Electrical safety management refers to managing installation, maintenance and operation of electrical equipment and systems to ensure safety of the operators and users. Electrical safety management is vital in industries to prevent accidents and injuries caused due to electrical hazards. It helps reduce costs associated with unplanned downtime, equipment damage, repairs and litigation due to electrical accidents.
The global Electrical Safety Management Market is estimated to be valued at US$ 15 Billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing safety concerns in the industrial sector has been a major driver for the growth of the electrical safety management market. With growing number of electrical accidents at workplaces, industries are facing liability issues and financial losses. According to a report by The National Safety Council, in the United States each year over 5,000 deaths occur due to industrial electrical accidents. The increasing awareness about hazards posed by electricity along with stringent regulations has compelled industrial operators to adopt effective electrical safety management programs. Vendors are offering end-to-end electrical safety solutions including regular inspection of switchgears, wiring and electrical equipment to identify defects and issues. They also provide training and certification programs to employees for increasing awareness and preventing accidents. This has significantly boosted the adoption of electrical safety management solutions across various industry verticals.
Strength: Electrical safety management ensures protection of assets, compliance with regulations and avoids accidents. It helps reduce electrical risks, optimize maintenance costs and improve productivity.
Weakness: Initial investments required for electrical safety management systems can be high. Lack of awareness about importance of electrical safety audits and management in some organizations.
Opportunity: Growing industrialization and infrastructure projects in developing regions is increasing the demand for effective electrical safety management. Rising accidents and losses due to electrocution are prompting organizations to adopt safety measures.
Threats: Failure to comply with evolving electrical safety regulations can lead to penalties and legal issues. Ageing electrical infrastructure in some developed markets requires high maintenance and replacement investments.
Global Electrical Safety Management Market Size is expected to witness high growth.
North America currently dominates the market owing to stringent workplace safety regulations and growing investments in industrial infrastructure in the region. Asia Pacific is projected to register fastest growth over the forecast period driven by rapid industrialization,infrastructure development projects, and rising spending on electrical safety by manufacturing companies in China, India and other developing Asian countries.
Key players operating in the Electrical Safety Management Market are Eaton, MetricStream, Schneider, GE, Siemens, Dassault Systèmes, Enablon, ETAP, Intelex, and Gordian. These companies offer comprehensive electrical safety solutions including audit management, vendor assessment, permit management, near miss reporting, operational risk assessment and incident investigation. They are focusing on development of AI and IoT integrated products to enable predictive maintenance and real-time monitoring of electrical infrastructure. Partnerships with industrial equipment manufacturers are helping them expand presence in key growth markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it