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North American Fall Protection Growth Opportunities
The North American fall protection market generated $820. 7 million in 2021. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 3. 9% to $993. 8 million in 2026, driven by regulatory updates, growth resurgence in end-use industries, better end-user safety awareness, and greater adoption of improved fall protection equipment.
New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North American Fall Protection Growth Opportunities" - https://www.reportlinker.com/p06318431/?utm_source=GNW
The top 5 participants in the market—3M, Honeywell, MSA, Guardian, and FallTech—accounted for 68.0% to 78.0% of the total fall protection market revenue in 2021. Fall protection manufacturers are trying to gain market presence through Mergers and Acquisitions (M&As) as well as organic growth.
The construction industry accounted for 32.7% of the revenue in 2021 and is expected to remain a major end-user segment for fall protection equipment and services.
Other major end-use industries are manufacturing (21.4%), telecom (13.4%), utilities (13.0%), and oil and gas (9.8%). Wind energy is expected to witness the highest revenue growth with a CAGR of 6.3%. This is because of the large number of ongoing and expected on-shore and offshore wind farm projects in the region.
According to the Bureau of Labor and Statistics (BLS), ’wind turbine service technician’ is expected to be the second-fastest growing occupation in the US between 2020 and 2030. Soft goods generated the highest revenue share of 41.6% in 2021. This segment is also expected to grow more than the average, given the high demand for soft goods in end-user industries, such as construction, manufacturing, and utilities.
The higher adoption of soft goods is also because of the relatively cost-effective prices of soft goods.
The services segment is expected to witness high growth at a CAGR of 5.6%, driven by increasing end-user safety awareness, enhanced regulatory enforcements, and increasing investments in training facilities by major end-user industries to reduce fall injuries.
Read the full report: https://www.reportlinker.com/p06318431/?utm_source=GNW
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