Global electrical safety products market set for boom

As per a new report published by Fact.MR, the global electrical safety products market is anticipated to exceed a valuation of US$3.3bn in 2021, and expand at an impressive CAGR of more than 6% over the forecast period of 2021 to 2031

The market increased at a CAGR of 5.6% during the historical period of 2016 to 2020. The market intelligence report anticipates significant potential in the market, owing to factors such as increasing stringent workplace regulations by various regulatory bodies across the globe and growing demand for electrical safety equipment.

Demand for electrical safety products has been steadily increasing for decades, as they provide the necessary security, comfort, and flexibility for staff. In response to this growing demand, electrical safety product manufacturers are emphasising the integration of materials that dry quickly and absorb moisture.

High risk of electrocution and increasing hazards from energised components are also expected to drive global demand for electrical safety products. Also, companies are striving to improve worker safety and strong adherence to regulations such as OSHA, NIOSH, and others, which will push the sales of electrical safety products over the coming years.

Key Takeaways

•The global electrical safety products market is expected to burgeon at a healthy CAGR of more than 6% during the forecast period

•In terms of revenue, sales of electrical safety products are estimated to exceed a value of US$6bn by 2031

•Stringent workplace safety regulations across regions to bolster demand for electrical safety products

•Over the past half-decade, China has enjoyed the upper hand in driving sales of electrical safety products, and is anticipated to hold the crown till the end of the forecast period

•Demand for arc flash safety products is high in the power utility market

•Wearable rubber insulation stands top in the industrial and commercial sector.