Tool Tethering Market Size & Share 2022 to 2030
Market Size by Product (Wrist Lanyards, Coil Lanyards, Retractable Lanyards, Traditional Lanyards), by Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom), by Channel & Forecast.
Report ID: GMI5314
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Published Date: August 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Tool Tethering Market Size
Tool Tethering Market size was valued at over USD 240 million in 2021, driven by an increasing focus towards worker safety in workplaces. The industry is expected to record 10% CAGR through 2030.
Stringent regulatory norms regarding workplace conditions and worker safety in North America are emerging as primary drivers for the growth of the tool tethering market. According to the U.S. Bureau of Labor Statistics, around 4,764 work-related fatal injuries were recorded in the United States in 2020. Furthermore, the U.S. Department of Labor (DOL) has implemented the Occupational Safety and Health Act (OSHA) which provides workplace safety and reviews work-related illnesses and injuries.
Tool Tethering Market Analysis
Based on product, the tool tethering market from the coil lanyards segment is anticipated to register revenue worth over USD 90 million by 2030. This is attributable to supportive characteristics such as reduced trip hazards & snags, restricting tether length, ability to work in tight areas, and tangle-free nature. Coil lanyards are also tough, durable, anti-kinking, and wear-resistant, which makes them perfect for working in operations with restricted spaces.
With respect to application, the tool tethering market is segregated into construction, oil & gas, mining, transportation, energy & utilities, telecom, and general industry. The construction application segment is projected to be valued at more than USD 170 million by 2030. This growth is credited to rising urbanization and infrastructural development in developing economies. According to data from the World Bank, private investment in the middle- and low-income countries’ infrastructure in 2021 witnessed a 49% rise from 2020, indicating a significant rebound from the historic lows during the COVID-19 pandemic. This could amplify the demand for tool tethering solutions in construction settings, bolstering the segmental outlook.
With respect to channel, the tool tethering industry from the retail channel segment is projected to generate a revenue of over USD 120 million by 2030. This revenue growth is accredited to the growing demand for e-commerce convenience. In addition, increased spending on a variety of product offerings on online retail platforms will further propel the global market trends from the retail channel segment.
From a regional perspective, the North America tool tethering market is projected to exhibit a CAGR of 10% through 2030 This growth is primarily credited to a growing presence of energy & utilities, oil & gas, construction, mining, manufacturing, and construction industries fostering the usage of tool tethering. Furthermore, there is a growing emphasis on worker safety with the implementation of stricter regulatory norms, which may contribute to regional industry demand.
Tool Tethering Market Share
Some of the key players operating in the tool tethering market include
Prominent companies are engaged in new product launches to strengthen their market position. Citing an instance, in May 2021, Ergodyne unveiled three new Squid tool lanyards, Squids 3121 Burn + Cut-Resistant Aramid Tool Lanyard - Dual Carabiners – 10lbs; Squids 3120 Burn + Cut-Resistant Aramid Tool Lanyard - Dual Loop Ends – 10lbs; Squids 3105 Single Carabiner Tool Lanyard – 15lbs. This move was intended to improve the product portfolio of the company.
COVID-19 Impact
The COVID-19 outbreak has had a significant impact on the industries that were primarily functioning on outdoor activities. Stricter lockdown measures caused people to stay at home which limited the operations of critical industries like construction, and mining owing to a lack of human capital. With the closure of mines and construction projects, the demand for mining and construction tools was also affected. However, with the resumption of services post-pandemic, the global market is likely to witness appreciable growth over the forthcoming years.
The tool tethering market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in thousand units and revenue in USD Million from 2017 to 2030 for the following segments:
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By Product
By Application
By Channel
The above information is provided on a regional and country basis for the following:
Research methodology, data sources & validation process
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Our 6-step research process
1. Research design & analyst oversight
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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