Industrial Fall Protection Equipment Market size worth $4.6 Bn by 2026
Published Date: July 15, 2020 Authors: Kunal Ahuja, Kritika Mamtani
Industrial Fall Protection Equipment Market demand is set to surpass USD 4.6 billion by 2026; according to a new research report by Global Market Insights, Inc.
Industrial fall protection market equipment comprises of hard helmet, chest & full body harness, anti-slip shoes, gloves, and belts. These products help in reducing the risk of fatality or injury in the event of accidents. Additionally, these products can be easily customized with specifications such as shock and fire resistance to meet strict safety regulations globally. Industry players are rapidly investing in diversifying their product portfolio in an attempt to capitalize on emerging trends in market sphere.
Fall protection equipment from mining application is likely to surpass USD 890 million by the end of 2026 owing to growth of mining industry driven by increasing demand for precious metals & stones. Fall protection equipment is widely used in mining industry to protect workers from fall debris, tripping, slipping, and major accidents that can be fatal. Common fall protection equipment includes harness, head and respiratory equipment. Strict compliances on worker safety in mining industry and rising safety norms is likely to boost industrial fall protection equipment market demand.
Stringent regulations in Europe & North America towards workplace safety and worker rights is likely to boost product demand. These regulations are increasing competition in market sphere and allowing manufactures to introduce high quality products for specific industries. Furthermore, strict compliances on testing, feasibility, and marketing is making manufacturers to rapidly enter into strategic alliances with suppliers and technology providers to get niche recognition which is likely to boost market share.
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COVID – 19 pandemics is likely to restrict fall protection systems market growth owing to slowing down of economy, along with construction, oil exploration, and mining activities. Additionally, strict social distancing measures, restrictions on trade & movement, and lockdown conditions is likely to reduce labor involvement thus hampering market growth. Also, industry players are rapidly investing in product development and refinement in an attempt to remain competitive in post corona economy.
Browse key industry insights spread across 220 pages with 193 market data tables and 26 figures & charts from the report, “Industrial Fall Protection Equipment Market Size By Product (Soft Goods, Hard Goods, Full Body Harness, Rescue Kits, Body Belts), By Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom, General Industry), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:
Rising oil & gas exploration activities and adoption of high-quality equipment to protect consumer and brand interest should boost product demand
Industrial fall protection equipment market from oil & gas industry is likely to grow with CAGR of 8% owing to rise in upstream and downstream activities. These products have dual nature, they protect the wearer from accident slips & falls and also provide insulation against hard climates. Industry players are rapidly entering into design contracts with major oil and gas players to manufacture targeted and precise solutions which should boost market share.
Increasing cases of injuries in oil & gas industry and oil spills is making major players to invest in sustainability & safety measures. These firms are rapidly investing in securing & providing high quality solutions to their workers to reduce contingency costs which is likely to boost product demand. Manufactures are trying to manufacture products that exceed the safety norms posed by government agencies in a bid to remain competitive in changing industry landscape, thus boosting market share.
“As per industry forecasts, industrial fall protection equipment market from oil & gas industry is likely to surpass USD 815 million by the end of 2026 owing to rapid new product development to meet stringent safety compliances”
Increasing demand for high performance safety equipment in Europe and strict regulations to foster worker safety
Europe industrial fall protection equipment market share is likely to surpass USD 980 million by 2026 owing to stringent regulation on worker safety. These products are used in wide variety of industries ranging from general manufacturing, telecom, shipping, and transportation. Furthermore, rapid introduction of new safety laws within the European Union and strict regulatory guidelines on manufacturing protection equipment should boost market revenue.
Industry players in the region are rapidly moving towards investing in new product development, material research, marketing, and branding initiatives to compete with North American players. Additionally, companies are trying to come up with products that exceed EU’s safety regulations in an attempt to remain competitive in changing industry landscape which is likely to drive industry growth.
“As per industry forecasts, European industrial fall protection equipment market is likely to grow with CAGR of over 6.5% by the end of 2026 owing to shifting safety regulatory scenario and rapid demand for high quality equipment”
Industry players are trying to engage in research & development activities to manufacture high quality product line. Manufactures are rapidly engaging in strategic endeavors to meet growing requirements in developing economies. Primary players include MSA Safety Company, Honeywell Miller, 3M, Capital Safety, Pure Safety Group (PSD), GF Protection Canada, SKYLOTEC GmbH, KARAM, Udyogi, Mallcom India Limited, French Creek Production, Guardian Industries and SKYLOTEC GmbH.