Fall Protection System Market Size is Expected to Reach at USD 5,268 Million by 2030, Registering a CAGR of 7.1%, Owing to Government Regulations and Industry Standards
The Global Fall Protection System Market Size is predicted to reach USD 5,268 Million by 2030 from USD 2,895 Million in 2021, at a CAGR of 7.1% between 2022 and 2030, as per the Acumen Research and Consulting
The fall protection system market is a rapidly growing industry, driven by increasing regulations and safety concerns in the construction and industrial sectors. The market is expected to continue growing in the coming years, driven by factors such as the increasing construction of high-rise buildings, the growing awareness of workplace safety, and the increasing adoption of new technologies such as wireless systems and smart harnesses. Additionally, the market is also expected to be influenced by the growing demand for fall protection equipment in the oil and gas, and wind energy industries.
The construction sector is growing at a considerable rate due to rapid urbanization and mounting industries and the IT sector creates a high demand for commercial and residential buildings which directly contributes to the growth of the global fall protection market.
Fall Protection System Market Statistics
- Global fall protection system market value was worth USD 2,895 Million in 2021, with a 7.1% CAGR from 2022 to 2030
- According to the Bureau of Labor Statistics, approximately 150,000 construction site accidents occur each year
- North America fall protection system market share occupied around 30% in 2021
- By end-user, construction category capture over 37% of total market share in 2021
- Increasing construction activities, propel the fall protection system market revenue
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Fall Protection System Market Trends
Fall protection products are used to protect workers in hazardous environments from dangerous falls and accidents. Accidents caused by falls from great heights are the leading cause of death in the workplace. Fall protection measures should be used when working in such places. The implementation of stringent regulations is the primary factor driving the growth of the fall protection system market size. Stringent occupational safety regulations, as well as the mandatory installation of fall safety systems in dangerous falls and accident-prone areas, have a positive impact on the growth of this market. North America and Europe have distinct regulatory structures in place to keep a close eye on the hazards and mishaps that occur on construction sites.
The increased awareness of various safety measures and systems at construction sites and industrial workplaces has increased the sales of fall protection systems. The high cost of fall protection products, on the other hand, is expected to limit the market growth. Furthermore, there is an increasing awareness in North America about the safety of workers and personnel working at heights in all industries. In the United States, which is a leading player in fall protection systems, OSHA has introduced regulatory policies and standards for the safety of workers and personnel working at heights in a variety of industries such as construction, general industry, marine terminals, and shipyards, among others, which will increase demand for fall protection systems in the near future.
Fall Protection System Market Segmentation
Acumen Research and Consulting has segmented the global fall protection system market by type, and end-use.
- Based on the type, the market is categorized into full body harness, soft goods, rescue kits, body belts, hard goods, and others. According to the fall protection system market forecast, the manufacturing segment is estimated to grow significantly over the next several years.
- Based on the end-use, the industry is divided into manufacturing, mining, pharmaceuticals, construction, transportation, chemicals, oil & gas, food, and others. The chemical segment is expected to experience the highest growth between 2022 and 2030. Workers in the construction industry are frequently exposed to hazards when working at heights in areas such as stairwells and scaffolding, as well as building structures. To protect workers from such hazards, fall protection equipment is required. Furthermore, an increase in accidents in the construction industry, as well as additional loss of life and money, creates an increased demand for protection systems.
Fall Protection System Market Regional Overview
Geographically, the global fall protection system market can be divided into North America, Europe, Latin America, Asia Pacific, and the MEA. According to a fall protection system industry analysis, the market in North America continues to represent higher volume development than the market in other regions, despite the latter maintaining a relatively higher market esteem share. The growing momentum of the warehousing industry, combined with the rapid rise of the internet industry, bodes well for the development of fall protection system products in North America. The rise in product security awareness, combined with a growing interest in business warehousing offices, will also drive the regional market in the near future. The widespread attentiveness to the necessity of product safety systems is a key factor driving the development of the European fall protection system market growth. The majority of fall protection system acceptance in Europe is still based on the logistics and transportation industries, as well as construction materials.
Fall Protection System Market Players
The report includes detailed profiles of prominent market players who are currently trending in the market. Some of the key players operating in the global fall protection system market profiled in the report include ABS Safety GmbH, Honeywell Safety Products, UltraSafe, Yates Gear, P&P Safety, 3M Fall Protection, Guardian Fall Protection, CMC RESCUE, JSP Ltd., Buckingham, Petzl, and Eurosafe Solutions.
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