Fall Protection Market Is Expected To Reach USD 4.86 Billion By 2028.
According to the latest report by Reports and Data, it is projected that the global fall protection market will reach a value of USD 4.86 billion by 2028, with a compound annual growth rate (CAGR) of 7.9% during the forecast period. The market growth is primarily driven by various factors such as the increasing popularity of recreational activities like rock climbing, ice climbing, zip-lining, bungee jumping, and mountaineering. Additionally, the rising number of on-site training programs, strict safety regulations for workers, and the growing need to reduce workplace injuries are expected to further boost the market. Furthermore, the ongoing development of the construction and mining industries worldwide is also anticipated to contribute to the market's revenue growth.
Fall protection equipment can be categorized into two main types: on-body and off-body products. On-body equipment includes body belts, safety nets, connecting devices, and suspension belts, which are worn or attached to the worker's body to prevent falls. This equipment is widely used in various industries such as construction, telecom, mining, transportation, and energy & utility.
In terms of regional analysis, North America is expected to exhibit a significantly fast revenue growth rate during the forecast period. Developed countries like the United States and Canada have implemented strict regulations mandating the use of fall protection equipment in different industries. Increasing concerns for worker safety are also expected to drive market growth in this region. Europe accounted for the second-largest revenue share in the global market in 2020. The rapid development of sectors like utilities, transportation, and telecom, along with the increasing number of construction projects, is projected to drive market growth in this region.
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Here are some key highlights from the report:
- In July 2020, McNetiq introduced a new range of magnetic anchors for fall protection, designed for use in various areas such as cranes, windmills, ship decks, shipbuilding, and construction platforms.
- The construction segment is expected to witness a faster revenue CAGR throughout the forecast period, driven by the ongoing development of the construction sector in emerging countries, increased awareness of worker safety, and high demand for fall protection equipment.
- The access system segment accounted for the largest revenue share in the global market in 2020, attributed to the rising use of access systems in confined spaces.
- Asia Pacific accounted for a 25.2% revenue share in the global market in 2020 and is projected to experience a faster revenue CAGR over the forecast period, supported by technological advancements, population growth, and rapid industrialization.
- Key players in the global market include 3M Company, Honeywell International Inc., MSA Safety Inc., Werner Co., GF Protection Inc., SKYLOTEC GmbH, W.W. Grainger, Inc., Total Access, Kee Safety, Inc., and FallTech.
The global fall protection market has been segmented by Reports and Data based on type, end-use, and region. The types of fall protection equipment include soft goods, hard goods, rope grab, manual fall arrester, fall arrester, anchors, retractable blocks, karabiners, installed system, rescue kit, access system, aerial lifts, manually propelled elevating work platforms, vehicle-mounted elevating and rotating lifts, boom-supported elevating work platforms, self-propelled elevating work platforms, scissor lifts, and others. The end-use industries encompass construction, general industry, oil & gas, energy & utilities, telecom, transportation, mining, and others. The market has been further segmented by region, including North America (U.S., Canada,
Fall Protection Market: Drive factors
Several driving factors contribute to the growth of the fall protection market:
1. Increasing preference for recreational activities: The rising popularity of recreational activities such as rock climbing, ice climbing, zip-lining, bungee jumping, and mountaineering drives the demand for fall protection equipment to ensure participant safety.
2. Stringent safety regulations: The presence of strict regulations governing workers' safety in various industries compels employers to invest in fall protection equipment, driving market growth.
3. Surging need to reduce workplace injuries: With a growing emphasis on employee safety, there is a rising demand for fall protection equipment to prevent workplace injuries and reduce accidents, fostering market growth.
4. Rise in on-site training programs: The increasing number of on-site training programs focused on safety awareness and fall prevention measures encourages the adoption of fall protection equipment, boosting market growth.
5. Ongoing development in construction and mining industries: The continuous growth and expansion of construction and mining industries worldwide necessitate the use of fall protection equipment, creating a significant demand in the market.
Overall, the combination of safety regulations, increasing awareness of worker safety, and the need to prevent workplace injuries are key drivers behind the growth of the fall protection market.
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