Electrical protective equipment market forecast 2020-2027
Contents |
[edit] Introduction
According to projections, the global electrical protective equipment market is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.6% during 2020-2027.
This market includes insulated tools, face and eye covering and protective clothing and headgear which guard workers from electric shocks, electric blasts and other hazards.The equipment is primarily used in the construction, manufacturing and industrial sectors to ensure the safety of those workers whose roles put them in close proximity to electrical equipment.
[edit] Upward market factors
A rising awareness about health and safety and its relationship to effective electrical protective equipment may drive market growth, along with, advances in technologies, and by changing needs.
Power generation worldwide is increasing, and a wide range of construction and electrical projects are anticipated in many of the Southeast Asian countries. These factors could further drive the demand for electrical protective equipment in the coming years.In addition, the growth of the global electric vehicle industry is also encouraging manufacturers to set up new production plants. This creates new manufacturing jobs, and increases the need for electrical protective equipment.
[edit] Downward market factors
The COVID-19 pandemic may disrupt the growth of industry in the Asian-Pacific (APAC) region. For instance, China is a global manufacturing hub and large raw material supplier; it is also one of the countries that has been severely affected by the pandemic. The lockdown of various plants and factories around the world has had an impact on global supply chains. This has had a negative affect on manufacturing, delivery schedules and sales of various electrical protective equipment products. These negative factors could combine to slow the demand for this equipment.
This article is based on data compiled by Reportlinker.
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