Tool Tethering Market Size By Product (Wrist Lanyards, Coil Lanyards, Retractable Lanyards, Traditional Lanyards, Specialty Lanyards), By Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom, General Industry), By Channel (Retail, Industrial MRO), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030
The global tool tethering market is expected to register substantial growth over 2022-2030. This growth is a result of the rapid developments taking place across the global construction landscape.
In the Asia Pacific, specifically, the construction sector is expected to demonstrate strong growth potential. According to UNCTAD (United Nations Conference on Trade and Development), India was ranked as the 7th top recipient of FDI (foreign direct investments) in 2021. Numerous international projects were also announced in the country, including the construction of a USD 13.5 billion steel and cement plant by ArcelorMittal--Nippon Steel.The global tool tethering industry is segmented in terms of product, application, channel, and region.
In terms of product, the industry is fragmented into wrist lanyards, coil lanyards, retractable lanyards, traditional lanyards, and specialty lanyards.
The specialty lanyards segment is anticipated to register revenue worth more than USD 100 million by 2030. Specialty lanyards have special coatings to protect them from water, oil, dust, grease, and paint as well as withstand harsh environments.
During the COVID-19 pandemic, specialty lanyards were used for face masks to enable customers to cover their faces comfortably. These lanyards are also used for other outdoor activities such as roller skating, biking, and hiking, which is expected to proliferate segmental demand.
With regards to application, the tool tethering market is segmented into construction, oil & gas, transportation, mining, energy & utilities, telecom, and general industry.
The energy & utilities application is projected to reach USD 90 million by 2030. This growth can be credited to rising disposable incomes, economic enhancement, and rapid urbanization. The introduction of all-in-one tether kits is also expected to drive market progress.
These kits are designed exclusively for certain trades, including electric utilities, to avoid tool drops from high work locations. .
The telecom segment is expected to depict a CAGR of over 11% from 2022 to 2030. Technological advancements in the telecom sector coupled with growing consumer demand for reliable connectivity and high-speed internet are key factors driving the growth of the tool tethering market.
The general industry segment is anticipated to record remuneration worth USD 40 million by 2030. Growing number of fatalities and accidents at work facilities coupled with the increased concern of employers regarding employee safety will expedite the demand for tool tethering over the stipulated timeframe.
Based on channel, the industry is bifurcated into retail and industrial MRO. The industrial MRO segment is poised to achieve 8,500 thousand units by 2030. This is accredited to easy access to multiple products from a single location, in addition to the integration of state-of-the-art analytics to form insightful decisions.
From a geographical reference point, the Middle East & Africa region is predicted to exhibit a CAGR of 8.5% during the forecast period. Government initiatives such as the MEA Vision 2030 are enabling economic diversification and development of several verticals, fueling tool tethering industry growth.
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