Â Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Â Inc., DuPont de Nemours, Â Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, MSA Safety Incorporated. Schneider Electric and ABB capture over 30% of the global market share due to their expansive product portfolios and widespread service networks across major regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
