USD 0.28 billion
Report ID: SQSG20C2003 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 71 | Figures: 75
Global Fall Protection Equipment Market size was valued at USD 0.28 billion in 2021 and is poised to grow from USD 0.29 billion in 2022 to USD 0.50 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
Fall protection equipment is a type of protective equipment used in a variety of end use sectors to keep workers safe when working at heights. The use of ergonomically designed fall protection equipment can help to avoid repetitive stress injuries and eliminate stress injuries caused by muscle overuse. Fall protection equipment includes full body harnesses, chest harnesses, safety nets, body belts, and suspension belts. Among these, full body harness equipment is widely used in rescue operations due to its enhanced support.
Fall protection equipment is used in a variety of end-use industries, including construction, transportation, mining, energy and utility, telecom, and others. Due to their high demand, fall protection equipment is widely used in the energy and utility sectors.
There are primarily two types of equipment that includes on-body and off-body products. The variety of equipment that On-body products include are safety nets, body belts, connecting devices, suspension belts and full body and chest harnesses, which are primarily attached to or worn on the body to arrest falls.On the other hand, off-body products, such as skylight guards and guard rails, are installed on a physical structure to prevent the worker from falling.
Global Market Size
USD 0.28 billion
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The Global Fall Protection Equipment Market is segmented based on Type, Application and Region. based on Type it is categorized into Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, and Others, based on Application it is categorized into Construction, Transportation, Oil & Gas, Mining, Energy and Utilities, Telecom, and Others. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Fall Protection Equipment Market Analysis by Application
During the forecast period, the construction segment in the Fall Protection Equipment market is expected to dominate the market. The increase in construction activities worldwide is a primary factor driving the fall protection equipment market. With significant population growth in Asian countries such as India and China, the demand for commercial and residential space in these countries is constantly increasing. The global economy is currently experiencing a severe slowdown as a result of a developing credit constraint, which is causing economies all over the world to fall short of their development objective. In the current scenario, infrastructure remains a major priority for addressing developmental gaps, as it is viewed as omnipotent and capable of bringing economies out of financial turmoil. Governments all over the world are investing in physical and social infrastructure in order to increase demand for goods and services by creating jobs.
Fall Protection Equipment Market Analysis by Type
During the forecast period, the hard goods segment in the Fall Protection Equipment market is expected to grow at an exponential rate. The hard goods segment is the market leader because it provides increased safety. Furthermore, rising innovation in this segment is expected to drive market growth. The increasing demand for full body harness systems from all industrial users, on the other hand, is assisting the segment to grow at the fastest CAGR.
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In 2021, North America is expected to dominate the Fall Protection Equipment market, followed by Europe. Due to rapid industrialization, both of these markets are expected to experience tremendous growth in the fall protection equipment market. Regional industry players are rapidly adopting high-quality safety equipment in order to reduce fatalities and contingency and medical costs. Furthermore, stringent government regulations protecting consumer and labour rights will boost regional market share.
Product demand is expected to rise as general industries and e-commerce networks expand. Furthermore, general industries are expected to have a high potential for industry growth due to low compliance levels in these verticals and rising awareness of safety trends.
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Fall Protection Equipment Market Driver
Fall Protection Equipment Market Restraint
One of the major setbacks for steel industries during covid-19 and Russia-Ukraine war has caused restraints in expansion of the market.
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Rapid technological advancements in the field of fall protection equipment, rising population, rising industrialization in developing countries, rising number of construction activities globally, and rising preference for recreational activities such as rock climbing, ice climbing, zip-lining, bungee jumping, and mountaineering are some key factors expected to drive revenue growth in the global fall protection market over the forecast period.
Fall Protection Equipment Market Top Player’s Company Profiles
Fall Protection Equipment Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Rapid industrialization in both developed and developing countries is one of the major factors driving market growth. Occupational hazards are becoming more common as a result of inadequate safety procedures at various manufacturing, mining, and other industrial sites. In comparison to other countries, the United States is more concerned about the safety and health of its workers, which is driving the country's adoption of fall protection equipment.
|Market size value in 2021||USD 0.28 billion|
|Market size value in 2030||USD 0.29 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fall Protection Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fall Protection Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fall Protection Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Fall Protection Equipment Market for additional countries.
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