Report : Fall Protection Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, and Others) and Application (Construction, Transportation, Oil & Gas, Mining, Energy and Utilities, Telecom, and Others)
According to the new research report titled “Fall protection equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 4,606.61 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.
Fall protection equipment is a type of gear that protects people from falling from a great height and keeps them safe in dangerous situations. Fall guarding (protection that prevents a person from entering a fall danger area) and fall restraint (protection preventing the falling of persons working in a fall hazard area) are the two main forms of fall protection. Fall arrest equipment are required in circumstances when workers must work at elevated positions and are at risk of falling.
Rapid industrialization across the US is one of the major factors driving the market's expansion. Occupational hazards are growing increasingly prevalent due to the lack of adequate safety procedures at various manufacturing, mining, and other industrial sites. As a result, fall prevention equipment is now often utilized to safeguard vital human resources. Furthermore, market growth is supported by a significant expansion in the construction industry. Construction sites require people to work on elevated platforms, walkways, steep roofs, wall apertures, and excavated area edges, all of which are extremely dangerous. This, in turn, is pushing the demand for fall protection equipment across the world.
The global fall protection equipment market is segmented based on product type and application. Based on product type, the market is segmented into soft goods, hard goods, rescue kits, body belts, full body harness, and others. The hard goods segment dominated the market in 2020. In terms of application, the fall protection equipment market is segmented into construction, transportation, oil & gas, mining, energy and utilities, telecom, and others. The construction segment led the market in 2020.
Key Findings of Study:
APAC led the global fall protection equipment market with the highest growth rate in 2020, followed by North America and Europe. In the coming years, the market in Asia would witness a massive growth in demand for fall protection equipment, owing to the rise in population of countries in the region, coupled with various government initiatives to attract private investments in construction and infrastructure development. Moreover, the surging number of commercial and industrial end users is inclined to use fall protection equipment to keep their workers safe from hazards.
Owing to the urban advancement and financial improvement, North America has an increasing dual-income population, which is resulting in the extended buying capacity and increase in aspirations of individuals. As a result, various end users are investing in construction projects. Therefore, the region is witnessing a surge in demand for fall protection equipment.