Expanding Power Generation Industry to Augment Demand Growth for Arc Flash Protection Equipment: Fact.MR Report
Increasing demand for electrical safety products as a result of employers concerns for worker safety is projected to boost the demand for arc flash protection equipment.
ROCKVILLE, Md., Nov. 14, 2022 /PRNewswire/ -- The global arc flash protection market is projected to garner revenue worth US$ 4 billion by 2032, advancing at 5.2% CAGR from 2022 to 2032, as per this latest industry analysis by Fact.MR, a market research and competitive intelligence provider.
Thousands of incidents occur across the world due to an electric arc or arc flash, destroying costly infrastructure and endangering human life. An electrical fault or short circuit that passes through the air space between two electrodes causes an arc flash. Here lies the vital requirement for electrical safety. Arc flash protection system helps in creating a safe workplace.
Arcing is the leading cause of electrical mishaps worldwide. As a result, installing an arc flash protection system and offering personal protective equipment is critical. Major corporations are taking serious steps to prevent electrical accidents and provide personnel with safety equipment. Moreover, several regulations have been enacted by regulatory bodies across nations to protect employees against electrical equipment hazards. Furthermore, many governments have made it mandatory to follow the rules developed by independent safety and health regulatory authorities.
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As a result, businesses are turning to cutting-edge technology to help them avoid short circuits and provide a safe atmosphere for their employees. These factors are expected to promote the growth of the global arc flash protection market. Arc flash protection systems are utilized in a variety of applications, including oil and gas, utility, infrastructure, and manufacturing. Arc flash protection systems are widely used in the utility sector due to the expansion of electricity transmission and distribution networks and rising capital expenditure in electricity generation.
Key Takeaways from Market Study
- The global arc flash protection market is valued at US$ 2.4 billion in 2022.
- Worldwide demand for arc flash protection equipment is projected to increase at a CAGR of 5.2% from 2022 to 2032.
- The global arc flash protection market is anticipated to reach US$ 4 billion by 2032.
- The market in the United States garnered US$ 523.6 million in 2021.
- Demand for personal protective equipment is likely to rise at a CAGR of 3.9% from 2022 to 2032.
Regional Analysis
North America is anticipated to dominate the global arc flash protection market during the forecast period. The United States is expected to lead North America. The Occupational Safety and Health Administration (OSHA) is the United States' governing organization in charge of developing safety rules and regulations to prevent loss of life and property.
To avoid electrical accidents, OSHA is constantly trying to improve workplace safety. Every organization has to follow the standards defined by OSHA. As a result, the stringent implementation of safety regulations and employee awareness is boosting the growth of the arc flash protection market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global arc flash protection market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
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The study divulges essential insights on the market on the basis of equipment (arc flash control systems, arc flash detection systems, personal protective equipment) and end use (utilities, manufacturing & processing, oil & gas, transportation & infrastructure, other end uses), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Companies Analysis in this Report
- ABB
- Rittal GmbH & Co. KG
- Arcteq Oy
- Littelfuse, Inc
- PowerPoint Engineering, Ltd
- DuPont de Nemours, Inc
- Schneider Electric SE
- Eaton Corporation Inc
- G&W Electric Co
- Larsen & Toubro Limited
- Mors Smitt Technologies Inc
- Siemens AG
Key Segments Covered in the Arc Flash Protection Industry Survey
- By Equipment:
- Arc Flash Control Systems
- Arc Flash Detection Systems
- Personal Protective Equipment
- By End Use:
- Utilities
- Manufacturing & Processing
- Oil & Gas
- Transportation & Infrastructure
- Other End Uses
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global arc flash protection market, presenting historical analysis from 2017 to 2022 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of equipment (arc flash control systems, arc flash detection systems, personal protective equipment), by end-user (oil & gas, transportation & infrastructure, other end Uses) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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