The global fall protection equipment marketis expected to grow at a CAGR of over 5% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global fall protection equipment market 2018-2022 under their heavy industry library. (Graphic: Business Wire)
The report categorizes the global fall protection equipment market by product, which includes body belts, suspension belts, full body harness, chest harness, and safety nets. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rise in global construction activity
The rise in global construction activity is a key driver supporting the growth of the globalfall protection equipment market. Any construction workplace that is elevated requires the use of fall protection equipment for workers. Although the construction industry witnessed a significant dip during the global recession of 2008, the market is witnessing a steady revival, due to the recovery of the global economy.
According to a senior analyst at Technavio for unit operationsresearch, "The increase in urbanization and the growth of the population are necessitating growth in infrastructure along with an increase in residential and commercial establishments. This augurs well for the growth of the construction industry and fall protection equipment market."
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Market trend: innovations in fall protection equipment
The global fall protection equipment has changed significantly over the past two decades, owing to changes in regulations and development of innovative new designs of equipment. There have been several innovations in fall protection equipment such as comfort-wear harnesses, innovative equipment materials, and the development of application-specific fall protection equipment. For instance, XSPlatforms manufactures the XSBending kit, which absorbs the shock a worker is exposed to during fall arrest.
Market challenge: use of non-standard/ low-quality fall protection equipment
The use of non-standard/ low-quality fall protection equipment is expected to pose a significant challenge to the global fall protection equipment market during the forecast period. Low-quality equipment made of cheap materials is available as an alternative to standard equipment from unauthorized companies. Such equipment places the life and safety of workers at risk as it does not possess the strength to safeguard workers in the event of an accident or mishap.
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Some of the companies in the market are:
- 3M
- FallTech
- Honeywell International
- MSA
- Pure Safety
The fall protection equipment market is consolidated due to the presence of a few large and diversified companies. These companies cater to many industries and provide a diverse portfolio of fall protection equipment. The major end-users of fall protection equipment include the construction industry, telecom, energy utilities, manufacturing companies, along with rescue and maintenance services.
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