Growing Power Generation Industry to Create Demand for Electrical Protective Equipment
In recent years, the power generation industry is experiencing a huge transition. Digitalization, microgrids and grid-scale battery storage are prominent factors widening the scope of power generation industry. Under this industry, natural gas also has ruled the US power generation as wind and solar energy witnessed a rise in capacity. Driven by scrutiny from regulators, opportunities are encouraging the power and utilities industries to adopt clean energy transition. This adoption drives the growth of the power generation industry around globe.
Power generation, transmission and distribution, nuclear, renewables, and energy storage industries are developing rapidly. Sellafield Nuclear Decommissioning, State Grid Corporation of China (SGCC) Transmission Lines, France Nuclear Power Plant Upgrades, Hinkley Point C Nuclear Power Plant, and Baihetan Hydropower Station are among those projects prevailing in the power generation industry.
The challenge that the industry faced was that the workers in these plants unknowingly would handle various electrical risky objects including exposed wires, unlocked electrical panels, or improperly installed equipment. To reduce the risk of electric hazard, the plant management is highly inclined towards conducting electrical safety programs for these workers to enable them so that they can recognize electrical hazards and know safe work practices.
Along with these practices, to use protective equipment becomes necessary for workers to avoid any type of injury or mishap. With these changes concerns regarding the safety of workers, electrical protective equipment market has witnessed the rise in the demands for eye and face protection equipment that include protective goggles, face shields, surgical masks and respirators, etc.
In the electrical protective equipment market, strategic activities such as mergers and acquisitions, collaboration or partnerships, product launch are seen commonly adopted by companies to expand their footprint around the globe. According to the observations by analysts, the mergers and acquisitions are mostly implemented in the market of Europe.
For instance, in first quarter of 2020, Delta Plus announced two acquisitions of the Boots Company Group in Italy and the commercial assets of Netco Safety in France, adding a total of approximately $19 million in annual sales. The company expects that these acquisitions will support Delta Plus Group to strengthen its capabilities in work boot category.
Currently, companies including 3M, Alpha Pro Tech, Ltd., Ansell Limited, Cintas Corporation, and Delta Plus Group etc. are seen dominating the electrical protective equipment market.
The research report by the Insight Partners predicts that the electrical protective equipment market will reach to US$ 15.65 billion by 2027 at a CAGR of 2.6% between 2020 and 2027. It also states that the growth in power transmission projects would require electricians to wear electrical protection equipment at work locations around the globe and this need will create a huge demand for the electrical protective equipment in coming years.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.