The industrial fall protection equipment market is poised to exceed $3.8 billion by 2024, according to research from Global Market Insights.
Increasing government regulations and standards regarding worker safety in industries such as mining, energy, utility and construction may accelerate industry growth. These regulations require employers to provide equipment for protection from floor holes, runways, platforms and dangerous machines. These products help prevent falls, trips and slips on slippery surfaces preventing minor injuries and fatalities, thus boosting industrial fall protection equipment market growth.
Body belts for industrial fall protection equipment market should surpass $360 million by 2024 owing to increasing government investments in infrastructure facilities. These products prevent drop from elevated platforms, ensure proper worker positioning, and work in combination with full-body harnesses. Also, they provide comfort and are resistant to harsh environments, chemicals & moisture, which may further stimulate industry growth.
The industrial fall protection equipment market from oil and gas applications should witness gains close to 7% in the predicted period primarily owing to rising energy demand and favorable government initiatives to promote investments. These products withstand harsh conditions such as fire, contamination and rain, along with ensuring worker safety during pipe positioning, maintenance, tear down or rig set-up operations.
The oil and gas industry has a high potential for injuries during operations in confined spaces such as reserve pits, storage tanks, excavated areas, mud pits and hooped ladders which may further boost industrial fall protection equipment market growth.
North America driven by the U.S. industrial fall protection equipment market may observe significant gains at over 6% on account of increasing construction activities in the region. The region is witnessing the rapid development of commercial and residential buildings.
The U.S. government has announced infrastructure plans aimed at attracting investments for the modernization of old infrastructures such as bridges, roads, public utilities and hospitals. Industrial fall protection equipment offers protection from various hazards in the construction industry such as ladders, scaffolds, stairs, roofs and building structures which may further stimulate product demand.
Global industrial fall protection equipment market share is consolidated among a few manufacturers such as MSA Safety Company, 3M, Capital Safety and Honeywell. Other manufacturers include French Creek production, Mallcom Pure Safety Group and Udyogi. Prominent industry participants are primarily focusing on new product development to improve product offerings and strategic acquisitions to expand their product portfolio.
Shreya Deb is a research analyst at Global Market Insights.