The growth of specialty cleaning services can help in the penetration of fall protection equipment market by 2025.
According to the latest Arizton's market research report, the fall protection equipment market size to cross USD 5 billion by 2025, growing at a CAGR of around 10% during the forecast period.
Fall Protection Equipment Market Growth
The growth of specialty cleaning services can help in the penetration of fall protection equipment market by 2025. The steady growth in demand for fall protection equipment can be due to the EU regulations and expansion of the oil & gas industry. With the rising demand and growth in public investments in the oil & gas industry, the probability of increased risks in the upcoming workplaces can trigger the demand in fall protection equipment market during the forecast period. The growth of the fall protection equipment industry can be associated with the impact of the wind energy segment, which is expected to witness the fastest growth among other renewable energy sources.
Growing Demand for Adventure Sports
The growth in adventure sports and activities such as caving, climbing, hiking, paragliding, bungee jumping, and sky diving has led to higher demand in fall protection equipment market. Any activity that can be based on land, water, or air requires fall protection equipment to mitigate the risks. It is estimated that more than 70% of the revenue generated from adventure activities are from North America, Europe, and Latin America. Some of the countries that might witness a hike in demand for fall protection equipment in the adventure & recreation sector include India, the UAE, the US, Brazil, Saudi Arabia, South Africa, France, Italy, and Canada.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, end-user, and geography
- Competitive Landscape – 5 Key Company Profiles and 16 Other Prominent Vendors
Fall Protection Equipment Market – Geographic Analysis
In 2019, North America was the largest market for fall protection equipment and generated largest revenue. The other industries, which include agriculture, recreation, and cleaning services, is the fastest growing end-user segment in the fall protection equipment market. In Europe, the fall protection equipment market growth is attributed to the rising investments in the construction industry and infrastructural developments in the other general industries. The industry would also be fueled by renovation activities that are expected to be carried out in most of the residential homes coupled with policy reforms which in turn, will fuel the growth of the fall protection equipment market in the region.
The market players in the fall protection equipment market are operating in a highly competitive market, the margin of success always lies in product differentiation among the vendors. Due to the intense competition, companies should make strategies to expand their business operations in other regions. The poor knowledge and awareness levels among employees, vendors have a great opportunity to earn revenue through training, inspection, and services in underpenetrated regions of APAC, MEA, and Latin America. Companies can put efforts to improve and develop new product offerings for the construction, oil & gas, and mining industries owing to the high level of workplace hazards. In terms of product segments, soft goods can play a crucial differentiator role in the coming years.
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