The global electrical protective equipment market was valued at US$ 12.89 billion in 2019 and is projected to reach US$ 15.65 billion by 2027; it is expected to grow at a CAGR of 2.6% during 2020-2027, the forecast period considered in the study.
Electrical protective equipment includes insulated tools, face and eye protection tools, respiratory protection tools, protective apparels, and head protection tools, which protect the workers from electric shocks, electric blasts, and other hazards.
The equipment is primarily used in the manufacturing, construction, oil & gas, healthcare, and transportation industries to ensure the protection of workers and engineers while working in the proximity of the electrical equipment.
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 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.
The rising investments in the electrical network, growth of the manufacturing sector, and regulations from associations such as the National Fire Protection Association (NFPA) and Occupational Safety and Health Administration (OSHA) are among the other key factors contributing to the market growth.
As per the US Bureau of Labor Statistics, there is an increasing number of electrocution accidents in the manufacturing sector.
Severe certification standards that compel manufacturers to produce high-quality products are favoring the growth of the industry.
Further, the power generation industries worldwide are witnessing huge growth; also, various construction and electrical projects are in the pipeline in most of the Southeast Asian countries.
All these factors are anticipated to fuel the demand for electrical protective equipment in the coming years.
Moreover, the growth of the global electric vehicle industry and the escalating demand for electric vehicles are also encouraging manufacturers to set up new production plants, which would create new manufacturing jobs; thus, adding to the demand for electrical protective equipment.
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Impact of COVID-19 Pandemic on Electrical Protective Equipment Market
The high growth rate of urbanization and industrialization in various developing countries across the globe is anticipated to offer ample growth opportunities to the market players operating in the global electrical protective equipment market, as the investments in industrial development are quite high.
In addition to this, APAC is a global manufacturing hub with countries such as China, Japan, South Korea, and India; it is also a leading contributor to the global electronics and semiconductor industry growth.
The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries in APAC.
For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries, and it is among one of the worst-affected COVID-19 countries.
The lockdown of various plants and factories in across the globe is affecting the global supply chains and negatively impacting manufacturing, delivery schedules, and sales of various electrical protective equipment products.
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