Fall Protection Market Forecasts to 2024 and Analysis
Increasing on-site training is another key drive to upsurge the market growth. Various organizations have made safety training mandatory to encourage workers to take part in on-site training programs. Growing safety concerns about overall safety in workers and increasing fleet size of emergency services have raised the demand of these equipment.
Fall protection equipment are devices that are designed to prevent free fall from threatened working height in order to control injury. These tools are used for rescue purposes in various industries including manufacturing, mining, transportation, wind mills, construction, and oil & gas. ILO on strict worker safety norms is an emerging key driver that will accelerate the product market in the forecasted period.
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Based on its equipment’s, fall protection market is segmented into chest harness, full body harness, body belts, safety nets and suspension belts are commonly used in protection devices. Horizontal lifelines, vertical lifelines and self-retracting lifelines are normally used in suspension belts. Full body harness is one of the major type of safety tool used by rock climber, construction worker, painter, and window washer. Safety net is fastest growing protection tool to prevent any mishaps mainly in construction industries and is expected to grow at the same rate in the forecasted period. Growing industrialization in infrastructures & buildings, oil & gas and manufacturing will fuel the market.
Fall protection market is divided based on its applications into telecom, energy and utility, construction, production, transportation and other industrial sectors. Construction and energy & utility sectors hold the major use of these tools due to high end requirement of safety working conditions for workers.
North American region is anticipated to be the leading market for fall protection equipment in recent years. Increase in several safety norms by government bodies and rising number of fleet emergency services is boosting the product market in the region. North America is expected to witness a steady growth in the forecasted years due to increased usage of safety tools in various industries including telecom, transportation and construction industry. The Shale gas boom in this region will also create potential opportunities in flourishing the fall protection market.
Europe is another prominent region for fall protection market with increase in demand these safety tools used in rescue operations. The market is expected to grow at high CAGR with rising use of protective tools in wind energy, telecommunications, utilities and transportation coupled with growing safety awareness and stringent safety norms created by European government. On other hand, increase in general industrial applications in construction and manufacturing sectors will help the market to grow in the forecasted years.
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Asia Pacific region is expected to be the fastest growing fall protection market over the estimated years. China and India will offer an enormous potential fall protection market with rising urbanization and globalization. Increase in manufacturing and construction activities in this region will foster the market. Rise in power plant construction and other energy utility will impel the product market in the forecasted years.
The Middle East and Africa region, dominated by Saudi Arabia and South Africa fall protection market. This region is expected to witness a rapid growth in the product market due to increased transmission and energy sectors. Middle East countries including UAE and Iran will witness the market to prosper in the forecasted years with increase in oil and gas activities in the region.
Global fall protection market is highly fragmented in nature compromising of various local and international market players. Some of the prominent key players operating the same market are Uvex safety group, 3M Co., Honeywell safety products, Oftenrich holdings ltd., Avon, Ansell ltd. and Alpha pro tech ltd. Other key players are ABS safety, Karam, ELK River, P&P safety, Klein tools, Roof safety solutions, RTC co. and Petzl.
The most common strategy used by businesses is acquisitions and mergers aiming to increase the market size and product portfolio. In March 2106, the 3M co. acquired Scott safety from Johnson controls for a value of USD 2 billion. The acquisition was done to broaden the protective solutions to their customers.
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