The global fall protection equipment market size is expected to reach $2.9 billion by 2026, according to a new study by Polaris Market Research.
The report “Fall Protection Equipment Market Share, Size, Trends, Industry Analysis Report By Product (Hard Goods, Soft Goods, Rescue Kits, Full Body Harness and Body Belts); By Application (Oil & Gas, Construction, Transportation, Mining, Telecom, Energy & Utilities, General Industry); By Regions, Segment Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global demand for fall protection equipment is escalating, with increasing focus on workers safety in construction, mining, energy, and oil and gas industries. They include the use of controls that are preferably designed to protect staff from death and injury. Incident and occupational risk, including falling off overhead platforms or elevated workstations, is expected to contribute to the protection of industry demand.
Market growth is driven by a growing awareness of industrial security and stringent government safety regulations in various industries. One of the main drivers is increasing demand for fall protection equipment from the construction industry. However, increasing automation is expected to limit market growth in the end-use industries. In addition to this, the lack of awareness is expected to hamper the growth of this market over the forecast period. Increasing stringent regulations pertaining to safety of employees is also expected to bring in new opportunities for the key players in this market.
It is estimated that the body belts segment may surpass consumption of 53 million units by 2026 in the overall market. These are used primarily together with a full body harness for injury protection. OSHA also recommends the use of body belts from elevated platforms. Construction market segment is anticipated to hold major share in the global market till the end of forecast period. In addition to this, the mining industry is also expected to witness significant growth in the global market over the forecast period.
During the forecast period, North America will be followed closely by Europe. The market is expected to grow enormously due to rapid industrialization in both of these regions. The high demand for fall-protection equipment in the ever-growing energy and utility industry of Latin America market is expected to register a significant CAGR during the forecast period. In Asia Pacific, due to anticipated growth in the construction industry during the forecast period, will be seen to increase the demand for fall protection equipment. This market growth can be mainly attributed to the rapid development of infrastructure, high investment in new industries, and the rise in construction in residential and commercial buildings in countries such as India, Indonesia, Thailand, and China.
Some of the key players in the market include 3M, MSA Safety Company, SKYLOTEC, Capital Safety, Honeywell Miller, Eurosafe Solutions, ABS Safety, Gravitec System, French Creek Production, FallTech, and DBI-SALA. The key players in this market have adopted the strategy of mergers and acquisitions as a part of their strategy in order to gain competitive share in the global market.
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