Jul 06, 2023
Fall Protection Equipment Global Market to Reach $4.04 Billion by 2027 with Key Trends and Innovations
News provided by 15 Aug, 2023, 13:00 ET Share this article DUBLIN, Aug. 15, 2023 /PRNewswire/ -- The "Fall Protection Equipment Global Market Report 2023" report has been added to
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15 Aug, 2023, 13:00 ET
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DUBLIN, Aug. 15, 2023 /PRNewswire/ -- The "Fall Protection Equipment Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
In a world grappling with various disruptions, the global fall protection equipment market is projected to show remarkable growth, expanding from $2.89 billion in 2022 to $3.16 billion in 2023, representing a robust compound annual growth rate (CAGR) of 9.20%.
This growth trajectory, however, comes amidst a backdrop of challenges, including the Russia-Ukraine war, which has cast shadows over the prospects of a swift global economic recovery from the COVID-19 pandemic, particularly in the short term.
The ongoing conflict between these two nations has given rise to a series of economic sanctions on multiple countries, triggering fluctuations in commodity prices and disturbances in supply chains.
These factors have collectively contributed to inflation across goods and services, creating ripple effects that have reverberated across various markets worldwide. In the face of these challenges, the fall protection equipment market is poised to continue its ascent, with expectations to reach a valuation of $5.35 billion by 2027, showcasing a CAGR of 6.35%.
The comprehensive fall protection equipment market research report is part of a series of newly released reports that offer a detailed panorama of the industry. This report is a valuable resource, providing vital statistics on the global market size, regional shares, competitors with a market stake, intricate market segments, prevailing trends, and potential opportunities. With an in-depth analysis of the present and future landscape, this report equips stakeholders with an all-encompassing perspective to navigate the dynamics of the fall protection equipment industry.
An influential trend propelling the fall protection equipment market forward is the drive towards product innovation. Major industry players are strategically focused on the launch of innovative products to consolidate their positions in the market. An illustration of this is Honeywell International Inc., a prominent US-based conglomerate.
In July 2020, Honeywell introduced the Honeywell Miller TurboliteTM Flash Personal Fall Limiter, an adaptable self-retracting lifeline (SRL) designed to protect at-height employees in electrical utility, arc flash, and hot work scenarios.
The Miller TurboLite Flash Personal Fall Limiter offers multiple configurations tailored to specific applications such as bucket trucks, aerial lifts, and regular platforms. The incorporation of advanced features, including flame-resistant covers for labels and shock absorbers, robust housing, and durable webbing, not only enhances worker safety but also maximizes the lifespan of the equipment.
In a move to strengthen its foothold and expand its services, Diversified Fall Protection (DFP), a US-based company specializing in fall protection solutions, undertook significant acquisitions in January 2022. The company acquired Versatile Systems Inc. and Rooftop Anchor Inc., both significant players in the fall protection domain. The strategic acquisitions enhance DFP's market presence and broaden its capabilities, reinforcing its commitment to providing comprehensive fall protection solutions.
The Asia-Pacific region emerged as a key player in the fall protection equipment market in 2022, and North America is anticipated to exhibit rapid growth during the forecast period. The regions featured in the report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Countries covered in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
As the global construction and renovation activities gain momentum, the fall protection equipment market is poised for further expansion. Worker safety in the construction sector is of paramount importance, and the use of fall protection and prevention systems is instrumental in minimizing risks.
Against the backdrop of a surge in construction and renovation projects, the market is driven by the demand for comprehensive fall protection solutions. Notably, a forecast by Oxford Economics predicts that global construction output, valued at $10.7 trillion in 2020, is projected to witness a substantial growth of 42% by 2030, reaching $15.2 trillion in terms of volume. Urbanization, infrastructure development, and the emergence of megacities in developing nations are key factors contributing to this growth trend.
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A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/rc2k8v
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