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What Is the Market Size and Growth Rate for Electrical Safety Personal Protective Equipment in 2024?
The electrical safety personal protective equipment market size has made significant strides in recent years. The market is set to surge from $14.39 billion in 2023 to $15.56 billion in 2024, showcasing a compound annual growth rate CAGR of 8.1%. Such impressive growth within the historic period can be associated with aging electrical infrastructure, amplified demands for electrical incident prevention, the emphasis on worker safety and injury reduction, maintenance of electrical equipment, burgeoning construction and industrial activities, and stringent occupational safety regulations and standards.
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What Is the Projected Market Growth for Electrical Safety Personal Protective Equipment?
The gaming software market size is projected to witness notable growth in the next few years. The market will swell to $21.22 billion in 2028, buoyed by a compound annual growth rate CAGR of 8.1%. Growth within the forecast period can be chalked up to the escalating focus on workplace safety culture, the expansion of renewable energy and electrical generation, the proliferation of electric vehicle ev charging infrastructure, electrification of transportation, a surge in global market expansion, and the trend towards remote work and safety solutions. Key trends in the forecast period include advancements in arc flash protection gear, development in electric vehicle ev charging infrastructure, IoT, and smart wearables for safety monitoring, use of sustainable and eco-friendly ppe materials, and strategic collaborations.
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What Are the Key Growth Drivers for the Electrical Safety Personal Protective Equipment Market?
Significant growth in industrialization is substantially contributing to the advancement of the electrical safety personal protective equipment market. Industrialization is a transformative process of an economy shifting from agricultural to manufacturing of goods through the development of industries. This transformation is ramping up electricity demand, thereby promoting the use of electrical safety personal protective equipment to protect workers from electrical hazards. For instance, a report by Trading Economics in February 2022 revealed that industrial production in the United States witnessed a 7.5% year-over-year surge, marking the largest yearly growth since June 2021. Hence, the boom in industrialization is fuelling the growth of the electrical safety personal protective equipment market.
Who Are the Major Companies Driving the Electrical Safety Personal Protective Equipment Market?
Key industry players significantly shaping the electrical safety personal protective equipment market include Honeywell International Inc., Ansell Ltd., Baymro Safety China, COFRA Srl, 3M Company, Kimberly-Clark Corporation, Uvex Group, MSA Safety Incorporated, Mallcom India Ltd., Udyogi Plastics Pvt. Ltd., Paulson Manufacturing Corporation, Rock Fall Ltd., National Safety Apparel Inc., Chicago Protective Apparel Inc., Cintas Corporation, DuPont de Nemours Inc., Radians Inc., Lakeland Industries Inc., Delta Plus Group, Alpha Pro Tech Ltd., COFRA Holding AG, Oftenrich Holdings Co. Ltd., Avon Rubber plc, JAL Group France SAS, Lakeland Industries Inc., Lindström Group, Moldex-Metric AG & Co. KG, Protective Industrial Products Inc., Sioen Industries NV, W.L. Gore & Associates Inc., TST Sweden AB, Ballyclare Limited, Delta Plus Group, Drägerwerk AG & Co. KGaA, Encon Safety Products Inc., Gateway Safety Inc., Gentex Corporation, International Enviroguard Systems Inc., Kappler Inc.
What are Key Trends Surfacing in the Electrical Safety Personal Protective Equipment Market?
Strategic partnerships and collaborations have come to the forefront as trending strategies gaining traction in the electrical safety personal protective equipment market. Market front runners are honing their focus on partnerships and alliances to consolidate their market standing. For instance, in March 2021, Unisync Corp., a Canada-based corporate apparel and protective garments provider, established a strategic alliance with Mark’s, a clothing and footwear retailer specializing in casual and industrial wear in Canada. The collaboration is geared towards delivering branded safety boots across large-scale managed clothing uniform contracts, initialising with one of Unisync's major airline clients. With this partnership, Unisync can now expand its product range to include footwear, elevating their service-delivery approach.
How is the Electrical Safety Personal Protective Equipment Market Segmented?
The electrical safety personal protective equipment market evaluation encapsulated in this report is segmented as follows:
1 By Product Type: Head Protection, Eye And Face Protection, Hearing Protection, Protective Footwear, Hand Protection, Arc Rated Clothing
2 By Application: Shock Hazard, Arc Flash Hazard
3 By End-User: Electrical, Automotive, Oil and Gas, Machinery, Construction, Mining, Other End Users
What are the Regional Insights into the Electrical Safety Personal Protective Equipment Market?
In 2023, Asia-Pacific stood as the largest region in the electrical safety personal protective equipment market. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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