Fall Protection Equipment Market ($4.60Bn by 2028) Growth Forecast at 6.4% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com
The Fall Protection Equipment Market Growth impelled by innovation in fall protection equipment, the rise in construction activities around the world, rise in urbanization and growth in the oil and gas industry; APAC led the global market with the highest growth rate in 2020, followed by North America and Europe.
New York, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Fall Protection Equipment Market: Key Insights
According to our new research study on “Fall Protection Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and Geography,” the Fall Protection Equipment Market is expected to grow from US$ 2,934.86 million in 2021 to US$ 4,606.61 million by 2028; it is estimated to grow at a CAGR of 6.4% during 2021–2028.
Fall protection equipment Market: Competitive Landscape and Key Developments
3M; Falltech; French Creek Production; Frontline; Gravitec Systems, Inc.; Guardian Fall (Pure Safety Group, Inc.); Honeywell International Inc; Kwiksafety; Kee Safety, Inc; and Msa are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global fall protection equipment market and its ecosystem.
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In 2021, FallTech announced a new level of fit and function, with FT-One – the latest premium full-body harness. The features of the product include freedom from chafing and pinching, working comfortably overhead without neck irritation, and easier tool bag access.
The rise in construction activities across the world is a primary element driving the fall protection equipment market. As Asian countries such as India and China are witnessing significant population growth, the demand for commercial and residential spaces in these countries is constantly expanding. The global economy is currently experiencing a severe slowdown due to a developing credit constraint that is causing economies around the world to miss their developmental ambitions. Infrastructure remains a major priority for addressing developmental gaps in the current scenario, as it is seen as omnipotent and capable of bringing economies out of financial upheaval.
Governments all over the world are pumping money into physical and social infrastructure to increase the demand for products and services by creating jobs. During COVID-19, construction was more important than ever. The sector has played a crucial role in responding to the crisis and in the recovery, from erecting hospitals in a matter of days to giving lifesaving equipment. The construction industry accounts for 13% of global GDP, and the increasing worker availability could assist recovery while tackling the most pressing issues. Despite challenges in 2020, the oil industry is finally starting to recover. As a consequence, the economy is boosting. The aforementioned factors are expected to fuel the need for fall protection equipment worldwide.
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APAC led the global fall protection equipment market with the highest growth rate in 2020, followed by North America and Europe. In the coming years, the market in Asia would witness a massive growth in demand for fall protection equipment, owing to the rise in population of countries in the region, coupled with various government initiatives to attract private investments in construction and infrastructure development. Moreover, the surging number of commercial and industrial end users is inclined to use fall protection equipment to keep their workers safe from hazards.
With the rising speed and progress of structure and building design, the problems and hazards associated with it are also increasing. To maintain safety requirements, the safety equipment must also be upgraded over time. As a result of changing patterns, governments across the world have revised their fall protection requirements. Current fall prevention equipment have undergone adjustments as a result of the revised standard. The standard mandates that gate strength requirements for snap hooks and carabiners be doubled to 3,600 pounds in all directions of possible loading. The old ANSI standard demanded 220 pounds on the gate's face and 350 pounds on the gate's side, even though many manufacturers were already fulfilling the new standard's criteria when it was approved. To optimize fall arrest, harnesses must now include D-rings in the front and rear, and twin-leg lanyards must be tested before use and have cautions on product labels on how to use them appropriately. As a result, fall protection equipment suppliers will see creating adjustable fall protection equipment as a prime opportunity.
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Fall Protection Equipment Market: Application Overview
Based on industrial vertical, the fall protection equipment market is divided into construction, oil and gas, transportation, food & beverages, energy and utilities, and telecom. To ensure the effective flow of activities and to maintain workers' safety, each industry requires fall protection equipment in its facilities. Industry verticals place a greater emphasis on productivity with safety; therefore, they seek out technological breakthroughs and synergies. With an increase in ongoing construction activities in the world, the scope of fall protection equipment is growing at a rapid pace and the adoption of a full body harness is also increasing.
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