The global Electrical Safety Management Market is estimated to be valued at US$ 3.73 Bn or Mn 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.
Market Overview:
Electrical Safety Management products include safety systems, personal protection devices, safety services, among others that help ensure safety of workers and assets from electrical hazards. Growing need to prevent electrical accidents and ensure regulatory compliance is fueling demand for Electrical Safety Management solutions.
Market key trends:
One of the key trends in the Electrical Safety Management Market is the adoption of cloud-based ESM systems. Cloud-based ESM solutions allow real-time monitoring of electrical safety, improve visibility across locations, enable remote audit and verification of safety practices. Companies are increasingly adopting cloud-based ESM systems owing to benefits such as low upfront infrastructure costs, easy scalability, and enhanced collaboration. For example, Schneider Electric's SMArt Electrical Safety Management cloud-based solution provides centralized electrical safety risk management across businesses and facilities.
SWOT Analysis
Strengths: Stringent safety regulations and policies across industries mandate the adoption of electrical safety management solutions.
Weaknesses: High initial installation and maintenance costs of advanced electrical safety systems can be prohibitive for small and mid-sized organizations.
Opportunities: Growing industrialization and construction activities in developing nations create new opportunities. Rapid innovations leading to IoT-based solutions further open up opportunities.
Threats: Software quality issues and vulnerabilities in IoT-based solutions can compromise on electrical safety. Changes in regulatory policies pose threats.
Key Takeaways
Global Electrical Safety Management Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing industrialization and stringent occupational safety policies.
The market size for 2023 is estimated to be US$ 3.73 Bn. North America dominates currently due to stringent OSHA guidelines and the presence of major players. Asia Pacific is expected to grow at the fastest pace owing to rising manufacturing activities and increasing construction spending in the region.
Key players operating in the electrical safety management market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc., UL LLC, Emerson Electric Co., General Electric, Littelfuse, Inc., DuPont de Nemours, Inc., Fluke Corporation, Omicron Electronics GmbH, Megger Group Limited, and MSA Safety Incorporated.
Electrical Safety Management (ESM) Systems Is The Largest Segment Driving The Growth Of Electrical Safety Management Market
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