Fall Protection Market Size, Share & Trends Analysis Report By Type (Soft Goods, Hard Goods), By End-use (Construction, Manufacturing), By Region, And Segment Forecasts, 2022 - 2030

Fall Protection Market Growth & Trends

The global fall protection market size is expected to reach USD 4.77 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 7.0% during the forecast period. The global industry is primarily driven by the growing demand for workers’ safety, coupled with mandated policies by regulatory agencies for companies to maintain worker safety in various end-user industries. Fast-paced GDP growth and increasing employment in industries across the Asia Pacific and the Middle East have increased the focus on workers’ safety. Companies are emphasizing worker safety and establishing safety norms to avoid fall accidents, which have a negative influence on operating expenses in the form of compensation and arbitrated settlements, hence aiding industry growth.

The ongoing innovations in product development for manufacturing products that offer improved comfort, functionality, and movement, while adhering to regulatory standards, through the use of improved fabrics and materials are anticipated to fuel the industry growth. The Asian Development Bank (ADB) allocated USD 250 million as a loan for the National Industrial Corridor Development Program of India (NICDP) in November 2021 for the construction of 11 industrial corridors connecting 17 states of India. Such initiatives are anticipated to increase product demand during the forecast period.

Growing population, rapid industrialization in developing nations, increasing construction activities worldwide, and the rising popularity of recreational activities like rock climbing and ice climbing are some of the major factors anticipated to propel the industry growth during the forecast period. Companies are launching new products to strengthen their product portfolio. In September 2020, McNetiq launched a series of magnetic anchors intended for fall protection for workers when working at heights and this is used in places constructed of steel and not having edge protection. This product launch also helped the company diversify its product portfolio.

Fall Protection Market Report Highlights

• The soft goods segment led the global industry in 2021 owing to increasing demand for harnesses coupled with rising awareness pertaining to worker safety in various end-use industries
• The construction industry is expected to witness considerable growth from 2022 to 2030 on account of mandates by governments of various countries to reduce the number of accidents and causalities during construction activities
• Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to a rise in M&A activities and increased infrastructure development by governments, thus driving the industrial construction sector
• North America is expected to be the largest region in terms of global revenue during the forecast period, owing to rising worker safety concerns, and early adoption of cutting-edge technology
• In January 2022, Diversified Fall Protection (DFP) completed the acquisitions of two similar line companies, namely Rooftop Anchor, Inc. (RTA) and Versatile Systems
• In November 2021, Rothoblaas increased its line of fall prevention systems & protective gear. This allowed the firm to broaden its product range while also meeting the technical & regulatory international standards for its goods