The 33-year-old was employed at Little Electrical Engineers at Queens Place in Lurgan.
An investigation is being carried out by the Health and Safety Executive for Northern Ireland (HSENI).
A statement from the firm paid tribute to Mr Peden:
“This morning a very tragic accident occurred resulting in the death of a very valued and longstanding member of our team.
“Little Electrical Engineers is a small closely knit family business which has been established for many years at Queens Place, Lurgan.
“This morning’s accident has left us in a state of shock. “This is the first time an accident of this nature has occurred and it is all the more painful because it is the death of a much loved and respected member of our staff.
“We wish to express our deepest sympathy and condolences to the family and friends of the deceased and assure them that our thoughts are with them at this very difficult time.”
It is understood Mr Peden and his wife Roisin had only been married recently.
He was a former student of Banbridge High School and was originally from the Donaghcloney area.
Upper Bann MLA Carla Lockhart has expressed sympathies to the family of the man who died.
She said: “Today my thoughts and prayers are very much with the Peden family circle as they grieve the loss of a much loved son, brother, uncle, husband and step-dad killed in a tragic accident this morning.
“Our thoughts are also with the Directors, staff and work colleagues of what they term a ‘very valued member of staff’.
“Just a tragic accident and one that has resulted in the loss of a young life.
“I have spoken with the family and with the company and I would ask you all to remember them in your thoughts and prayers.”
Councillor Mark Baxter said: ““I’ve spoken to his his mother this morning and as you can imagine they are in bits.
“Just married to Rosin a month ago who along with the rest of the family will be in my thoughts and prayers in the coming days in what will be a most difficult time.”
Upper Bann MLA, Doug Beattie MC, passed on his condolences to the family: “A young man went out to his work this morning and has lost his life in a tragic accident.
“My sympathies and thoughts are very much with the bereaved family this morning.”