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The Fall Protection Equipment Market is valued at USD 2.06 billion as on 2017, is anticipated to be valued at USD 3.61 billion in 2027, grow at a CAGR of 7.9% during the forecast period. The growth of the market depends on several factors, increasing demand for fall protection equipment from the construction industry, strict enforcement of workplace safety standards, and development in the oil, gas, power, and mining sectors.
Analysis Period | 2017-2027 |
Market Size (2017) Historic Year | USD 2.060 billion |
Market Size (2027) - Forecasted Year | USD 3.61 billion |
Historic Opportunity (2017-2021) | USD 0.30 billion |
Historic CAGR | 3.4% |
Forecasted Opportunity (2023-2027) | USD 1.14 billion |
Market Opportunity Transformation Growth | 75% |
Market Opportunity Capitalization | USD 1.44 billion |
This report extensively covers market segmentation by product (anchors and connectors, bodywear, devices, and others), end-user (construction, energy and utilities, oil and gas, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Fall Protection Equipment Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Development in the oil, gas, power, and mining sectors is the key driver notably driving the growth of the market. Globally, demand for energy is rising, which is rising the investment for the development of refineries, natural gas processing facilities, and transportation and distribution infrastructure for oil and gas. Power generation, transportation, and residential and commercial heating sectors are among the biggest consumers of the output of the global oil and gas industry. Countries such as Qatar, Australia, Russia, China, the US, Malaysia, India, Saudi Arabia, the UAE, and Canada have witnessed significant expansions in their crude oil refining and natural gas processing capacities. Additionally, the Middle East is rapidly growing with its crude oil refining and petrochemical capacity as a part of its strategy to enter the downstream operations of the global oil and gas industry. Thus, investment in this sector grows the demand for fall protection equipment. Rising focus on increasing the proportion of renewable energy in the global electricity mix. This leads to increased investments in wind energy across the globe. Hence, such factors will drive the demand for fall protection equipment during the forecast period.
Increasing demand for fall protection equipment for recreational activities is the key trend driving the growth of the global fall protection equipment market. The sectors such as construction, industrial, and utility are the major drivers of the global fall protection equipment market. However, there also exists a small but rapidly growing fall protection equipment market for recreational activities to ensure safety and protection. There is increased participation in professional and adventurous sports, especially among the residents of developed countries. This results in raised demand for personal protective equipment. These kits are purchased by professionals and contribute to the growth of the market. Moreover, developed and developing countries show a significant rise in the number of amusement parks and resorts that organize sports such as rock climbing, rope walking, and zip-lining under professional supervision. The government plans to promote recreational activities such as skiing, bungee jumping, and white-water rafting. which is expected to drive the demand for the fall protection equipment market during the forecast period.
Limited safety budget and availability of inferior and non-compliant products is the major challenge to the growth of the global fall protection equipment market. The global fall protection equipment market is filled with inferior and non-compliant products, which are priced significantly lower compared to their authentic and compliant counterparts. some of the market players intentionally purchase low-spec raw materials to bring down the cost of production. This leads to the safety of the equipment being compromised. Moreover, developing countries lack certifying agencies, which, in turn, leads to several manufacturers in the unorganized sector offering fall protection equipment that competes with authentic products. In unorganized markets, counterfeit equipment is designed as genuine products, making it difficult for consumers to distinguish them from genuine products. Counterfeit fall protection equipment is of low price range and the revenue generated from such products is generally not reported. Hence, such factors can impede the growth of the global fall protection equipment market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABS Safety GmbH: The company offers fall protection equipment such as ABS Lock III BE Pro, ABS Lock X T 21, and ABS Lock OnTop Weight..
Adolf Wurth GmbH and Co. KG: The company offers fall protection equipment such as Fall Protection Systems, Horizontal Lifelines, Roof Walks, Roof Anchors, and Single Point Anchors.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The anchors and connectors segment will account for a major share of the market's growth during the forecast period.?Anchors and connectors are attached to body clothing such as harnesses and body belts to prevent falls for operators and construction workers in the industrial, construction, and MRO industries. One end of the connector is attached to an anchor for fixing concrete or steel structures. In contrast, the other end of the connector is attached to construction and maintenance personnel. Anchors are also available for mounting to the roof.
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The anchors and connectors segment was valued at USD 929.85 million in 2017 and continued to grow until 2021. Companies operating in the global fall protection market are focusing on expanding their product portfolios. For example, in March 2020, Werner launched a new anchor his connector as part of its fall protection portfolio. The company has released a Bull Ring anchorage connector designed for wooden structures and a D-ring anchorage connector designed for metal structures. The demand for anchors and connectors is driven by the raised construction of skyscrapers and industrial facilities, as operators are required to join, inspect, clean, and maintain structures and components. These factors are further driving the growth of the anchors and connectors segment during the forecast period.
Based on End-user, the market has been segmented into construction, energy and utilities, oil and gas, and others. The construction segment will account for the largest share of this segment.?The global fall protection equipment market for the construction industry is expected to increase rapidly because of the increased focus of governments on ensuring that construction contractors and companies follow fall protection safety laws. In addition, various regulatory bodies like OSHA across the regions are mandating that construction companies adhere to worker safety. Owing to the demand for multifamily housing along with the development of US infrastructural amenities, a boom in construction activities is seen. Significant growth was also seen in key cities such as Washington, DC, and Atlanta. with a high contribution from developing countries, such as China and India, the construction industry is expected to grow at around a CAGR of 4% during the forecast period.
All protection equipment is important to ensure the safety of the workers in the wind energy industry. Personal protection equipment, including fall protection equipment, is mandated in this industry to avoid any worktime accidents. Industry growth has created a strong demand for fall protection equipment in the oil and gas industry worldwide. OSHA and the American Wind Energy Association make a partnership to improve safety standards in the industry. Its purpose is to standardize safety practices, ensure compliance with safety regulations, and set up training programs such as trial exercises. These will boost the growth of the market focus during the forecast period.
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North America is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In North America, due to stringent workplace safety regulations, the adoption of fall protection equipment in end-user industries is higher in the US and Canada. The prevalence of worker and workplace safety laws and regulations in these countries which have a high number of industrialization is the key factor driving the demand for fall protection equipment.
Moreover, the US contributes a major share to the total regional fall protection equipment market due to the large-scale construction projects, widespread oil and gas and mining fields, and many aircraft manufacturing and MRO facilities. Such factors are boosting the demand for fall protection equipment such as harnesses, body belts, anchors and connectors, and hoist systems. In addition, investments in the construction of oil and gas pipelines, natural gas-fired power plants, and petrochemical complexes are rising in the US due to the increasing production and consumption of natural gas in North America. Such factors will boost the fall protection equipment market in the region during the forecast period.
The outbreak of COVID-19 negatively affected this region and thus it affects the regional fall protection equipment market in 2020. However, in 2021, various business and industrial activities reopened, due to the starting of large-scale vaccination drives, which increased the demand for fall protection equipment in the region. Also, investments in the construction of oil and gas pipelines, natural gas-fired power plants, and petrochemical complexes are increasing in the US due to the rising production and consumption of natural gas in North America. These factors will drive the growth of the fall protection equipment market in the region during the forecast period.
Fall Protection Market- The fall protection market size is estimated to grow at a CAGR of 11.13% between 2022 and 2027. The market size is forecast to increase by USD 3,023.11 million.
The fall protection equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Fall Protection Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.9% |
Market growth 2023-2027 |
USD 1,142.95 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.17 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, Japan, China, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ABS Safety GmbH, Adolf Wurth GmbH and Co. KG, Bergman and Beving AB, County Safety Services Ltd., FallTech, French Creek Production Inc., Frontline, Honeywell International Inc., KARAM group, Kee Safety Systems and Services India Pvt Ltd., KwikSafety, PETZL Distribution, Pure Safety Group Inc., Safe Approach Inc., Super Anchor Safety, Tritech Fall Protection Systems Inc., Uviraj Group, Webb Rite Safety, and Werner Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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