FINANCIAL FEASIBILITY OF SMART SAFETY TECHNOLOGIES IN ELECTRICAL ENGINEERING PROJECTS: CURRENT STATUS AND FUTURE PROSPECTS
Keywords:
Smart safety technologies, electrical engineering projects, financial feasibility, implementation costs, return on investment, cost-benefit analysis, safety economics, smart technologies ROI, electrical safety standards, implementation challengesAbstract
This study evaluates the financial viability of implementing smart safety technologies in electrical engineering projects by analyzing cost-benefit metrics, ROI trends, and implementation challenges across different project sizes. Using a mixed-methods approach—quantitative analysis of 78 projects and qualitative insights from 42 expert interviews—the research shows that mid-to-large projects break even within 18–24 months, while smaller projects take 32–38 months. Key cost factors include initial capital, integration complexity, workforce training, maintenance, and regulatory compliance. The study offers practical guidelines and a framework for stakeholders to balance financial returns with safety priorities, aiding firms in making informed decisions on adopting smart safety technologies.
