There are a few leading players operating in the global fall protection equipment market. Honeywell Safety Products, Ansell Ltd., 3M Co., Avon Rubber p.l.c. and Uvex Safety Group, are the top players in the market. Hence, the market is highly fragmented in nature with other players holding a meagre share. There are numerous mergers and acquisitions taking place in the market as top players are looking to expand their business in different regions. Hence, there is high competitive rivalry in the market. The threat of new entrants in this market is currently moderate and is poised to dip in forthcoming years, Transparency Market Research (TMR) finds in the new study.
The global fall protection equipment market in rescue is predicted to touch US$3556.2 mn in 2020. In terms of type, the segment of full body harness is predicted to lead the market with a share of 33.3% by 2020. On the other hand, the segment of suspension belts is also predicted to hold a significant share in the market by 2020, while the segment of others has emerged as the most lucrative segment in the rescue fall protection equipment market.
North America to Become Market Leader by 2020
In terms of geography, North America is predicted to hold a dominant share of 33.7% in the market by 2020. The increasing count of strict mandates by governments and the growing awareness regarding workplace safety in this region are the prime factors contributing to the growth of the market in this region. On the other hand, Africa is poised to emerge as the most lucrative region in the market in the coming years. In Africa, both Kenya and South Africa are the key markets providing impetus to the demand for rescue fall protection equipment. Furthermore, the increasing count of mandates by governments in this region will also positively impact the growth of the market in this region.
Increasing Concerns on Safety to Bolster Demand for Fall Protection Equipment
The global fall protection equipment market is stimulated by the rising concerns regarding safety and the increasing safety regulation mandates globally. This has happened owing to the increasing count of accidents taking place at workplaces, thus making the safety of workers mandatory in application sectors such as that of oil and gas, mining, and construction. “The growing fire brigade fleet size is also raising preference toward fall protection equipment, thus boosting market growth”, says a TMR analyst
On the other hand, the increasing proliferation of inexpensive and low quality products may inhibit the development of the rescue fall protection equipment market, states a TMR analyst. This is owing to the increasing competition amongst the big and small players dominant in the market. The renowned and premium players have gained a good reputation due to the introduction of sophisticated high quality products. However, owing to the soaring demand for this equipment, there is an increased proliferation of low quality and cheap products in the market. These low quality products are being extensively utilized across number of applications, thus presenting stiff competition for the premium brands. This may pose a negative impact on the growth of the overall market.
Nevertheless, the increasing regulations posed by governments to encourage the introduction of standard products in the market may lower the negative impact caused by low quality products, thus supporting the growth of the overall market.
This information is based on the findings of a report published by Transparency Market Research titled, “Fall Protection Equipment Market in Rescue - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The fall protection equipment market has been segmented as follows:
- Body Belts
- Chest Harness
- Full Body Harness
- Suspension Belts
- Vertical Lifelines
- Self Retracting Lifelines
- Horizontal Lifelines
- Safety Nets
- North America
- Asia Pacific
- Latin America
- Middle East
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