Arc Flash Protection: Applications and Global Markets to 2023
Arc Flash Protection Market To Report Impressive Growth, Revenue To Surge To US$ 2.50 Billion by 2023
With the presence of a large pool of participants, the global arc flash protection market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). General Electric Company, Larsen & Toubro Limited, ABB Ltd, Siemens AG, Eaton Corporation, and Schneider Electric SE are some of the key vendors of arc flash protection across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the arc flash protection market study.
Citing an instance, in August 2018, a Canadian firm claimed that it devised a proprietary technique for recycling aramid fabrics of consumer. The company sources stated that the development, which was a result of massive R&D activities, can provide personal protective equipment and fire resistant sectors with inaccessible proportion of circularity.
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As estimated in this report, the global arc flash protection market stood at US$ 1.86 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2023, the revenue in this arc flash protection market is expected to reach US$ 2.50 billion by the end of the forecast period. The main products available in this arc flash protection market are personal protective equipment and arc flash detection & control system. Among them, the demand for arc flash detection & control system is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
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Ascending Costs Of Electrical Network To Elevate Market Expansion
“Arc flash protection market is predicted to gain traction over the years ahead with rising costs of electrical network systems and replacement of current electrical safety device,” says the author of this study. Apart from this, meteoric demand for arc flash protection equipment in South East Asian countries is likely to trigger the expansion of arc flash protection market size in the near future.
Escalating installation costs, however, is predicted to pose a challenge for arc flash projection market development over the forecast timeframe. Nonetheless, the immense popularity of arc flash projection equipment in developed economies is projected to generate lucrative growth opportunities for arc flash protection market in the years to come. This will normalize the impact of hindrances on the arc flash protection market, reports the study.
High Focus To Develop Strong Electrical Infrastructure To Augment Growth
Regionally, North America has been leading the worldwide arc flash protection market and is anticipated to continue on the dominant position in the years to come, states the arc flash protection market study. Mounting focus on protection issues along with massive capital investments to develop robust electrical infrastructure facility is the main factor behind the dominance of the North America arc flash protection market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional arc flash protection market. For the record, U.S., which contributed a major chunk towards the arc flash protection market share in 2017, is projected to evolve as a vital regional contender.
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The global arc flash protection market is segmented as follows:
- Personal Protective Equipment
- Arc Flash Detection & Control System
By End User
- Oil & Gas
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
This review is based on a report by Zion Market Research, titled “Arc Flash Protection Market by Equipment (Personal Protective Equipment and Arc Flash Detection & Control System) by End Users (Infrastructure, Utilities, Oil & Gas, and Others): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2017 – 2023.”- Report at http://www.zionmarketresearch.com/report/arc-flash-protection-market