Stringent Guidelines Coupled with Focus on Improving Workforce Safety to Bolster Market Growth
Electrical safety products have garnered considerable popularity over the past couple of decades around the world. The consistent boom in the number of construction projects particularly in developing regions, including Asia Pacific and Middle East & Africa is expected to play an important role in bolstering the demand for electrical safety products from residential as well as commercial sectors. The increasing number of flash testing coupled with incident investigation being carried out by private as well as government agencies are some of the other factors likely to propel the growth of the global electrical safety products market during the forecast period.
Furthermore, evolving standards and regulations in various regions pertaining to personal protective equipment and workforce safety will continue to influence the growth trajectory of the global electrical safety products market during the assessment period. At present, current trends suggest that a number of players operating in the current electrical safety products market are increasingly focusing on the production of devices for proximity testing and direct testing of electrical circuits, which enable workers to cater to a particular problem without any safety-related issues.
At the back of these factors, the global electrical safety products market is expected to attain a market value of ~US$ 7.4 Bn by the end of 2030.
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Demand for Electrical Personal Protective Equipment on Rise
For several decades, the demand for electrical personal protective gear or equipment has witnessed a steady growth, as it provides the required personnel protection, comfort, and mobility. Several players operating in the current electrical safety products market landscape are focusing on deploying cutting-edge personal protective equipment fabric technology to gain a competitive edge. In addition, market players are projected to minimize the weight of their personal protective equipment and largely utilize quick-drying fabric for improved performance. Several market players are also focusing on using materials that dry faster and absorb less moisture. During the product development phase, market players are required to follow the laid down guidelines and international standards.
In June 2019, DuPont launched a newly developed personal protective equipment fabric technology– Nomex Comfort. While offering comfort, the lightweight fabric caters to the Heat and Flame Protection NFPA 2112 and Predicted Body Burn Protection ASTM F1930 international standards. A number of startups have gradually entered the global electrical safety products market in the past few years and as technology continues to take strides in the forward direction, the trend is likely to continue. For instance, MakuSafe, a safety technology startup, offers cutting-edge solutions wherein learning modules, analytics, and proprietary wearable technology are integrated to minimize workplace accidents and worker compensation claims.
Another major factor that is estimated to drive the global demand for electrical safety products is the high risk of electrocution and increasing accidental exposure to energized components. Furthermore, as companies continue to improve the workforce safety and cater to the laid down guidelines such as the Occupational Safety and Health Act (U.S.), the demand for electrical safety products is anticipated to witness growth during the assessment period.
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New Developments Focus on Improving Workforce Safety
Several companies operating in the current electrical safety products market, mainly in developed regions are increasingly focusing on maximizing worker safety and protection. In September 2020, a number of tier 1 companies in the North American region has joined hands to launch “The Partnership of Electrical Safety” to ensure workers are protected from arc flash hazards. Despite the presence of OSHA standards, personnel operating on energized electrical equipment were devoid of adequate protection. The introduction of programs such as “The Partnership of Electrical Safety” is expected to play a key role in boosting the demand for electrical safety products market around the world.
Demand to Remain Low amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is anticipated to have a moderate impact on the growth of the global electrical safety products market in 2020. Due to the shutdown of the industrial sector in several regions of the world, the demand for electrical safety products has remained relatively sluggish in the first two quarters of 2020. However, the market is expected to show signs of recovery in the last two quarters of 2020, as industries are expected to be operational again. In addition, company owners are likely to focus on implementing safety programs and ensuring workforce safety amid the ongoing COVID-19 crisis to mitigate further financial losses.
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Electrical Safety Products Market: Overview
- According to Transparency Market Research’s latest research report on the global electrical safety products market for the historical period 2018–2019 and the forecast period 2020–2030, rising concerns regarding employee safety across various end-use industries and development of the power utility sector are factors expected to boost the global electrical safety products market during the forecast period
- In terms of revenue, the global electrical safety products market is estimated to exceed value of US$ 7.4 Bn by 2030, expanding at a CAGR of ~7% during the forecast period
Usage of Electrical Safety Products in Various End-use Sectors: A Key Driver
- As per the ESFI (Electrical Safety Foundation International) analysis of Bureau of Labor Statistics data, 160 fatal work-related electrical injuries occurred in 2018, which is approximately an 18% rise from the year 2017. Although nonfatal work-related electrical injuries had fallen from over 25% during the same period, industries with the leading number of these injury cases included construction, manufacturing, leisure & hospitality, education, and health services.
- In addition as per CPWR (The Center for Construction Research and Training), more than 70% of the 203 electrocutions that occurred in the construction industry from 2011 to 2013 involved workers who were not electricians. Among all fatal work-related electrical injuries recorded by BLS from 2003 to 2018, 54% occurred in the construction industry, the analysis conducted by ESFI shows.
- These concerns across the industry have resulted in increased demand for electrical safety products, not only for electrical professionals, but for majority of the workers, particularly in construction and manufacturing industries
- In addition, associations and regulators of electrical safety products and labor bureaus have been initiating several programs to raise awareness regarding electrical safety. For instance, in April 2019, ESFI introduced a collection of videos, info graphics, and other resources designed to help workers in nonelectrical jobs stay safe around electrical hazards.
- Moreover, in November 2019, the Mine Safety and Health Administration (MSHA) issued a safety alert. It outlined numerous best practices for electrical incident prevention, due to three fatalities involving electricity earlier in August 2019.
- Such initiatives by government and governing bodies of the market have generated significant awareness, which, in response, has been accelerating the demand for electrical safety products, and will continue to drive the market in the upcoming years
- Safety standards are periodically revised, keeping up with new technology and evolving safety concerns. For instance, the NFPA Standard for Electrical Safety in the Workplace (NFPA 70E) is updated every three years. OSHA has a history of citing it as a best practice when electrical incidents occur, although the NFPA 70E is not adopted into the federal law or OSHA regulation.
- As OSHA regulations are not frequently updated, they often reference consensus standards (such as NFPA 70E) as a best practice when issuing citations to the general duty clause
- Therefore, even though NFPA 70E is a voluntary standard and compliance is not required by the law, it effectively describes electrical hazards and best practices to mitigate them. Thus, failure to comply with this or similar guidelines can result in OSHA citations.
Increasing Applications of Electrical Safety Products in End-use Sectors
- Demand for arc flash safety products is high in the power utility market. Arc flash safety products are likely to maintain their dominance during the forecast period. However, demand for insulating tools are set to grow at a higher rate. Demand for energy is increasing due to growing end-use industries. Favorable government policies, increase in FDI, and rising urbanization will lead to high demand for power, which is expected to drive the electrical safety products market during the forecast period.
- Many countries are shifting toward production of renewable energy and are investing heavily in power grid upgrade. The development of smart grids to effectively manage future demand is an increasing trend. As the power utility segment is expanding rapidly, it is expected to create opportunities for electrical safety products during the forecast period.
- Wearable rubber insulation dominates the industrial & commercial segment of the electrical safety products market, with insulating gloves being the most used electrical safety product. The next decade is anticipated to be significant due to the rise in population, upgrade of infrastructure, developments in the construction sector, and investment in telecommunication, which will generate higher demand for electricity, and hence is expected to increase the demand for electrical safety products.
- Many countries are investing in projects to boost their economy and to generate employment. Catering to increasing demand of a growing population in the form of infrastructure development, FDI is projected to drive the global electrical safety products market during the forecast period.
- Based on end-use industry, the power utility segment has the maximum share and is expected to maintain its dominance throughout the forecast period. Under the industrial & commercial segment, large commercial, industrial premises, and OP&G power networks dominate the market. Economic growth and high demand for electricity have increased the demand for offshore exploration and production activities worldwide.
- Many countries around the world are exploring untapped geographies for new reserves and trying to boost oil production to meet the increasing oil demand. Exploration activities are expected to continue at a rapid pace with increasing demand for natural gas, thus providing a suitable base for the growth of electrical safety products.
Electrical Safety Products Market: Key Developments
- Key providers of electrical safety products, such as Salisbury, Ansell Ltd., Bulwark Protection, CATU SAS, and NOVAX are focusing on product development to attract more customers. Some other key developments in the global electrical safety products market are highlighted below:
- In November 2019, Ansell Limited, a global leader in safety solutions, announced a partnership with ProGlove, a leading provider of industrial wearable, to develop hand protection solutions utilizing technology to ensure the right personal protective equipment (PPE) compliance at workplace
- In February 2018, Salisbury introduced “North Zone,” a full brim hard hat/face shield combination kit for protection against arc flash danger. This product includes an internal suspension system with multiple adjustment points, which maximizes head protection. North Zone hard hat is compatible with all Salisbury full brim face shields and is certified to ANSI Z89.1-2014 Type 1, Class E and CSZ94.12015 Type 1 standards.
- In the global electrical safety products market report, we have discussed individual strategies, followed by company profiles of providers of electrical safety products systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global electrical safety products market.
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