“The arc flash protection market is projected to grow at a CAGR of 5.38%, By 2022.”
The arc flash protection market is projected to reach USD 2.41 billion, by 2022, growing at a CAGR of 5.38%, from 2017 to 2022. Arc flash protection system and equipment are used to detect and mitigate arc flash hazards, caused by deterioration or corrosion of equipment, as well as other causes like dust, material failure, and faulty installations. Increase in expenditure on electrical networks and replacement of existing electrical safety equipment with modern and smart safety devices are expected to drive the arc flash protection market. Additional cost of installation can hinder the growth of the arc flash protection market.
“The personal protective equipment segment is expected to grow at the highest CAGR from 2017 to 2022.”
Based on equipment, the personal protective equipment segment is estimated to be the fastest growing market from 2017 to 2022. Escalating accident frequency in the workplace resulted in rising safety concerns due to arc flashes. The demand for the personal protective equipment is expected to grow over the next five years. Factors like these will drive the growth of the PPE segment of the arc flash protection market.
“North America: The largest market for arc flash protection”
The market in North America is currently the largest market for arc flash protection, followed by Europe and Asia-Pacific. Rising investments in the electrical infrastructure and increased focus towards safety issues are driving the arc flash protection market. The U.S. is estimated to be the fastest growing market in the region, followed by the market in Canada, during the forecast period.