June 18, 2020
According to the research report titled ‘Electrical Protective Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; End User, available with Market Study Report LLC, global electrical protective equipment market was worth USD 12.89 billion in the year 2019 and is predicted to expand with a CAGR of 2.6% during the estimated timespan. The market is expected to generate revenues worth USD 15.65 billion by the year 2027.
For the record, electrical protective equipment comprises of face & eye protection gears, insulated tools, head protection gears, protective apparels and respiratory protection gears which ensure workplace safety and protect the workers from electric blasts, shocks and other hazards.
Rising adoption of electrical protective equipment in transportation, healthcare, oil & gas, construction and manufacturing industries in order to prevent engineers and workers while operating in proximity to electrical equipment is key factor driving the market growth. Increasing awareness pertaining to worker safety along with scarcity of protective gears for workers in mining and oil & gas industries are boosting the demand for electrical protective equipment.
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Evolving consumer demands and technological advancements are also stimulating the industry outlook. Additionally, high investments towards electrical networks, favorable regulatory scenario and rapid expansion of manufacturing sector are propelling the market scenario.
According to US Bureau of Labor Statistics, the number of electrocution accidents in manufacturing industries has been increasing. Strict certification standards have compelled manufacturers to develop high quality products. In addition to this, booming power generation sector and increasing number of electrical and construction projects in Southeast Asia are creating significant growth opportunities for the overall market growth.
Growing automotive industry in tandem with rising demand for electric vehicles have also compelled automakers to establish new production facilities, which in turn is fostering the demand for electrical protective equipment across the globe. Swift industrialization and urbanization in emerging economies is also positively impacting the business outlook. However, strict lockdowns enforced by governments worldwide in order to reduce the spread of the COVID-19 disease has not only halted the movement of goods but also hampered the manufacturing activities, which in turn could adversely impact the sales of electrical protective equipment.
Regionally, Asia-Pacific electrical protective equipment industry is predicted to expand significantly during the forecast period. Proliferating manufacturing sector in countries such as India, South Korea, Japan and China along with flourishing electronics and semiconductor industries are complementing the business landscape in APAC. However, rapid spread of COVID-19 may disrupt the growth of numerous industries in APAC, which hindering the overall market growth. Citing an instance, China being a global hub of manufacturing as well as the largest supplier of raw material, is one of the worst affected regions by coronavirus.
The prominent companies operating in global electrical protective equipment industry are Cintas Corp., Lakeland Industries Inc., NSA – National Safety Apparel, Mallcom (India) Ltd., 3M Co., Honeywell International Inc., Alpha Pro Tech Ltd., Delta Plus Group, MSA Safety Inc. and Ansell Ltd. among others.