Electrical Protective Equipment Market Size, Share and Global Industry to Grow at a CAGR of 2.6% to reach US$ 15.65 Bn from 2019 to 2027 | TheInsightPartners

According to the World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are some of the worst affected countries by the COVID-19 outbreak. The COVID-19 crisis is affecting industries worldwide, and the global economy is anticipated to take the worst hit in 2020, as well as in 2021. The outbreak has primarily created significant disruptions in industries such as consumer electronics, semiconductors, automotive, and IT infrastructure.

Electrical Protective Equipment Market was valued at US$ 1,222.3 million in 2019 and is projected to reach US$ 1,315.3 million by 2027; it is expected to grow at a CAGR of 1.0% from 2019 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.

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The severe regulatory agenda regarding worker safety principally in developed countries propels the demand for electrical protective equipment. Also, the growing adoption of OSHA-regulated products to reduce the impact of injurious exposures is the crucial factor in supporting the market growth. Further, OSHA directs the use of choosing the right protective gear. The increasing concerns regarding the safety of workers have potentially surged the demand for numerous electrical protective equipment, mainly face and eye protection equipment, which includes surgical masks, face shields, protective goggles, and respirators. While working on energized parts, there exists a possibility of the generation of electric arcs; thus, the workers must be protected with non-conductive, durable, and heat-resistant electrical protective equipment that offers deflection qualities.   

Growth in the adoption of the face and eye protection is creating significant opportunities for electrical protective equipment providers. The market for face and eye protection equipment is expected to reach US$ 4,269.84 million by 2027 Face and eye protection can be achieved by wearing eyewear, specially designed to mitigate the risk of exposure to chemical splashes or laser radiation. The high growth of the market for face and eye protection is expected to create significant global demand for electrical protective equipment.         

Impact of COVID-19 Pandemic on Electrical Protective Equipment Market

Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with more than 1.43 million confirmed cases and more than 87,000 deaths by 18th May 2020. The US is one of the largest markets for electrical protective equipment, especially in the manufacturing, construction, and oil & gas industries, owing to stringent government/industry regulations regarding the health and safety of the workers. The unprecedented increase in the number of confirmed cases and rising reported deaths in the country are affecting both supply and demand of electrical protective equipment. The ongoing COVID-19 crisis and critical situation in the US are likely to hinder the electrical protective equipment market growth in North America in the next few quarters. The imposition of the lockdown strategy adopted by respective governments has resulted in a labor shortage. Thus, scarcity of workforce, coupled with lack of demand, has resulted in a substantial loss in the global electronic protective equipment market.

Electrical Protective Equipment Market Forecast to 2028 - Latest COVID-19 Analysis Sample https://bit.ly/2XQ8f9P

The growing Power Generation Industry is Driving the Growth of the Global Electrical Protective Equipment market

The power generation industry is witnessing a huge transition. Digitalization, grid-scale battery storage, and microgrids are prominent factors broadening the scope of the power generation industry. Under this industry, natural gas has ruled the US power generation as solar and wind witnessed a rise in capacity. Driven by scrutiny from regulators opportunities are knocking the power & utility industry to encourage clean energy transition.

Utilities such as Engie, AusNet, and Duke Energy are involved in microgrid project development. This drives the growth of the power generation industry across the world. Power generation, transmission and distribution, renewables, nuclear, and energy storage industries across the world are rapidly developing. Sellafield Nuclear Decommissioning, France Nuclear Power Plant Upgrades, State Grid Corporation of China (SGCC) Transmission Lines, Baihetan Hydropower Station, and Hinkley Point C Nuclear Power Plant are among the projects prevailing in the power generation industry. Escalating the power generation industry would drive the need for safe electrical protective equipment, thus promoting market growth.

The scope of the Report:

The report segments the global Electrical Protective Equipment Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Electrical Protective Equipment Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

The List of Companies - Electrical Protective Equipment Market

3M, Alpha Pro Tech, Ansell Ltd., Cintas Corporation, Delta Plus Group, Honeywell International Inc., Lakeland Inc., MSA, NSA-National Safety Apparel, and Mallcom (India) Ltd., are among the leading players operating in the electrical protective equipment market. Several other players are also functioning and are contributing significant revenues to the market. 

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