Electrical Safety Products Market

Electrical Safety Products Market Analysis By Product (Electrical Personal Protective Equipment, Wearable Rubber Insulation, Arc Flash Safety), By Application (Shock Hazard, Arc Flash Hazard), By End-use Industry, By Region - Global Insights to 2031

Analysis of Electrical Safety Products market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Market Summary
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Market Outlook for Electrical Safety Products

Fact.MR - a market research and competitive intelligence provider, throws light on a mature yet high-potential market for electrical safety products. As per this new electrical safety products industry analysis, the market is projected to expand at over 6% CAGR to be valued at approx. US$ 6 Bn by 2031.

Over the past-half decade, prices of electrical safety products have increased at a nominal pace of 15%. This has strengthened the price points and provided a strong sense of confidence among investors in the market. This provides a clear image of strong market speculation across the globe for the years ahead.

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Key Points Covered in Electrical Safety Products Industry Survey:

Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
COVID-19 Impact on Sales of Electrical Safety Products and How to Navigate
Recommendation on Key Winning Strategies

Revenue Analysis of Electrical Safety Products from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

Electrical safety products sales saw moderate growth in 2020 with worldwide revenue up 1.1% year-over-year.
Fact.MR estimates that electrical safety products revenue will grow 1.9X from 2021 to 2031, reaching nearly US$ 6 Bn in 2031, at a ten-year compound annual growth rate (CAGR) of 6%.
As per Fact.MR’s electrical safety products market insights, global market revenue totaled US$ 3.3 Bn in 2021.
Demand for arc flash safety products will accelerate at the highest pace
Top 5 providers of electrical safety products held over 20% market share in 2020.
On an average, prices of electrical safety products grew 1.15X over the past half-decade.
Rise in energy projects to bolster demand for electrical safety products over the coming years.
COVID-19 has had a minor impact on product demand over Q2 and Q3 of FY2020.

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What are the Key Opportunities on Offer for Electrical Safety Product Manufacturers?

The need for electrical personal protective equipment or gear has been steadily increasing for decades, as it provides the essential personnel safety, comfort, and mobility. To obtain a competitive edge in the current electrical safety goods market landscape, several manufacturers are focused on implementing cutting-edge personal protection equipment fabric technology.

Furthermore, manufacturers are expected to reduce the weight of their personal safety products and rely heavily on quick-drying fabric for increased performance. Several manufacturers in the market are also emphasising the use of materials that dry quickly and absorb moisture. Market participants must adhere to establish rules and international standards during the product development phases.

electrical safety products market region by FactMR

Which Region Offers the Largest Opportunity for Sales of Electrical Safety Products?

The market in Asia Pacific is expected to grow significantly during the forecast period, attributed to the presence of prominent manufacturing firms in the region. Government and prominent regulatory authorities have raised significant awareness, which has accelerated demand for electrical safety products and will continue to drive the market over the coming years.

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Country Wise Analysis

Why is the U.S. Likely to Stand Out in the Electrical Safety Products Business?

The U.S. accounted for more than 38% of the global market share in 2020. Growth in the country is attributed to inclination of end-use industries towards workspace safety in the country. This has led to significant increase in the sales of personal protective equipment.

To drive sales from the supply side, regional players are offering bundled products at discounted prices to end-use industries, and are successfully driving product sales through this strategy.

Demand for electrical safety products in the U.S. is anticipated to increase 1.7X through 2031.

How are Sales of Electrical Safety Products Shaping Up in Russia?

Russia is one of the prominent markets for electrical safety products in Europe. In 2020, the country accounted for more than 12% of the demand in Europe.

Demand for offshore exploration and development in the country has increased as a result of increasing economic growth and high electricity demand. Key players operating in the country have established long-term partnership with safety goods manufacturers for supply and services.

Over the coming years, sales of electrical safety products are anticipated to increase 1.6X projecting a CAGR of 4.7% through 2031.

How Has Electrical Safety Products Demand Been Shaping across Established & Emerging Markets?

Germany: Germany, Europe’s prominent market for electrical safety products, has accounted for more than 30% of the market share. Despite the rapid growth of renewables, Germany’s power grid is one of the most stable in the world.

The government plans to build new transmission lines connecting northern and southern Germany, with completion anticipated by 2025. During this period, demand for electrical safety products is expected to increase drastically. This will boost market sales at a value CAGR of 5.2%.

Saudi Arabia: Primary energy demand in Saudi Arabia is expected to grow 1.9% annually through 2035, necessitating a prime increase in generating capacity. Since the last few decades, Saudi Arabia’s electricity demand has been steadily growing.

The Saudi Arabian electricity market is expanding at a fast pace, owing to higher usage rates in the commercial, manufacturing, and private sectors. This is set to pave the way for higher electrical safety product sales in the country over the coming years.

Category wise Analysis

Where are the Potential Pockets of Electrical Safety Products across End-use Sectors?

Demand for arc flash protection products is strong in the power utility industry. Arc flash protection products are expected to retain their dominance throughout the forecast period.

Demand for insulating tools, on the other hand, is expected to expand at a faster pace. Energy demand is rising due to expansion of end-use industries. Favorable government policies, increased FDI, and increasing urbanization are expected to result in high demand for electricity, propelling sales of electrical safety products.

Renewable energy production and investing heavily in power grid upgrades are preferred by many countries. Smart grids are becoming more common as a way to efficiently meet potential demand. Over the forecast era, the rapidly expanding power utility segment is expected to generate opportunities for electrical safety product suppliers.

From 2003 to 2020, the construction industry accounted for 54% of all fatal work-related electrical injuries. These concerns have resulted in an increase in sales of electrical safety products, not only among electricians, but also among the general public, notably in the construction and industrial sectors.

Which Technology Has Been Launched by DuPont on the Basis of Personal Protective Equipment?

DuPont launched Normex Comfort, a new fabric technology for personal safety products, in June 2019. While providing comfort, the lightweight fabric meets international standards for heat and flame protection and predicted body burn protection.

In recent years, a number of start-ups have progressively entered the global electrical safety products business, and this trend is anticipated to continue as technology advances.

How COVID has Affected the Electrical Safety Products Business Environment?

Electrical safety products are essential from basic to advanced electrical operations. COVID-19 has impacted a majority of industries, but has slightly affected the trade gears of safety products, especially electrical safety products.

Demand for electrical safety products dipped to near a low over the period of Q2 of FY2020, but overall Y-o-Y growth has remained positive by nearly 1% in FY2020 as compared to FY2019.

Over the forecast period, the market is anticipated to showcase signs of strong growth with rise in nominal product prices.

electrical safety products market competition by FactMR

Competitive Landscape

Majority companies discussed in the report have focused on expansion, investments, acquisitions, delivery focus, portfolio expansion, and brand development.

Ansell Limited, a key player in protection facilities, in collaboration with ProGlove, a leading developer of industrial wearable, in November 2019, created protection solutions based on technology to ensure workplace compliance with the appropriate personal protective equipment

Similarly, recent developments related to companies offering electrical safety products have been tracked by the team at Fact.MR, which are available in the full report.