Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Fall Protection System Market (Type: General Fall Protection, Personal Fall Protection; Application: Construction Industry, Chemical Industry, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025”, estimates that global fall protection system market is expected to reach the market value of around $4.5 billion by 2025 and is anticipated to grow at a CAGR of around 8% in terms of revenue during the forecasting period 2018 – 2025. The fall protection products are used for safety of workers in critical environments to prevent them from dangerous falls and accidents. The accidents that take place by falling from heights are the foremost reason of death at workplaces. While working in such places, fall protection measures should be executed. Major factor driving the growth of fall protection system market is the implementation of strict regulations. Stringent occupational safety regulations and compulsory inclusion of fall safety systems in dangerous falls and accident prone areas positively affects the growth of this market. North America and Europe have specific regulatory structure which keeps a regular check on the hazards and mishaps that occur at construction sites. Rising awareness regarding different safety measures and systems at construction sites and industrial workplaces have improved the sales of fall protection systems. Whereas, the high price of fall protection products is predicted to curb the market growth. Besides, there is rising awareness in North America regarding the safety of workers and personnel working at heights across all the industries. In the U.S., which is one of the leading players in fall protection systems, OSHA has introduced regulatory policies and standards for safety of workers and personnel working at heights in various industries including construction, general industry, marine terminals, and shipyard, among others thus augmenting the demand for fall protection systems in near future.
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Personal fall protection is a vital segment in fall protection system market. It is generally utilized in construction sector as it gives consistent assurance to the work force, diminishes weight on the rooftop in case of a fall, accommodates corners and changing building shapes, and encourages hands-free movement for the faculty. Personal fall protection is available in both temporary and permanent setup. This adaptability for easy installation and evacuation has additionally supported the interest for personal fall protection in global fall protection system market. The rising construction projects in industrial and commercial sectors owing to the rapid urbanization impel the growth of market. In developed economies, continuous droop in construction activities in residential sector prompted the redirection of undertaking CAPEX into the non-private sector. This has additionally established the strength of non-private application in fall protection system market.
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Fall protection systems market in North America keeps on representing higher volume development than the market in diverse regions, though the last keeps on holding relatively more prominent market esteem share. Expanding momentum of the warehousing business, in accordance with quick ascent in internet business, is probably going to look good for development of products of fall protection system in North America. Ascend in alertness on product security measures, combined with developing interest for business warehousing offices, will additionally drive the North America's fall protection system market in near future. Widespread responsiveness about the imperativeness of product safety systems is a key factor driving the development of fall protection system market in Europe. Larger part of fall protection system acceptance in Europe stays solidified in the logistics & transportation businesses, and for construction materials. Sale in terms of volume of fall protection systems in Europe is set to record a CAGR of over 8% through 2025, which is moderately higher than that in North America.
Construction Segment Projected To Witness The Premier Growth
Based on end-use industry, the chemical segment is projected to witness highest growth between 2018 and 2025. Workers in the construction sector are often exposed hazards when working at heights in areas, such as stairs and scaffolds, building structures, among others. Fall protection equipment is required to protect workers from such hazards. Construction sector is growing at considerable rate due to rapid urbanization and mounting industries and IT sector which creates a high demand of commercial and residential buildings which directly contributes to the growth of global fall protection market. Moreover, increasing accidents on construction sites and additional loss of life and money consequently creates an elevated demand for protection systems.
The report includes detailed profiles of prominent market players that are trending in the market. Some of the vital players operating in the global fall protection system market, profiled in the report include 3M Fall Protection, Honeywell Safety Products, Eurosafe Solutions, Guardian Fall Protection, ABS Safety GmbH, UltraSafe, JSP Ltd., P&P Safety, Yates Gear, CMC RESCUE, Petzl, RELIANCE, Buckingham, and others.
The major market players sustain the competitive boundary in global market by making investments in the mergers and acquisitions and by escalating their product portfolio. In 2016, the Honeywell Safety Products launched Miller H-Design Fall Arrest Kits – an all-in-one solution for working at height which is particularly designed to meet the OSHA fall protection regulations.
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