The global Electrical Safety Management Market is estimated to be valued at US$ 3.73 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrical safety management refers to maintaining safety standards and adhering to electrical safety policies that minimize risks of electric shock, fires or explosions due to electrical faults or human errors. It includes practices like periodic inspection and testing of electrical equipment, installation of protective devices like fuses and circuit breakers, and providing personal protective equipment to workers. With rising industrialization and growing complexity of electrical infrastructure, proper electrical safety management has become essential for preventing accidents and ensuring continuity of operations. It safeguards assets as well as health and safety of workers and the public.
Market key trends:
One of the major trends in the electrical safety management market is growing adoption of IoT and AI-based digital solutions. Various digital technologies like sensors, smart PPE, condition monitoring systems and virtual commissioning are being integrated with electrical equipment and systems. They help in real-time monitoring of equipment health and detecting anomalies or defects. Predictive maintenance approaches using IoT and data analytics also help plan maintenance activities proactively before failures occur. This significantly improves electrical safety, reduces downtime and optimizes maintenance costs in the long run. Technologies like augmented reality and virtual commissioning further aid in training and risk assessment without exposing workers to live hazards. Their use is growing across industries like power generation, construction, manufacturing and mining due to associated benefits.
Porter’s Analysis
Threat of new entrants: The Electrical Safety Management Market requires high initial investments which act as a barrier for new players to enter the market. Certifications and compliance with various standards also pose challenges for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of diverse product and service offerings from various providers.
Bargaining power of suppliers: The presence of many component suppliers with specialized capabilities weakens their individual bargaining power.
Threat of new substitutes: There are no close substitutes for electrical safety management yet, giving existing products protection from this threat.
Competitive rivalry: Being a specialized market, competition is intense with focus on innovation and after-sales support.
Key Takeaways
Global Electrical Safety Management Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing focus on workplace safety and regulatory mandates for ensuring electrical safety compliance.
The market size for Electrical Safety Management was valued at US$ 3.73 Bn in 2023 and is anticipated to reach ~US$ 6.5 Bn by 2030. North America dominated the market, with the US accounting for the major share due to stringent workplace safety regulations and the presence of major players. Europe is also expected to exhibit significant growth owing to strong industrial sector and adoption of advanced solutions across factories.
Key players operating in the Electrical Safety Management are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Â Inc., UL LLC (Underwriters Laboratories), Emerson Electric Co., General Electric (GE), Littelfuse, Â Inc., DuPont de Nemours, Â Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, MSA Safety Incorporated. Major players focus on product innovation and integration of advanced features to gain a competitive edge in the market.
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