The 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.
Electrical safety management includes electrical safety testing, electrical inspection, electrical safety audits and electrical safety training. It helps ensure electrical equipment, assets and systems are operating safely and do not cause harm through electric shock or uncontrolled fire. It plays a vital role in identifying any potential electrical hazards and protecting lives and property.
Market key trends:
Increasing awareness about workplace safety among various industries is a key trend in the electrical safety management market. Industries such as construction, mining, oil & gas and manufacturing are increasingly recognizing the importance of establishing robust electrical safety management programs to safeguard employees from electrical incidents. Strict governmental regulations in many countries mandating periodic testing and inspection of electrical equipment is also driving the need for electrical safety management solutions. Furthermore, rapid industrialization and rising complexities of industrial equipment have raised the risks of electrical accidents, thus boosting demand for advanced electrical safety management systems and services.
Threat of new entrants: The highly technical nature and capital required for entering the electrical safety management market makes it difficult for new players to enter.
Bargaining power of buyers: Large buyers have significant bargaining power as they can negotiate on prices and demand better services and training from suppliers.
Bargaining power of suppliers: A few large suppliers exist for key electrical safety components giving them some negotiating power over prices and product availability.
Threat of new substitutes: No direct substitute exists for electrical safety management services. Safety solutions focusing on worker safety and risk mitigation provide alternative options.
Competitive rivalry: Intense competition exists among existing players to gain market share through innovative offerings, partnerships and expansion into new regions.
Strengths: Established brands with strong technical expertise and global presence. Offer holistic safety solutions from monitoring to training.
Weaknesses: High investment needs and dependence on macroeconomic conditions for project-based revenues. Compliance management requires continuous upgradation.
Opportunities: Growth in industries like manufacturing, construction and energy boost demand. Rise of IIoT enables remote monitoring and predictive maintenance.
Threats: Changing regulations across regions. Economic slowdowns impact project budgets for safety upgrades. Trade tensions increase supply chain risks.
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 focus on personnel protection. The market size for 2023 is estimated at US$ 3.73 Bn.
Regionally, North America dominated the market in 2022 owing to stringent regulations and early adoption of advanced safety solutions across industries in the US and Canada. Asia Pacific is anticipated to grow at the fastest pace during the forecast period, supported by the expanding manufacturing sector and ongoing infrastructure development projects in China, India and Southeast Asian nations.
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. These players focus on partnerships, acquisitions and new product innovations to gain competitive advantage.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it