Study: global arc flash protection market will reach $2.50 billion by 2023
According to Zion Market Research, the global arc flash protection market was valued at $1.86 billion in 2017 and is expected to reach $2.50 billion in 2023, growing at a CAGR of 5.1% between 2018 and 2023.
Arc flash protection systems and equipment are utilized to detect and moderate the flash hazards, caused by decline or decomposition of equipment, as well as other causes including dust, material failures, and damaged installation. The first option for reducing the frequency and strictness of the incidents can be achieved during complete arc flash hazard estimation. Arc flash should be viewed as the last line of protection and provides protection after an arc flash incident has occurred. Equipment with installed arc flash protection devices provides equipment reliability as ensuring the safety of human resources working in the surrounding area.
Major driving factors for the growth of arc flash protection market are an increase in the cost of the electrical network, substitution of existing electrical safety equipment and expansions of the developed sector in South East Asia. The additional cost of installation could be restraining factors for the arc flash protection market. Also, the global arc flash protection market offers new growth opportunities, due to the substitution of arc flash protection devices in developed regions, and to make the electrical system easier and safer to maintain.
The global arc flash protection market is segmented into personal protective equipment and arc flash detection & control systems. Among all, the arc flash detection & control system market segment held the largest market share due to immense demand globally
On the basis of end users, the market is segmented into infrastructure, utilities, oil & gas, and others. Utility segment led the arc flash protection market in 2017. It accounted for significant share of the total market. Surging investments and expansion for electricity projects, especially in emerging countries is projected to witness lucrative growth over the coming years. Moreover, oil and gas and infrastructure segment are also predicted to exhibit strong growth between 2018 and 2023.
North America was the largest market for arc flash protection market in 2017, and is expected to be the fastest growing country in the region, following by Canada. Imposition of stringent rules and regulation by OSHA and the National Fire Protection Association (NFPA) is likely to increase in the growth of arc flash protection market in the coming years.
Source: Zion Market Research: https://www.zionmarketresearch.com