Electrical Protective Equipment Market 2019-2027: Key Findings, Regional Analysis, Key Players Profiles & Future Prospects
The electrical protective equipment market was valued at 12,890.2 Mn in 2019 and is projected to reach 15,658.6 Mn by 2027; it is expected to grow at a CAGR of 2.6% during 2020-2027.
According to the latest research report published by The Insight Partners, titled “Electrical Protective Equipment Market to 2027–COVID-19 Impact and Forecast and Global Analysis”, the global electrical protective equipment market is expected to reach US$ 15,658.5 million by 2027, registering a CAGR of 2.6% during 2020–2027.
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APAC Electrical Protective Equipment Market to Grow at Highest CAGR during Forecast Period
APAC is one of the prominent manufacturers of electrical protective equipment. The region is expected to witness the rise in mergers and acquisitions and final investment decisions (FIDs) in the oil & gas sector. The growth in this sector would propel the upstream and downstream activities. The region has presence of various developing economies such as China, India, and several southeast countries, as well as developed economies, such as Japan and South Korea. In developing nations, such China and India, construction, automotive, and manufacturing industries are flourishing at an impressive pace. These factors are anticipated to offer ample growth opportunities to electrical protective equipment market players in APAC.
Increasing Demand For Electrical Protective Equipment Market
Growing number of power transmission projects and rising power generation industry are the factors stimulating the use of electrical protective equipment. Also, the emergence of smart grids, integration of advanced technologies, and growing projects to electrify the rail line are the factors that are expected to further nurture the demand for electrical protective equipment. On the contrary, the high prices of specialty materials and fabrics used in the manufacturing of equipment hinder the market growth.
Some of the companies competing in The Electrical Protective Equipment Market are
- Ansell Limited
- MSA Safety Incorporated
- Delta Plus Group
- ALPHA PRO TECH, LTD.
- Honeywell International Inc.
- Mallcom (India) Limited
- NSA - National Safety Apparel
- Lakeland Industries Inc.
- Cintas Corporation
Ansell Limited, MSA Safety Incorporated, Honeywell International Inc., NSA - National Safety Apparel, and Lakeland Industries Inc. - PROMINENT MARKET PARTICIPANTS IN ELECTRICAL PROTECTIVE EQUIPMENT MARKET
The rising awareness regarding workers’ safety and health, and the increasing industrial fatalities—primarily in oil & gas and mining industries—due to the lack of electrical protective equipment are the major factors that would continue to drive the electrical protective equipment market growth in the coming years; moreover, advancements in technologies, accompanied by changing consumer needs for electrical protective equipment, is further expected to accelerate the market expansion.
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