by The electrical safety management market comprises products including electrical safety testing equipment, protective gloves, arc flash protection clothing, and other safety equipment that help ensure safety in electrical work environments. Electrical wor involves hazardous risks such as electric shocks, fires, and burns if performed without proper safety measures. Electrical safety management solutions play a vital role in minimizing these risks by detecting potential electrical failures through testing equipment and protecting workers from energized parts through protective wear. The growing stringency of workplace safety regulations across industries has propelled the adoption of electrical safety management solutions.
The global Electrical Safety Management Market is estimated to be valued at US$ 8.3 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the electrical safety management market is the increasing demand for arc flash protection clothing. Arc flash, also known as an electric explosion, occurs due to a flashover of electric current. It leads to injuries such as severe burns and can even cause death. Hence, workers involved in electrical operations are at high risk of arc flash injuries. Arc flash protection clothing is manufactured using specialized materials that can withstand arc thermal performance and provides insulation from electric currents. The growing awareness about arc flash hazards and stringent safety standards mandating the use of appropriate protective equipment have boosted the demand for arc flash protection clothing in recent years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of cost economies of scale, capital requirements, etc. However, opportunities for innovation and partnerships with expertise exist.
Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of several vendors in the market supplying products. Changing the material sourcing or partner is not costly.
Bargaining power of buyers: Buyers have high bargaining power due to standardized products and availability of substitutes. Price sensitivity and brand consciousness are high.
Threat of new substitutes: Substitutes like safety certificate management and risk management are low threat due to complementary nature of services and integration possibilities.
Competitive rivalry: Competition in the services segment is high due to the presence of global players. New compliance and standards increase competition.
Key Takeaways
The Global Electrical Safety Management Market Size is expected to witness high growth. Increasing adoption of electrical safety to avoid accidents and reduce downtime in industries is driving market growth.
Regional analysis:
North America dominates the market due to stringent government regulations related to workplace safety. Asia Pacific is expected to grow at the fastest pace due to increasing industrialization and construction activities. Rapidly developing countries like China and India offer ample opportunities.
Key players operating in the electrical safety management market are Eaton, EquipeTest, General Electric, Siemens, and Honeywell. Key players focus on product innovations and portfolio expansion through partnerships and acquisitions to gain market share. Eaton offers arc flash protection, testing and calibrating instruments, personal protective equipment, and safety services. Siemens provides an integrated safety lifecycle management solution with electrical safety testing devices and software.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
