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.