The global arc flash protection equipment marketis expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio's latest market research.
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Technavio has published a new report on the global arc flash protection equipment market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the globalarc flash protection equipmentmarketfor 2017-2021. The market is further categorized into four end-user segments, including the power, construction, oil and gas, manufacturing, and other industries
"The arc flash protection equipment will gain significantly due to the growth in the construction industry during the forecast period. Arc flash protection equipment is used in the construction industry as workers are in continuous contact with the electric circuitry of machines, tools, appliances, or light fixtures," says Neelesh Prakash Singh, a lead powerresearch expert from Technavio.
Technavio's research analysts segment the global arc flash protection equipment market into the following regions:
Arc flash protection equipment market in Americas
The demand for arc flash protection equipment in the Americas is driven by the stringent regulations imposed by regulatory bodies such as OSHA. Also, the growth of the construction industry will contribute to the market's growth. The residential construction in Canada has seen a positive shift since 2015 in its real estate market while creating new opportunities for investors due to the low exchange rate of the Canadian dollar. In 2015, in Latin America, the infrastructure construction sector recorded positive performance and is expected to grow during the forecast period.
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Arc flash protection equipment market in APAC
APAC is witnessing growth in power generation capacity owing to the rapid installation of natural gas-powered plants in countries such as China, the Philippines, Indonesia, India, Thailand, and Vietnam. The region is also witnessing large-scale investments in the automotive industry. For instance, First One Mile Mobility (FOMM), a Japanese electric vehicle (EV) development company signed a joint venture agreement in Thailand to set up a production plant in 2016. This is expected to transform the automotive industry and make the country an EV manufacturing hub. All these factors will influence the growth of the automotive industry in the region, which will have an impact on the arc flash protection equipment market. The construction industry in APAC will witness the fastest growth from developing economies such as China and India, which augurs well for the arc flash protection equipment market.
Arc flash protection equipment market in EMEA
In EMEA, Europe is a hub for manufacturing innovation. The Horizon 2020 R&D funding program, which aims to increase innovations in various industries in Europe, plans to transform the manufacturing operations in the region by taking advantage of advanced computing, sensor technologies, and robotics, especially in the automotive sector.
"The construction industry is expected to play a significant role in the growth of arc flash protection equipment market. There has been a marked increase in the investments in buildings and public infrastructure across the Middle East, especially in Qatar, Saudi Arabia, and the UAE. For instance, Qatar is investing billions of dollars to develop its infrastructure to host the FIFA 2022 World Cup," says Neelesh.
The top vendors in the global arc flash protection equipment market as highlighted in this market research analysis are:
- Honeywell International
- National Safety Apparel
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