Fall Protection Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, and Others) and Application (Construction, Transportation, Oil Gas, Mining, Energy and Utilities, Telecom, and Others)
According to our latest market study on “Fall Protection Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and Application,” the market is expected to grow from US$ 2,934.86 million in 2021 to US$ 4,606.61 million by 2028; it is estimated to grow at a CAGR of 6.4% during 2021–2028.
With the rising speed and progress of structure and building design, the problems and hazards associated with it are also increasing. To maintain safety requirements, the safety equipment must also be upgraded over time. As a result of changing patterns, governments across the world have revised their fall protection requirements. Current fall prevention equipment have undergone adjustments as a result of the revised standard. The standard mandates that gate strength requirements for snap hooks and carabiners be doubled to 3,600 pounds in all directions of possible loading. The old ANSI standard demanded 220 pounds on the gate's face and 350 pounds on the gate's side, even though many manufacturers were already fulfilling the new standard's criteria when it was approved. To optimize fall arrest, harnesses must now include D-rings in the front and rear, and twin-leg lanyards must be tested before use and have cautions on product labels on how to use them appropriately. As a result, fall protection equipment suppliers will see creating adjustable fall protection equipment as a prime opportunity.
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Impact of COVID-19 Pandemic on Fall Protection Equipment Market
North America is among the worst-hit regions by the COVID-19 pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. COVID-19 has negatively impacted manufacturing businesses in the region in four critical areas – supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, research development (RD), and administration of various providers fell adversely, due to severe measures taken during the pandemic.
North American manufacturers of fall protection equipment suffered a significant loss in the first half of 2020, owing to the high number of COVID-19 cases, specifically in the US. Thus, the constant demand for fall protection equipment witnessed a slight decrease in 2020, owing to the lockdown imposed by the government and a low number of construction projects. This has hindered the growth of the fall protection equipment market in 2020, which is likely to continue slightly during 2021. The major loss was seen in commercial and industrial applications; however, in the residential sector, the demand is being sustained due to the penetration of online marketing. As residents are forced to remain indoors, recreational activities such as construction and manufacturing are suffering. This has escalated the demand for new equipment and the discarding of old ones. Thus, people are purchasing all the equipment online. Therefore, this factor is driving the North America fall protection equipment market.
3M; Falltech; French Creek Production; Frontline; Gravitec Systems, Inc.; Guardian Fall (Pure Safety Group, Inc.); Honeywell International Inc; Kwiksafety; Kee Safety, Inc; and Msa. are among the key fall protection equipment market players profiled during this market study. In addition to these players, several other important market players were studied and analyzed during this market research study to get a holistic view of the global market and its ecosystem.
- French Creek Production
- Guardian Fall Protection
- Kee Safety
- MSA Safety Incorporated
- Honeywell International Inc.
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