Global Fall Protection Equipment Market to Hit Revenue of $4.36 Billion by 2028 | 3M and Honeywell to Dominate Market
Global fall protection equipment market is valued at USD 2.61 billion in 2021, and it is anticipated to attain a value of USD 4.36 billion by 2028, at a CAGR of 6.1% over the prediction period (2022–2028).
Westford, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) — Global fall protection equipment market is expected to grow significantly in the next few years. This growth is driven by the increasing number of regulations and standards that require the use of fall protection equipment, as well as the growing awareness of the importance of safety in the workplace.
In terms of new regulations, the most notable recent development has been the introduction of a mandatory requirement for fall arrest systems in construction workplaces in the European Union. This regulation is expected to have a positive impact on the industry as a whole, as it will create a larger fall protection equipment market products and encourage manufacturers to innovate and improve their products. Another driver of industry growth is an increased awareness of the importance of safety in the workplace. This is especially evident in the construction sector, where there has been a recent increase in accidents involving falls from height. As a result, construction workers are now much more likely to use fall protection equipment, which is boosting demand for such products.
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However, the industrial and commercial sectors are also growing markets for fall protection equipment. Safety is always a top priority for businesses, and the need for fall protection equipment will only continue to grow as more companies adopt strict safety standards.
The report provides an overview of the global fall protection equipment market and its growth prospects in the coming years. It includes a detailed segmentation of the market by product type, end-user industry, and geography. The report also includes a competitive landscape of the key players in this market.
Highly Competitive Market: 3M to Dominate Fall Protection Equipment Market
SkyQuest’s analysis also indicates that the market is highly competitive, with a large number of suppliers offering a wide range of products. However, there are a few key players that dominate the market, such as 3M and Honeywell. 3M is a diversified conglomerate that provides a wide range of products and services, including fall protection equipment. In fact, 3M is the largest vendor in the fall protection equipment market with a market share of 17.9%. The company offers a wide range of fall protection products, including harnesses, lanyards, and self-retracting lifelines. 3M’s fall protection products are used in a variety of industries, including construction, oil and gas, and utilities.
The company has a strong presence in North America and Europe, and is expanding its business in Asia and other regions. Honeywell is another major player in the fall protection equipment industry. The company manufactures and sells a wide variety of products, including fall arrest systems, lanyards, and anchorages. Honeywell also offers training and consulting services to help companies comply with regulations and improve safety in the workplace.
The North American region is the largest fall protection equipment market, accounting for 41.1% of the global market in 2021. Europe is the second-largest market with a 28.7% share, followed by Asia-Pacific and the rest of the world. The challenges for this market include the high cost of fall protection equipment and the lack of awareness about fall protection among workers.
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SkyQuest’s Survey Reveals Durability, Cost, and Comfort are the Key Priorities for Buyers of Fall Protection Equipment
SkyQuest has released the results of its annual survey of the fall protection equipment market. The survey, which was conducted in October and November of 2022, asked respondents to rate their satisfaction with their current fall protection equipment supplier on a scale of 1 to 5, with 5 being the highest rating.
Overall, satisfaction with fall protection equipment suppliers remains high, with a mean rating of 4.2. However, there is room for improvement, as nearly one-quarter of respondents (24%) gave their supplier a rating of 3 or less. Supplier satisfaction in the global fall protection equipment market varies somewhat by country, with respondents in the United States and Canada generally rating their suppliers higher than those in other countries. This may be due in part to the fact that North American suppliers tend to be more responsive to customer feedback and complaints than suppliers in other regions.
When it comes to specific features of fall protection equipment, durability is the most important factor for respondents, followed by safety and comfort. Price is also a significant consideration for many respondents, especially those in the India and China. The results of this survey can help guide decision-makers when choosing a fall protection equipment supplier. Those who are dissatisfied with their current supplier may want to consider switching to a different provider. Likewise, those who are satisfied with their current supplier can be confident that they are providing quality products and services.
Report Findings: Construction Industry to Hold Over 50% Share of Fall Protection Equipment Market
The construction industry is the largest customer for fall protection equipment market, followed by the oil and gas industry. The growing construction industry in developing economies such as Indonesia and India are expected to drive the demand for fall protection equipment in this sector. In addition, the mining industry is also a significant end-use sector of fall protection equipment and is projected to grow at a CAGR of 5.9% from 2022 to 2028. SkyQuest found that the most popular type of fall protection equipment is personal protective equipment (PPE), which includes items such as safety harnesses and lanyards. PPE accounted for an estimated 62% of total fall protection equipment sales in 2021. Other popular types of fall protection equipment include anchor points (15%), nets (10%), and scaffolding (9%). The least popular type of fall protection equipment is guardrail systems, which accounted for only 4% of sales in 2021.
We also looked at the pricing of fall protection equipment. The average price of PPE has remained relatively steady over the past few years, while the price of other types of fall protection equipment has increased.
SkyQuest’s report documents how the fall protection equipment market has evolved in recent years and provides detailed insights into the current state of the market. In addition, the report offers a comprehensive view of the opportunities and challenges that market participants face going forward. The report is based on an analysis of data from a variety of sources, including manufacturers, distributors, and users of fall protection equipment. The report includes insights from interviews with more than 50 industry experts.
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Key Players in Global Fall Protection Equipment Market
- 3M Company (US)
- Honeywell International Inc. (US)
- MSA Safety Inc. (US)
- Werner Co. (US)
- GF Protection Inc. (US)
- SKYLOTEC GmbH (Germany)
- W.W. Grainger, Inc. (US)
- Total Access Ltd. (UK)
- Kee Safety, Inc. (UK)
- FallTech (US)
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