With major players contesting each other to emerge dominant, the personal protective equipment market in Saudi Arabia exhibits a highly competitive vendor landscape. In 2014 companies such as Honeywell International, 3M Corporation, and MSA Safety have emerged as the leading providers of personal protective equipment in Saudi Arabia. According to a new study by Transparency Market Research (TMR), these companies collectively held over 50% share in the Eastern, Western, and Central provinces of Saudi Arabia.
TMR forecasts the Saudi Arabia personal protective equipment market to report a CAGR of 7.0% between 2015 and 2021. Expanding at this rate, the market is projected to reach US$444.2 mn in 2021. Furthermore, by the end of 2016 the market is poised to reach US$318.7 mn. The oil and gas sectors accounts for the majority of demand for personal equipment reported in Saudi Arabia. The segment is therefore expected to reach US$175.0 bn by the end of 2021.
By the end of 2021, the Eastern Province is expected to contribute over US$233.6 mn of the total revenue generated by the personal protective equipment market in Saudi Arabia. The region is thus expected to hold the leading market share during the forecast period.
Implementation of Stringent Regulations to Spur Adoption of Personal Protective Equipment
Saudi Arabia has witnessed a fair share of workplace related accidents in the past. The increasing number of these accidents has compelled the government to resort to highly stringent safety policies for industries to adhere. This forthcoming wave of regulations is expected to result in the massive proliferation of personal protective equipment in Saudi Arabia. This applies particularly to the oil and gas sector, which provides substantial contribution towards Saudi Arabia’s GDP.
Additionally, “The increasing approval of new designs for safety devices is expected to give the market significant boost during the forecast period,” said a lead TMR analyst.
Large-scale Automation across Industries Could Limit Adoption of Personal Protective Equipment
As with most nations, the production processes across industries in Saudi Arabia are expected to undergo large-scale automation. This however could have a negative impact on the market since it will eventually reduce the need for workers in industries. This is a crucial factor posing challenge to the personal protective equipment market in Saudi Arabia.
“The market is further hampered by the large number of domestic players involved in manufacturing cheap safety products,” added the TMR analyst. The scenario will compel the more prominent companies to reduce their product prices, and consequently slow down their rate of development.
Nevertheless, with the personal protective equipment manufacturers looking to the burgeoning industrial scenario in Southern and Northern provinces of Saudi Arabia, their future in the nation seems quite promising. In the last couple of years, both these regions have exhibited excellent industrial growth yet have remained relatively untapped by personal protective equipment manufacturers.
This review is based on findings published by TMR in a report, titled “Personal Protective Equipment Market - Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The report segments the Saudi Arabia Personal Protective Equipment Market as:
Saudi Arabia Personal Protective Equipment Market by Product Type
Saudi Arabia Personal Protective Equipment Market by Application Type
Saudi Arabia Personal Protective Equipment Market by Province
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