Industrial Fall Protection Equipment Market to generate over $3.8bn revenue by 2024
Date: 2019-02-22   Author: Rahul Varpe  Category: #market

Industrial Fall Protection Equipment Market to generate over $3.8bn revenue by 2024

Industrial fall protection equipment market size has been growing remarkably in the recent years. The rising awareness among the industries and regulatory bodies about the surging need of safe working conditions for maintaining decorum at the workplace has been impelling the industry trends.

Several policymakers have been implementing strict regulations to mandate the use of fall protection equipment at work sites such as construction firms, mining, and energy utility firms. The presence of a stringent regulatory scenario related to the safety of workers for curbing the chances of fatal falls along with the implementation of fall protection programs to generate awareness among the workers about the use of safety products are likely to propel the industrial fall protection equipment industry.

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most of the workers and employers have been striving to understand the possible hazards at the workplace and the design of the products that need to be suitably manufactured. In this regard, for generating awareness among the employers and workers about the use of appropriate protective equipment, several regulatory organizations have been forming strategic alliances amongst each other.

For instance, a few months before, Occupational Safety and Health Administration (OSHA) and the International Safety Equipment Association (ISEA) signed a two-year agreement to provide information about the selection of personal protective equipment to its members, employers, and workers.

Apparently, ISEA has partnered with OSHA to share information about energy campaigns such as the National Stand-Down to prevent falls in construction. They are also planning to enforce worker safety and health programs at educational institutions and community-based organizations to reduce fatalities and injuries at workplace.

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In the last few years, the construction sector has emerged as one of the leading industrial domains where the rate of fatalities due to falling at the workplace is increasing tremendously due to lack of compliance and negligence toward the use of effective personal protective equipment.

In fact, for preventing the future cases of fall fatalities at construction site, numerous construction companies have been demanding fall protection equipment on a large scale. As per estimates, by the end of 2024, the construction sector will contribute USD 900 million to the industrial fall protection equipment industry.

Most of the industries comprise confined spaces on their work sites that come with challenges for the safety of employees. At such work sites, nearly more than 60% such incidents occur during repairing and maintenance activities. In such situations, for ensuring the safety of workers, several companies have been deploying rescue kits at the confined space.

Organizations like OSHA and ANSI (American National Standard Institute) have mandated the deployment of rescue facilities at hazardous workplaces for lowering the risk of fatalities of fallen workers. For the record, rescue kits based industrial fall protection equipment industry size will grow at a CAGR of 6.5% over 2018-2024.

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In addition, the company has broadened its business space in safety and personal protection equipment. The rising number of M&As will thus help industrial fall protection equipment manufacturers increase their chances of profitability and help them develop high-quality products.

It is thus rather overt that the rising number of construction activities across the globe will majorly propel industrial fall protection equipment market in the years ahead. The stringent regulations enforced by administrative bodies to increase workspace safety will also have a positive impact on the industry growth in the near future. Reportedly, fueled by strategic alliances, acquisitions, and novel product adoption, industrial fall protection equipment market is slated to surpass a revenue collection of USD 3.8 billion by the end of 2024.

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About Author


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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