Apr 28, 2022, 01:18 EST
Shibuya-ku, Tokyo, Japan, Japan, Apr 28, 2022, 01:18 /Comserve / -- The global fall protection market is likely to grow at a CAGR of over 10% during the period 2022–2031.
The fall protection market is likely to witness rapid growth on account of a high number of accidents and incidences in construction, oil & gas, mining, and transportation industries. The increase in construction output and the rise in the aging workforce are likely to be other significant factors boosting the adoption of fall protection equipment. Moreover, the growing investment in renewable energies, such as wind and solar, is expected to increase demand for high-end safety equipment for workers that inspect, install, and maintain extensive infrastructures such as windmills, machines, and panels.
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The construction industry accounts for the highest accidents than in other sectors. The rise in the number of infrastructure projects across the globe, especially in the US, the UAE, and China, is expected to generate awareness and demand for fall protection equipment. In the US, fall accidents are growing at an alarming rate, thereby increasing stringency in regulations. The Occupational Safety and Health Administration (OSHA) and the American National Standards Institute (ANSI) work to promote voluntary safety standards at workplaces to ensure employee safety. Government agencies and employee welfare organizations across several countries are making efforts to reduce the number of work-related accidents. Hence, the increase in campaigns and awareness programs will influence employers to install safety equipment, thereby increasing the growth of the fall protection market during the forecast period.
The following factors are likely to contribute to the growth of the fall protection market during the forecast period:
• Increasing Workplace Injuries
• Stringent Safety Regulations
• Growing Professional Cleaning Industry
• Increased Government Investments
• Growth of Adventure Sports
The study considers the present scenario of the fall protection market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Fall Protection Market: Segmentation
This research report includes a detailed segmentation by product type, End-user, and geography. Soft goods comprise harnesses, body belts, lanyards, and ropes. The application of harnesses is high in construction, oil & gas, mining, and energy industries. Harnesses are in demand as they offer high safety and security. They are experiencing a high application in the mining industry. Hence, the expansion of the oil and rig industry in North America is expected to drive the demand for harnesses. Lanyards reduce free fall distance and minimize injury risks. These types of soft goods are durable and flexible, which increases their utilization in construction activities. The demand for lanyards is expected to grow due to the increasing construction activities in the APAC and North American regions. Hard goods consist of anchors, karabiner, rope grabs, and retractable blocks. Anchors are highly capable of supporting intended loads and helping in fall arrest.
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The application of anchors is mandatory in the mining industry as it can maximize versatility and convenience among workers. The global expansion of the mining industry is likely to bolster the demand for anchors. Rope grabs enable level and inertial locking to prevent the fall and are the preferred options for vertical and horizontal lifeline systems applied in the construction and mining industry. The increasing installation of lifeline systems in the construction and mining industry is expected to drive the growth of rope grabs. Rescue kits prevent the employee from fall accidents. Stringency in occupational safety in the US is driving the demand for rescue kits as they are mandatory for all types of work environments. Hence, the increasing application of rescue kits due to regulatory compliance is expected to increase the revenue of the hard goods segment during the forecast period.
The construction industry is the major end-user of the fall protection system as it witnesses the highest incidences of accidents every year. The global construction industry accounts for more than one-third of workplace fatalities annually. The US, the UAE, Canada, Mexico, and China are the key countries for safety equipment in construction sites due to the high number of upcoming construction projects. As oil & gas industries are potentially more hazardous than any other industries, the exposure of physical, chemical, and biological toxins might increase the chance of falls and explosions that demand fall protection equipment. Retractable lifeline systems are widely preferred in the oil & gas industry due to high-security concerns. The growth in public investments and the probability of increased risks in workplaces are likely to trigger the demand for protective equipment. The demand is expected to be significant in countries such as Saudi Arabia and Kuwait as they are among the leading oil exporters in the world. Volatility in the mining environment is enforcing the adoption of fall safety equipment on a large scale. The demand for harnesses and belts is likely to increase as they are majorly used in the mining industry. The global mining industry is expected to grow at a rate of 3% until 2022. Thus, the demand for rescue kits, lanyards, and belts is likely to surge during the forecast period.
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