The global industrial fall protection equipment market is projected to observe immense revenue growth due to the increasing introduction of safety norms and shifting perceptions regarding labor rights and workplace safety. The proliferating transport industry and rising demand for high-performance safety equipment are further slated to propel the overall market size. According to a research report by Global Market Insights Inc., the industrial fall protection equipment market is likely to surpass a valuation of $4.6 billion by 2026.
Moreover, the tremendous growth in high rise building projects and other constructions across the globe would also foster product demand over the coming years. As per a report published by the UK Government, the global construction industry is projected to grow more than 70% by 2025, which would offer tremendous growth opportunities to the market. Meanwhile, the Indian construction sector is projected to be the third-largest by 2025 and create lucrative growth opportunities that foster the use of fall protection equipment.
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With regards to product, the rescue kit segment is anticipated to witness remunerative gains due to increasing safety regulations and initiatives. Key players in the mining, construction sectors and labor-intensive industries are increasingly equipping their respective workforce with these equipment in order to decrease contingent costs. In addition, the increasing awareness regarding the health and safety of workers is complementing the overall industry share. Rescue kits are also observing an increasing demand due to the changing perceptions regarding workforce safety. Based on these growth factors, the segment is projected to expand at a CAGR of more than 7% over the forecast timeframe.
With respect to the application segment, the increasing demand for fire and shock proof safety gear is expected to foster product adoption rate from the energy and utilities segment. With economic growth, there is a tremendous rise in grid expansion initiatives, which would further offer a comprehensive revenue source to the industry over the coming years. Based on these factors, the segment is estimated to exceed a valuation of $650 million by 2026.
Geographically, the stringent labor laws and increasing manufacturing industries are projected to propel the Asia Pacific industrial fall protection industry size over the forthcoming years. Major industry players in region are competing over quality and price, thereby making the market scenario competitive. Moreover, strict regulations regarding worker safety and a strong emphasis on promoting healthy workplace practices would augment regional market demand. Based on these factors, the APAC industrial fall protection equipment market is projected to grow at a CAGR of 9% through the forecast timespan.
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Considering the increasing awareness regarding worker safety and increasing construction and grid expansion activities across a majority of the globe, several market players are focusing on launching new product lines to bring in more revenue growth, which would define the market growth trends over the coming years. Taking January 2019 for instance, Pure Safety Group, a renowned fall protection equipment company, reportedly launched Guardian Fall Protection S1 safety harness. This equipment is the company’s first series of innovative harnesses design that come in three level features for a diverse array of work scenarios.
The competitive landscape of the global industrial fall protection equipment market is inclusive of players such as French Creek Production, SKYLOTEC GmbH, GF Protection Canada, 3M, Capital Safety, Pure Safety Group (PSG), and Honeywell Miller among others.
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