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Tool Tethering Market size to reach USD 590 million by 2030
- Published Date: September 7, 2022
Tool Tethering Market size is expected to attain a valuation of more than USD 590 million by 2030, according to a new research report by Global Market Insights Inc.
The report cites that the European automotive sector has witnessed significant growth in recent times, serving as a driver for tool tethering industry growth. Automotive exports in Europe have increased from USD 136 billion in 2020 to USD 142 billion in 2021. Moreover, a European Automobile Manufacturers’ Association (ACEA) study mentioned that the EU automotive industry produces around 7.1 motor vehicles per worker on average. Increasing automobile production is among the key factors augmenting the overall industry demand.
Expansive application range of retractable lanyards will fuel tool tethering market expansion
With respect to product, the retractable lanyards segment is projected to exceed USD 120 million by 2030. This is attributed to the growing application range of these products across energy, construction, and utility verticals to avoid injuries and downtime caused by fallen tools. There have been some recent additions to the Self-Retracting Devices (SRDs) Standard, including the increase in test mass to 310 pounds (140kg) from 282 pounds (128kg). Furthermore, Class 2 SRLs (self-retracting lifelines) are required to be equipped with an integral energy absorber catering to all the ANSI/ASSP Z359.14 testing requirements, which may propel segmental growth.
Evolving transportation trends to bolster product demand
Based on application, tool tethering market from transportation segment is expected to reach 700 thousand units by 2030, driven by evolving trends in the transportation sector, which is a crucial and foundational part of all economic activities. One of the key factors promoting the adoption of tool tethering solutions is the rapid rise in urbanization. According to the United Nations, around 68% of the world’s population will reside in urban areas by 2050. The integration of novel transportation infrastructures to cater to this burgeoning urban population is expected to stimulate demand for equipment like tool tethering.
Browse key industry insights spread across 255 pages with 223 market data tables & 30 figures & charts from the report, “Tool Tethering Market Size By Product (Wrist Lanyards, Coil Lanyards, Retractable Lanyards, Traditional Lanyards, Specialty Lanyards), By Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom, General Industry), By Channel (Retail, Industrial MRO), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increased product availability to expand the business size through industrial MRO
With regards to channel, the industrial MRO segment is anticipated to reach 8,500 thousand units by 2030. This is attributable mainly to the increased availability of a variety of products in one place. In addition, the integration of state-of-the-art analytics to make insightful decisions will have a profound impact on the tool tethering industry share from the industrial MRO segment.
Robust industrial growth in the Asia Pacific will reinforce product penetration
From a regional perspective, the Asia Pacific tool tethering market is projected to depict a growth rate of over 11% through 2030. This growth can be credited to accelerated growth in high-performance sectors including energy & utilities, telecom, transportation, mining, and construction. In India, industrial production rose by over 12.3% Y-o-Y in June 2022, potentially generating lucrative prospects for the APAC industry expansion.
Strategic product launches from key players to expand the industry landscape
The top contenders operating in the tool tethering market comprise Ergodyne, 3M, MSA Company, Milwaukee, NLG, Stanley, FallTech., and Buckingham Manufacturing Co Inc. Some key players are focusing on strategic product launches to reinforce their business footprint. For instance, in June 2020, FallTech unveiled two ANSI-compliant Chain Positioning Lanyards, 8252 and 8252 LT which would help in improving the product offerings of the company.