Industrial Eye Protection Market to surpass 270 million units consumption by 2024
Date: 2018-12-11   Author: Rahul Varpe  Category: #market

Industrial Eye Protection Market to surpass 270 million units consumption by 2024

Global Market Insights, Inc. adds a new Industrial Eye Protection Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Industrial Eye Protection Market size is estimated to exceed USD 2.5 billion by 2024. Positive outlook towards occupational safety in oil & gas, chemicals, mining and construction industry will propel industrial eye protection market growth. Prevention from chemicals, heat & optical radiation are the key properties enhancing product demand. Increasing employer awareness pertaining to work safety will support the industrial eye protection demand. For instance, OSHA has implemented safety standards for several end-use industries to prevent the injuries at workplace.

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The escalating need for personal eye protective equipment to prevent workplace injuries will leverage the growth of Industrial Eye Protection Market. This industry is governed by strict legislations addressing the issues pertaining to the safety of the industrial employees. The enforcement of these legislations will have a lasting impact on industrial eye protection industry.

The emergence of new internet technologies such as IoT with the growing requirement for real-time data detection has led to a surging demand for wearable devices across warehousing, manufacturing, retail, and mining. This has effectuated the requirement for portable eyeglasses, wrist-worn instruments, caps equipped with sensors, visual aids, and voice recognition technology, which is predicted to create lucrative avenues for industrial eye-protection market players.

In January 2017, Luxottica Group S.p.A, an Italian eyewear firm, and Essilor International S.A., an ophthalmic lenses & ophthalmic optical equipment firm based in France, finalized a merger deal worth USD 49 billion with an objective of building an eyewear powerhouse that can fetch an annual profit of over EUR 15 billion for both the firms.  Such mergers can lead to the colossal expansion of industrial eye protection market. Global Market Insights, Inc., compiled a report stating that industrial eye protection industry, which collected a revenue of USD 1.92 billion in 2016, is set to surpass USD 2.5 billion by 2024.

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Regional trends depict Asia Pacific industrial eye protection industry to attain substantial revenue over the coming years, pertaining to an increase in the level of awareness among the factory workers as well as employers about workplace safety. Improvement in the social and economic conditions of the employees in countries such as Japan, China, South Korea, and India will further influence the regional development.

North America industrial eye protection market is anticipated to record a CAGR of 3.2% over the coming seven years. The presence of numerous labor unions along with the strict implementation of labor laws addressing the safety of the employees working in the factories will help the business flourish across the region.

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Eye protection devices find major application across firefighting, construction, food processing, oil & gas, pharmaceutical, mining, transportation, and chemical sectors. Construction applications, which were evaluated at more than USD 310 million in 2016, are expected to strongly influence the business over the span of the next few years.  The rise in the government funding on constructing roads, bridges, tunnels, and dams will favorably impact the industrial eye protection market share.  The fact that the worldwide construction sector is predicted to be cross USD 15.5 trillion by 2030 will help to augment the growth of this segment.

China and India are expected to be the prospective investment destinations for APAC, given that the construction expenditure of the former valued at more than USD 730 billion in 2016 and that of the latter projected at more than USD 1 trillion by 2025.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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