Characterized by the intense rivalry between Capital Safety Group, Latchways Plc, Honeywell Safety Products, Elk River Inc., MSA Safety Inc., and 3M Co., the global fall protection equipment market used in rescue operations demonstrates a highly fragmented structure, find a research report by Transparency Market Research (TMR).
With the leading players shifting their base towards emerging regions, such as Asia Pacific and Latin America, thanks to their high potential, the competition within this market is likely to increase considerably in the near future. To sustain in such environment, these companies are anticipated to engage in strategic partnerships and mergers and acquisitions over the next few years, notes the study.
As per the research report, the opportunity in the global market for fall protection equipment for rescue, which stood at US$1.9 bn in 2013, is estimated to increase at a CAGR of 9.0% during the period from 2014 to 2020 and reach a value of US$3.5 bn by the end of the forecast period. The demand for full-body harnesses has been greater than other fall protection equipment. However, with a CAGR of 9.60% between 2014 and 2020, safety nets are likely to register a rather fast-paced rise in their demand in the near future.
Increasing Implementation of Safety Mandates to Ensure Dominance of North America
The report also presents a comprehensive analysis of the global market for fall protection for rescue on the basis of its geographical spread. Africa, Europe, North America, Latin America, Asia Pacific, and the Middle East have been identified as the prime segments of this market in this study. Europe and North America are the most prominent regional markets for fall protection equipment, among which North America has acquired the leading position.
With the implementation of a number of safety mandates and the rise in emergency services, enhancing their fleet size, the North America market for fall protection equipment in rescue is likely to retain its position over the forthcoming years. Researchers estimate this regional market to rise at a CAGR of 8.70% during the forecast period.
Apart from this, Africa is projected to exhibit immense potential for growth in the near future due to the increasing number of rescue operations in several countries, such as Kenya, South Africa, and Nigeria.
Alarming Rise in Occupational Hazard Incidence to Boost Demand
“The alarming rise in the incidence of occupational hazards has increased the concerns safety at workplace across the world,” says the author of the study. The increasing enforcement of regulatory mandates concerning occupational safety and the rising fleet size of emergency services are likely to boost the demand for fall protection equipment used in rescue operations, worldwide, in the forthcoming years.
The emergence of attractive opportunities in developing regions, such as Africa, Asia Pacific, Latin America, and the Middle East are also projected to fuel the demand for these equipment and tools over the next few years. However, the presence of counterfeit and low-quality products at very low prices may hamper the growth of this market to some extent in the near future, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Fall Protection Equipment Market in Rescue - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
The global fall protection equipment market in rescue is segmented into:
- 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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