"Stringent Government Regulations Regarding Safety at Work Places Is Primary Factor Fueling the Growth of the Fall Protection Equipment Market"
Globally, the fall protection equipment market is expected to grow with a CAGR of 7.2% during the forecast period from 2019 to 2027, starting from US$ 1.65 Bn in 2018. The fall protection equipment market is growing at a significant pace based on various factors such as increasing awareness regarding industrial safety, growing demand of fall protection equipment for recreational activities, growing utilization of fall protection equipment in construction, industrial and utility sectors and stringent government regulations pertaining to safety in various industries. The use of fall protection equipment in these industrial sectors ensures safety and protection of amateurs and professional participants. Globally, as the construction sector is one of the largest employers of the workforce, it accounts for the majority of demand of fall protection equipment. Thus, rising concerns about overall safety, and growing fleet size of emergency service add to the growth of fall protection equipment market in the near future. However, increasing automation in end-use industries, presence of low quality and inexpensive products, and fragmentation and price competition due to presence of large number of companies is expected to restrain the growth of the market.
Market Synopsis
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"Full-body harness segment dominates the overall market for fall protection equipment"
In 2018, the full-body harness segment led the market by contributing the maximum market share in the global fall protection equipment market and is expected to grow at a CAGR of ~10%. This high growth of the full-body harness segment is mainly attributed to the better support provided by these products in height rescue operations. Full-body outfits provide improved help and are considered be the most regularly utilized products as a part of save operations. Apart from this, full-body harness equipment, products such as chest saddle, body belts, suspension belts, full body bridle and security nets among others show a steady growth based on their adoption.
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"Asia Pacific to Register the Fastest Growth"
North America dominates the fall protection equipment market followed by Europe during the forecast period. The factors such as increasing investment in residential and commercial real estate in the US, and government regulations regarding safety measures at work places are primary factors attributed to the high market share of North America. Furthermore, the residential construction sector in Europe has received a boost due to sustained economic growth, the improvement in employment level, and growing demand for residences from refugees and migrants. However, Asia Pacific is anticipated to witness the fastest growth over the forecast period. The high growth of this region can be attributed to factors such as rapid infrastructure development, increasing residential & commercial building construction activities in countries, such as India, Thailand, Indonesia, and China, and growing investments in various other industries.
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Some of the prominent players operating in the fall protection equipment market include Honeywell International Inc., Uvex Safety Group, Simplified Safety, Guardian Fall Protection, Capital Safety, Eurosafe Solutions, ABS Safety, French Creek Production, Gravitec System, FallTech, DBI-SALA, 3M Fall Protection, Super Anchor, Karam Industries, MECHANICAL SAFETY EQUIPMENT, GF Protection Canada Inc., CORP, among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
The fall protection equipment market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global fall protection equipment Market based on type, end-user and geography. Key segments covered in the report are as follows:
ATTRIBUTE | DETAILS |
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Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Billion |
Segmentation |
Type Segment (2017–2027; US$ Bn) |
End User Segment (2017–2027; US$ Bn) |
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Geography Segment (2017–2027; US$ Bn) |