Digital Transformation Is Anticipated To Openup The New Avenue For Electrical Safety Management Market

Electrical Safety Management Market


The Electrical Safety Management Market is estimated to be valued at US$ 3.73 Bn or 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:
The Electrical Safety Management Market deals with ensuring safety for individuals and assets from hazards resulting from the use of electricity. Electrical safety management involves implementation, inspection, and enforcement of safety standards and protocols for equipment, work processes, and work environment to prevent accidents, injuries, and fatalities from electrical shocks, arcs, or blasts. It covers aspects such as process safety instruments used for detection and monitoring of electrical faults and hazards, personal protective equipment, safety services offered by third-party organizations, and safety solutions and software.

Market Dynamics:
Growing investments in transmission and distribution infrastructure expansion is a key driver for the electrical safety management market. With rapid industrialization and urbanization globally, the demand for electricity is surging rapidly which is necessitating investments towards augmenting the existing T&D infrastructure. According to the IEA, annual global investments in T&D infrastructure need to increase to over US$ 340 billion by 2030 to meet the rising electricity demand and ensure universal access to electricity. Furthermore, stringent regulations and compliance mandates regarding electrical safety are also fueling the demand for electrical safety management solutions and services. Regulatory standards such as NEC (National Electrical Code) and NFPA 70E in the U.S., IEC 61511 and 61508 internationally focus on process safety and risk assessment and mitigation, thereby driving adoption of electrical safety instruments, personal protective equipment, safety audits and inspections.

Segment Analysis
The global electrical safety management market is dominated by the product segment which held over 30% market share in 2022. This segment includes personal protective equipment, safety controllers, and earthing and short-circuit equipment that help organizations implement an effective electrical safety program. The dominance of the product segment can be attributed to the increasing adoption of various electrical safety products across industries for the protection of workers and machinery from electrical hazards.

PEST Analysis
Political: Stringent regulations and standards enforced by government bodies like OSHA and NFPA for electrical safety compliance across various industrial verticals are driving the market growth.
Economic: Increasing investments in new industrial infrastructure and focus on worker safety are fueling the demand for electrical safety management solutions.
Social: Rising awareness about electrical safety and growing concerns over workplace accidents are positively impacting the adoption of safety solutions.
Technological: Advancements in IoT, AI, and wearable technologies are enabling the development of smart safety devices with real-time monitoring capabilities.

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 investments in industrial automation and need for periodic testing and inspection of electrical systems.

The Asia Pacific region is expected to emerge as the fastest growing market for electrical safety management, growing at a CAGR of over 8% during the analysis period. Rapid industrialization and infrastructure development projects across China, India, and South East Asian countries are prompting companies to focus on worker safety.

Key players operating in the electrical safety management market 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. Key players are focusing on developing integrated solutions with advanced features like predictive maintenance of electrical equipment. 

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