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Fall Protection Equipment Market is Projected to Record 9.0% CAGR from 2014 to 2020
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The global fall protection equipment market is driven by the rising concerns about overall safety and occupational safety, increasing regulatory mandates at places of work, and growing fleet size of emergency services. Emerging opportunities in developing regions such as Latin America, Asia Pacific, Africa, and the Middle East are forecast to boost the global market over the next four years. However, sale of inexpensive and low-quality products is anticipated to hamper the growth of the fall protection equipment market.
The fall protection equipment market is segmented on the basis of product type into full-body harnesses, body belts, safety nets, chest harnesses, suspension belts, and others. Valued at US$676.7 mn in 2013, full-body harnesses formed the largest product segment of the overall fall protection equipment market. Full-body harnesses provide enhanced support and are hence most commonly used in rescue operations. Registering a 9.60% CAGR from 2014 to 2020, the segment of safety nets is anticipated to develop at the fastest pace.
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The global fall protection equipment market is geographically divided into Europe, Africa, the Middle East, North America, Asia Pacific, and Latin America. North America and Europe are the most prominent markets for fall protection equipment, with North America emerging as the leading regional segment in 2013. With emergency services increasing their fleet size and the implementation of several safety mandates, the North America market is anticipated to witness stable growth during the forecast period. In 2013, this region was valued at US$670.7 mn. Africa has been identified as having immense potential for growth. Driven by the increase in rescue operations in countries such as South Africa, Kenya, and Nigeria, the fall protection equipment market in Africa is projected to expand at a remarkable CAGR of 17.90% from 2014 to 2020.
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Even though only a handful of players dominate the overall fall protection equipment market, there are several small and large local manufacturers present in the landscape. The leading companies operating in the global fall protection equipment market include Uvex Safety Group, Honeywell Safety Products, Avon Rubber p.l.c., Oftenrich Holdings Limited, Alpha Pro Tech Ltd., Rock Fall Ltd., 3M Co., Cofra Holdings AG, and Ansell Ltd. These players are studied in detail in the fall protection equipment market report based on attributes such as company and financial overview, recent developments, and business strategies.
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