LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global fall protection market to grow to USD 3.68 billion by 2021, at a CAGR of more than 9% over the forecast period, according to their latest report.
The research study by Technavio on the global fall protection market for 2017-2021 provides detailed industry analysis based on product (safety harness and others), end-user (energy and utility and construction), and geography (North America, EMEA, APAC, and ROW).
|Fall protection equipment is a type of personal protective equipment (PPE) that provides the wearer the safety to work from heights. The energies and utilities end-user segment dominates the global fall protection market, contributing more than 45% of the overall revenue.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global fall protection market:
- Increasing on-site training
- Increasing demand for fall protection from end-users
- Stringent and comprehensive safety regulations
Increasing on-site training
“Various industries are extensively training their employees due to the growing safety awareness in hazard-prone end-user segments. Training programs have a significant influence on worker compliance and the adoption of PPE, which is positively impacting the fall protection market,” says Sarah Haque, a lead analyst at Technavio.
Organizations such as Occupational Health and Safety Management Systems have made safety training mandatory. Also, the increased sophistication of safety training methods such as online training, classroom training, catalogue-based workplace training is expected to boost the market in the short term.
Increasing demand for fall protection from end-users
The demand for fall protection equipment such as safety harnesses, lanyards, belts, self-retracting devices, anchorages, fall arrest systems, and netting systems is increasing from end-user industries such as construction, mining, and oil and gas. Also, the occupational safety and health administration’s (OSHA) recommendation for the adoption of PPE in end-user industries to prevent falls from heights of six feet or more is a key factor positively impacting the market. Additionally, vendors offer fall protection equipment for the recreation industry including mountaineering and cave exploration.
Stringent and comprehensive safety regulations
“Developed countries in North America and Western Europe are governed by strict regulations from various government organizations such as the OSHA, American National Standards Institute, European Commission, and Canadian Standard Association to ensure worker safety,” says Sarah.
These regulations mandate fall protection products such as safety harnesses, lanyards, self-retracting devices, anchorages, and netting systems to ensure worker safety. Stringent worker safety regulations in EMEA and the Americas will boost the market for fall protection devices. Additionally, federal level initiatives across both developing and developed countries to spread safety awareness will reduce fall-related fatalities and contribute to the growth of the market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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