ID: MRFR/E&P/2903-HCR | February 2021 | Region: Global | 111 pages
The Arc flash protection system market is projected to grow at more than 5% CAGR for the forecast period.
An arc flash is a light and heat that is produced from an arc of electricity. It is supplied to cause substantial damage, injury, or harm, fire through enough electrical energy. In addition, the arc flash is considered a phenomenon where an electric current flashover travels through the air, leaving its intended path from one conductor to another ground. If the process is not followed safely, then the result can be very violent. Sometimes, it may lead to serious injury to humans when they come close to the arc flash, or sometimes it may cause death. An arc flash can cause minor injuries, third-degree burns, and potential death besides other injuries, including blindness, hearing loss, nerve damage, and cardiac arrest. Deadly burns can occur when the victim is some feet from the arc.
In the Arc flash protection system market, the control system and detection system consist of fault current limiters, relays, and breakers. The arc flash control system helps to maintain the electrical equipment with the current flowing. The arc flash control and detection systems are predicted to boost the current year due to the increasing costs of smart arc flash control devices, such as outdoor electrical equipment, relays, and current limiters. Moreover, the demand for arc flash protection increases due to the expensive power distribution system infrastructure, which requires potential hazard protection.
According to the Arc Flash Protection System Industry report, the market has some importantly targeted audiences such as Institutional investors, Arc flash protection equipment suppliers and manufacturers, Technology providers, Government, and research organizations, National and local government organizations, and Associations. These intended audiences are propelling the growth of the global market by increasing the demand for the arc flash protection system. Moreover, the high demand for renewable and non-conventional energy sources worldwide is enhancing the growth of the global market and generating the Arc Flash Protection System Market Size for the assessment period.
CIOVID-19 Impact Analysis
In the first half of the year 2020, the emergence of COVID-19 has impacted the growth of the Global Arc Flash Protection System Market. Suddenly, the government implication of lockdown, shutdown, and social distancing norms across various parts of the world has disrupted the supply chain of the global market. During the pandemic period, the global market has experienced a huge loss and decreased its demand over the Arc Flash. The lack of workforce, transportations, productivity has also negatively affected the global market. Hence, the key players have played an active role here to thrive the growth of the global market. They have applied various strategies and innovative ideas to enhance the growth of the global market.
According to the global market report, the global market's present situation is stable and expected to grow in the upcoming years with generating the higher Global Arc Flash Protection System Market Size for the assessment period.
The global Arc flash protection system market is driving its growth for the forecast period due to several factors like the unstable electricity supply situation in many countries and the constant need for electricity among the population. In addition, the global Arc flash protection system market is propelling its growth due to the stringent government regulation in the major end-use industries where the government is promoting arc flash protection.
The Occupational Safety and Health Administration (OSHA) report has mentioned that for not being compliant with electrical safety regulations, it can be fined over $500K. Safety is given priority in many countries associated with NFPA and OSHA, driving the growth of the global Arc flash protection system market.
The global Arc flash protection system market has lucrative opportunities due to the growing investment in product development, relays, and current limiters. Another major opportunity for the key players and manufacturers can be outside the electrical equipment, which is influencing the arc flash control system and detection system.
Therefore, the global Arc flash protection system market has more scope and opportunities across various world regions.
The high maintenance cost and high production cost of arc flash protection might experience the restraints for the global Arc flash protection system market.
Therefore, the key players examine these market restraints to fight them and bring more scope for the global Arc flash protection system market.
The global Arc flash protection system market might experience challenges due to the high cost of the arc flash and the maintenance of the product.
Another major challenge for the global Arc flash protection system market can be the ongoing COVID-19, where the global market has lost its investors and experienced a huge loss.
The increasing preferences to upgrade transmission and distribution grids are growing the global Arc flash protection system market. Moreover, the North American market has witnessed a higher Global Arc Flash Protection System Market Share for the research period.
Apart from that, the important key players are adopting advanced technologies and strategies to enhance the cumulative growth of the Global Arc Flash Protection System Market in the upcoming years.
Market segment Overview
Based on the equipment segment, the Global Arc Flash Protection System Market Trends has been segmented into Personal Protective Equipment, Arc Flash Control System, and Arc Flash Detection System.
In the Global Arc Flash Protection System Market, the Arc Flash Control System and Arc Flash Detection System dominate the global market while contributing the largest Global Arc Flash Protection System Market Share for the forecast period.
Based on the end-user segment, the Global Arc Flash Protection System Market Trends has been segmented into manufacturing and Processing, Utilities, Transportation and Infrastructure, Oil & Gas, etc.
The utility segment is expected to lead the end-user segment by generating the largest Global Arc Flash Protection System Market Size for the research period due to the increasing capital expenditure in electricity generation and expanding distribution networks and electricity transmission.
As per the Global Arc Flash Protection System Market report, the global market is classified into various regions based on regional classifications such as North America, Europe, Asia Pacific, and the rest of the world.
The North-American market region holds the dominant position with generating the higher Global Arc Flash Protection System Market Share for the forecast period. Further, the Asia-Pacific regional market holds the second-largest position in contributing the moderate market share for the forecast period.
Competitive Landscape Analysis
As per the Global Arc Flash Protection System Market Trends report, the global market is in the stage of higher growth due to the collective efforts of the important key players. These key players are:
These global key players promote the Arc Flash Protection System and involve new ideas and unique innovations, strengthening the Global Arc Flash Protection System Market Growth for the forecast period.
According to the Global Arc Flash Protection System Industry report, the global market has witnessed significant growth. The global market report comprises primary and secondary research methods of data, which have been analyzed through the detailed analysis of qualitative and qualitative aspects. This report has covered the revenue forecast, growth factors, competitive landscape, market segments, and recent trends, which shows the global market is in the growth stage.
The Global Arc Flash Protection System Industry report has highlighted the market size, market value, and market share for the forecast period to show the yearly growth of the global market. Apart from that, this report has focused on the regional growth and competitiveness of the global key players. It has been focused that the key players are adopting different suitable ideas and strategies to enhance the growth of the global market.
|Market Size||2027: Significant Value|
|CAGR||5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Larsen & Toubro, Ltd. (India), Toshiba Corporation (Japan), Basler Electric Company. (USA), Mitsubishi Electric Corporation (Japan), Schweitzer Engineering Laboratories, Inc. (USA), Littelfuse, Inc. (USA), Schneider Electric SA (France), DuPont (USA) and Eaton Co. Plc. (Ireland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market will be growing at a CAGR of more than 5%.
The growing cost of smart arc flash control devices such as relays and current limiters, outside the electrical equipment is influencing the arc flash detection & control system.
The North-America region is the leading market for arc flash protection market.
Siemens Ltd. (Germany), ABB Group (Switzerland), Larsen & Toubro, Ltd. (India), Toshiba Corporation (Japan), General Electric Company (USA), Basler Electric Company. (USA) are the key competitors of the market.
The global forecast of the market is up to 2023.