Growth of adventure sports and tourism is boosting the global fall protection equipment market.
Arizton’s recent market research report the global Fall Protection Equipment Market - Global Outlook and Forecast 2020-2025 provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by Product Type (soft goods, hard goods, installed systems, access systems, rescue kits, services, and others), End-user (construction, mining, oil & gas, energy, transportation, telecom & utility, general industry, and others), and Geography (North America, Europe, APAC, Latin America, and MEA).
The global fall protection equipment market is expected to grow at a CAGR of over 10% during the period 2019–2025.
Fall protection safety equipment are worn by laborers during the construction of tall buildings and skyscrapers. They are several types of planned systems to minimize or prevent falls from heights. They can be mostly utilized in the construction and transportation industry. Soft goods, hard goods, installed safety systems, access systems, rescue kits, and safety services are the major fall protection systems and equipment. Workers and laborers are subjected to a consistent threat in the working environment. While most accidents happen due to accidental falls, others include being struck by a falling or moving object and contact with electricity. In addition to life threats, businesses also lose money in terms of compensation claims, insurance premiums, product liability costs, and other employee-related expenses. With the rise in the workforce to meet the growing construction demand, the growth and adoption of fall protection equipment is increasing.
The leading drivers and trends driving the growth of the global fall protection equipment market are discussed below:
Growth in Workplace Injuries
According to several studies conducted in the US, more than 37% of the fatal accidents in the US are caused by falls due to unprotected sides, improper scaffold construction, protruding steel bars, floor holes, misuse of portable ladders. Furthermore, in 2018, construction, transportation, and material moving workers accounted for 47% of the total fatalities in the US. Non-fatal injuries happening on construction sites can lead to decreased productivity for the employer. Thus, the presence of high risks in the construction industry demands fall protection equipment such as fall arrest systems and fall protection systems. Similarly, the construction and oil industries in Texas, California, and New York in the US topped the list of fatalities in 2017. Hence, government agencies and employee welfare organizations across the world are making efforts to reduce the number of work-related falls and accidents, thereby promoting the usage of fall protection products.
Increased Stringency in Safety Regulations
The growth in fatalities and injuries at workplaces has given rise to several safety regulations in several countries. For instance, The Occupational Safety and Health Administration (OSHA) in the US has been operating since 1970 to prevent workplace illness, injuries, and fatalities by enforcing several regulations. It also determines the location where safety is required and facilitates fall protection training, services, and inspection. Similarly, Safe Work Australia (SWA) is a statutory body of the Australian government, which was established in 2008 to develop national policies for the welfare of employees and their safety at workplaces. It improves the work health and compensation agreements across Australian states. The EU-OSHA, European Union Information agency for occupational safety and health works on the strategic framework for safety and health at work by the European Commission. Campaigns and awareness programs led by the organization will influence most employers to implement safety measures for employees, thereby leading to the growth in sales of fall protection equipment.
Increased Popularity of Adventure Sports
The growth in adventure sports such as caving, climbing, hiking, paragliding, bungee jumping, sky diving has increased the demand for PPE, especially fall protection equipment. The initiatives by government bodies to promote tourism and the rising disposable income of the citizens in several growing economies are the major growth factors for the market. Further, with the rise in the impact of social media, the probability of reaching out to adventure seekers and travelers has been made easy. The demand for adventure tourism and activities has grown by 175% in India between 2015 and 2019. It is estimated that more than 70% of the revenue generated from sports adventure activities are from North America, Europe, and Latin America. However, India is seen as a potential market for adventure sports in the next five years. It is also expected that adventure tourism and sports activities will grow at a CAGR of over 16% during 2017–2023 in India.
3M, Honeywell, MSA, Petzl, and Pure Safety Group are identified as prominent vendors in the global fall protection equipment market.
The complete overview of the latest market research report on the global fall protection equipment market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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