The latest report by IMARC Group, titled “Fall Protection Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global fall protection equipment market size reached US$ 2.6 Billion in 2022. Fall protection equipment comprises various safety gear solutions used to protect workers from injuries caused due to free falls. Some commonly available safety devices include on-body and off-body products, such as safety nets, body belts, connecting devices, suspension belts, full-body and chest harnesses, skylight guards, and guard rails. On-body products are generally attached to or worn on the body to arrest falls, whereas off-body products are installed on a physical structure to prevent the worker from falling. They help safeguard employees working at elevated locations and minimize the risk of severe injuries and life-threatening accidents while reducing the compensation fees and insurance premiums paid by organizations. As a result, fall protection equipment finds extensive applications across the construction, mining, transportation, oil and gas, utilities, and telecommunication industries.
Global Fall Protection Equipment Market Trends:
The rising incidences of occupational hazards and workplace injuries due to the lack of proper safety measures represent the primary factor driving the market growth. In addition, governments of various countries are implementing stringent policies regarding occupational safety and health standards. This, in turn, has augmented the demand for fall protection equipment to preserve valuable human resources, especially in mining, manufacturing, and other industrial sites where falls are the common cause of accidents, resulting in a majority of injuries and deaths. Besides this, rapid growth in the construction sector that requires employees to work at elevated platforms, walkways, steep roofs, wall openings, and edges of excavated areas, making them highly susceptible to falls, is positively influencing the market growth. Furthermore, the escalating product demand in the transportation industry due to the high risks involved in various activities, such as manual freight handling and climbing on heights like trucks and container tops, has propelled the market growth. Apart from this, the introduction of fall protection equipment for recreational activities, such as rock climbing, zip-lining, ice climbing, mountaineering, and bungee jumping, has catalyzed the market growth. Other factors, including the growing awareness about workplace safety, rapid industrialization, rising onshore and offshore drilling activities, extensive investments in infrastructure projects, and continual product innovations, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 3.9 Billion by 2028, growing at a CAGR of 7.5% during 2023-2028.
- Based on the product type, the market has been divided into harness, lanyard, self-retracting lifeline, belt, rope, and others.
- On the basis of the end use industry, the market has been classified into construction, telecom, energy and utility, transportation, mining, marine, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 3M Company, ABS Safety, Bergman & Beving AB, Carl Stahl GmbH, FallTech, Honeywell International Inc., Kee Safety Inc., MSA Safety Incorporated, Petzl, Pure Safety Group Inc., SKYLOTEC GmbH, W. W. Grainger Inc., and Werner Co. (Triton).
|Base Year of the Analysis
||Product Type, End-Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3M Company, ABS Safety, Bergman & Beving AB, Carl Stahl GmbH, FallTech, Honeywell International Inc., Kee Safety Inc., MSA Safety Incorporated, Petzl, Pure Safety Group Inc., SKYLOTEC GmbH, W. W. Grainger Inc. and Werner Co. (Triton)
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