A Fall Protection Equipment Market Analysis and Forecast to 2031: By Type (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, Others)

Fall Protection Equipment Market Analysis and Forecast to 2031: By Type (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, Others), Application (Construction, Transportation, Oil and Gas, Mining, Energy and Utilities, Telecom, Others), and Region

The global fall protection equipment market was valued at US$ 2.9 billion in 2021 and it is anticipated to grow up to US$ 5.3 billion by 2031, at a CAGR of 6.0% during the forecast period.

Fall protection equipment refers to various products and equipment that are used for preventing industrial workers from injuries when working at heights. Some of the commonly used fall protection equipment includes on-body and off-body products. On-body products, such as safety nets, body belts, connecting devices, suspension belts and full body and chest harnesses, are primarily attached to or worn on the body to arrest falls. On the other hand, off-body products, such as skylight guards and guard rails, are installed on a physical structure to prevent the worker from falling. These products find extensive applications across various industries, including construction, mining, transportation, utilities and telecommunication.

Market Drivers and Trends

The rise in construction activities around the world is a primary element driving the fall protection equipment market. As Asian countries such as India and China are witnessing significant population growth, the demand for commercial and residential spaces in these countries is constantly expanding. The global economy is currently experiencing a severe slowdown due to a developing credit constraint that is causing economies around the world to miss their developmental ambitions. Infrastructure remains a major priority for addressing developmental gaps in the current scenario, as it is seen as omnipotent and capable of bringing economies out of financial upheaval. Governments all over the world are pumping money into physical and social infrastructure to increase the demand for products and services by creating jobs.

Market Restraints and Challenges

Increasing overall maintenance and repair cost of fall protection equipment and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of fall protection equipment are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce fall protection equipment based on specific requirements.

Global Fall Protection Equipment Market Segmental Overview

The report analyses the global fall protection equipment market based on type, application, and region.

Global Fall Protection Equipment Market by Type

Based on type, it is segmented into soft goods, hard goods, rescue kits, body belts, full body harness, and others. The hard goods segment is expected to be the largest segment in the fall protection equipment market in 2021. The development of hard good (those made from metal or other non-synthetic materials) fall equipment is focused on adaptability and efficiency. Anchors, carabiners, rope grabs, and retractable blocks are examples of hard goods. Anchors are extremely capable of supporting intended weights and assisting in the prevention of falls. The use of hard goods is important in the mining sector since it increases worker flexibility and convenience. The growth of the mining sector in the US is expected to boost the demand for these products. Rope grabs are the ideal alternative for vertical and horizontal lifeline systems used in construction and mining industries because they enable level and inertial locking to prevent the fall. Due to above mentioned factors, the hard goods segment is expected to hold a major market share in 2021.

Global Fall Protection Equipment Market by Application

Based on application, it is segmented into construction, transportation, oil and gas, mining, energy and utilities, telecom, and others. The construction segment is expected to be the largest segment in the fall protection equipment market in 2021. To ensure the effective flow of activities and to maintain workers’ safety in construction sector, each industry requires fall protection equipment in its facilities. As Asian countries such as India and China are witnessing significant population growth, the demand for commercial and residential spaces in these countries is constantly expanding. Further, the construction sector is the most common end user of fall prevention systems, as it has the highest annual injury rate. The global construction sector is responsible for more than a third of all workplace deaths each year. Due to a large number of planned building projects, the US is one of the most important countries for safety equipment on construction sites. As mandated by administrations in several states across the US, the use of fall protection systems to reduce the number of accidents and fatalities during building activities is expected to fuel the growth of this market. Thus, the construction segment is expected to hold a major market share in 2021.Geographical Analysis of Global Fall Protection Equipment Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. North America is home to many major market players such as MSA, 3M, Honeywell, Falltech, and Guardian. Many major initiatives have been taken by companies in North America to boost the growth of the fall protection equipment market. Further, the US is worried about the safety and health of its workers, which has prompted the government to embrace fall protection devices. The country has established various authorities to regulate safety norms and procedures, such as the Occupational Safety and Health Administration (OSHA) and the American National Standards Institute (ANSI). Thus, it propels the growth of the fall protection equipment market in North America.Major Players in the Global Fall Protection Equipment Market

The key players studied in the global fall protection equipment market are

COVID-19 Impact

In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of fall protection equipment worldwide. Thus, the COVID-19 pandemic negatively affected the global fall protection equipment market in 2020.

However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of fall protection equipment.

Recent Developments

May 2021, Pure Safety Group brought its family of height safety brands—Stronghold by PSG, Ty-Flt, Checkmate, and HART under the Guardian banner. This expansion has now made Guardian the world’s largest independent fall protection and prevention brand.

March 2021, 3M Fall Protection invented and included Suspension Trauma Safety Straps on all ANSI and CSA certified 3M DBI SALA harnesses by the end of March 2021.

Frequently Asked QuestionsQ1. How big is the fall protection equipment market?Ans. The global fall protection equipment market size was US$ 2.9 billion in 2021 and is anticipated to reach US$ 5.3 billion in 2031, growing at a rate of 6.0% from 2022 to 2031.Q2. What is the fall protection equipment market growth rate?Ans. The growth rate of the fall protection equipment market is 6.0% from 2022 to 2031.Q3. Which region holds a major market share for the fall protection equipment market?Ans. North America holds a major market share of the fall protection equipment market in 2021.Q4. Which segment accounted for the largest fall protection equipment market share?Ans. Based on type, it is segmented into soft goods, hard goods, rescue kits, body belts, full body harness, and others. The hard goods segment is expected to be the largest segment in the fall protection equipment market in 2021.Q5. Who are the key players in the fall protection equipment market?Ans. The global fall protection equipment market report includes players such as Q6. What are the factors driving the fall protection equipment market growth?Ans. The major factor driving the growth of the market is surge in construction activities.Q7. What are the key growth strategies of fall protection equipment market players?Ans. The key growth strategies of fall protection equipment market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the fall protection equipment market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the fall protection equipment market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.