- To ensure the safety and protection of working professionals and amateurs, the use of fall protection equipment in various industries is increasing.
- The presence of low-quality and low-cost products is expected to restrict the growth of the market.
- The construction sector is expected to dominate the fall in the protection equipment market
According to a new market research report published by Credence Research, The overall fall protection equipment market worldwide is set to grow with a CAGR of 7.6% during the forecast period from 2019 to 2027, starting from $1.65 billion in 2018.”
The global market for fall protection equipment is strongly driven by increasing awareness of safety at work. In addition to these factors, such as the rapidly growing construction sector, the increasing demand for fall protection equipment for recreation activities, the increasing importance of fall protection equipment in the industrial, construction and utility sectors are also contributing to the growth of this market.
In order to ensure the safety and protection of working professionals and amateurs, the use of fall protection equipment in various industries is increasing. As the construction sector is one of the largest employers of the workforce, it has the highest demand for fall protection equipment. Increased adoption of fall protection equipment on the basis of growing concerns about overall safety is therefore likely to increase the market for fall protection equipment in the near future.
However, the presence of low-quality and low-cost products, increasing automation in end-use industries, and fragmentation and price competition due to the presence of a large number of companies are expected to restrict the growth of the market.
Based on end users, the construction sector is expected to dominate the fall in the protection equipment market during the forecast period. Workers in the construction industry are often exposed to hazards when working at heights in areas such as scaffolding, building structures, and stairs. To protect workers against such hazards, the use of fall protection equipment is essential. Due to the potential of this segment, the construction industry segment is also projected to grow at the highest CAGR level during the forecast period.
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Geographically, North America dominates the fall in the market for protection equipment, followed by Europe during the forecast period. This high market share is attributed to factors such as increased investment in residential and commercial real estate, and strict government regulations on safety measures at work. However, Asia Pacific is expected to see the fastest growth during the forecast period. This growth can be attributed to factors such as rapid infrastructure development, increasing residential and commercial construction activities in countries such as India, Indonesia, Thailand and China, and increasing investment in various other industries.
Some of the major companies included in the report include Honeywell International Inc., Uvex Safety Group, Simplified Safety, Guardian Fall Protection, Capital Safety, Eurosafe Solutions, ABS Safety, French Creek Production, Gravitec System, FallTech, DBI-SALA, 3 M Fall Protection, Super Anchor, Karam Industries, MECHANICAL SAFETY EQUIPMENT, GF Protection Canada Inc., CORP, among others.