The global electrical label market size is set to expand at a dynamic pace owing to the numerous safety advantages offered by labels on electrical devices and equipment, shares Fortune Business Insights™ in its report, titled “Electrical Label Market Size, Share & Industry Analysis, By Product type (Plastic Label, Paper Label, Metal Label), By Application (Electrical and Electronic, Automobile Industry, Pharmaceutical, Other) and Regional Forecast, 2022-2029”. Electrical labels have become an essential component in the production and operation of electronic equipment. Electrical equipment and devices have gotten increasingly complex over time, both in terms of structure and functionality. As a result, the need for labelling them appropriately has become high priority for users as well as manufacturers due to the simple yet long-term advantages offered by these labels. For example, labels on electrical equipment can provide workers with the precise instructions on how to use the equipment and the dangers associated with wrong usage.
This not only ensures a longer life for the equipment but also protects workers from probable accidents. Labeling can also prove critical for insuring equipment as several insurance agencies require companies to provide the necessary safety directions on their electronic property. With electrical items becoming commonplace in most spaces, the demand for electrical labels is likely to remain high during the foreseeable future.
The unforeseen explosion of the COVID-19 pandemic has precipitated a severe economic downturn, triggering unparalleled and unprecedented damage to industries and businesses. Governments are executing measures to rejuvenate their economies. However, recovery from this crisis is likely to be slow and painful. In this scenario, having comprehensive information about different markets is vital for your business. We, at Fortune Business Insights™, are providing detailed analysis of the impact of the coronavirus outbreak on this market, powered by our years of experience and expertise in the domain of market intelligence.
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Stringent Regulations Governing Electrical Safety to Aid Growth
Given the potential workplace hazards, especially in the power, electronics, and manufacturing sectors, regulatory bodies in many countries have put in place stringent rules to ensure safety of workers. For example, in Australia, the Electrical Safety Act sets out a comprehensive framework that businesses and equipment operators have to follow to ensure the safe working of electrical equipment. More importantly, it makes the owner of the equipment, typically a company, liable for any accidents or mismanagement, thus forcing businesses to comply with the required safety protocols. In Scotland, the Safety Signs and Signals Regulations obligates those controlling work sites and equipment to implement correct signage non-verbal communication methods to maintain workplace safety as well as put in place protocols in case of adverse events. The stringent execution of these regulations is expected to fuel the electrical label market growth as these labels are crucial in enhancing the safety quotient of electrical equipment.
Asia Pacific to Emerge Dominant; North America to Exhibit Strong Growth Prospects
Among regions, Asia Pacific is expected to dominate the electrical label market share in the coming years owing to the rapid growth of industries in the region. Moreover, workplace safety regulations have tightened in India and China, with watertight liability laws in place, which favors the market in the region.
The market in North America is anticipated to experience a strong growth trajectory as a result of the strict rules for the handling of electrical equipment in the region. In Europe, on the other hand, the market will be primarily driven by the speedy technological advancements in the region’s automotive industry.
Top Companies to Launch Products to Meet COVID-19 Requirements
The COVID-19 pandemic has created an unprecedented global health crisis and key players in this market are designing and launching products to serve the constantly evolving dynamics shaped by the pandemic. Besides this, companies are also developing solutions to cater to the electrical & electronics industry.
September 2020: Clarion Safety Systems expanded its range of COVID-19 safety signs and labels by introducing new signage products for businesses, displaying social distancing norms, hygiene protocols, and highlighting PPE requirements.
February 2019: Brady Corporation released its new B-47 self-laminating Rotating Label that can boost cable identification as the label can be read from any angle. The label can also be rotated around a cable’s circumference, facilitated by a non-adhesive printable zone and a self-adhesive laminate.
List of Key Players Covered in the Electrical Label Market Report:
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