Fall Protection Equipment Global Market Opportunities and Strategies to 2033

This report describes and explains the fall protection equipment market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global fall protection equipment market reached a value of nearly $3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.46% since 2018. The market is expected to grow from $3 billion in 2023 to $4.4 billion in 2028 at a rate of 7.70%. The market is then expected to grow at a CAGR of 8.20% from 2028 and reach $6.5 billion in 2033.

Growth in the historic period resulted from the growing popularity of adventure sports and recreational activities, strong economic growth in emerging markets, increasing awareness about occupational hazards and expansion of the oil and gas industry. Factors that negatively affected growth in the historic period included limited availability of skilled labor.

Going forward, rapid urbanization, rising investments in infrastructure development projects, increasing incidents of falls in the workplace and expansion of the telecommunications industry will drive the market. Factors that could hinder the growth of the fall protection equipment market in the future include budget constraints.

The fall protection equipment market is segmented by type into soft goods, hard goods, rescue kits, body belts, full body harness and other types. The soft goods market was the largest segment of the fall protection equipment market segmented by type, accounting for 33.19% or $1.1 billion of the total in 2023. Going forward, the soft goods segment is expected to be the fastest growing segment in the fall protection equipment market segmented by type, at a CAGR of 8.88% during 2023-2028.

The fall protection equipment market is segmented by product into anchors and connectors, bodywear, devices and other products. The bodywear market was the largest segment of the pipe flanges market segmented by product, accounting for 38.97% or $1.2 billion of the total in 2023. Going forward, the bodywear segment is expected to be the fastest growing segment in the pipe flanges market segmented by product, at a CAGR of 8.60% during 2023-2028.

The fall protection equipment market is segmented by end-use industry into construction, telecom, energy and utility, transportation, mining, oil and gas and other end-use industries. The construction market was the largest segment of the fall protection equipment market segmented by end-use industry, accounting for 34.33% or $1 billion of the total in 2023. Going forward, the construction segment is expected to be the fastest growing segment in the fall protection equipment market segmented by end-use industry, at a CAGR of 8.50% during 2023-2028.

North America was the largest region in the fall protection equipment market, accounting for 40.56% or $1.2 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the fall protection equipment market will be Asia-Pacific and South America, where growth will be at CAGRs of 9.22% and 7.89% respectively. These will be followed by Eastern Europe and Western Europe, where the markets are expected to grow at CAGRs of 7.60% and 7.40% respectively.

The global fall protection equipment market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 14.40% of the total market in 2022. 3M Company was the largest competitor with a 4.53% share of the market, followed by W.W. Grainger Inc. with 2.70%, Honeywell International Inc. with 2.45%, Karam Industries Inc. with 1.56%, MSA Safety Company with 1.30%, Bergman & Beving AB with 1.24%, Werner Co. with 0.50%, SKYLOTEC GmbH with 0.06%, Guardian Fall Protection Inc. with 0.04% and Elk River Inc. with 0.02%.

The top opportunities in the fall protection equipment market segmented by type will arise in the soft goods segment, which will gain $532.9 million of global annual sales by 2028. The top opportunities in the fall protection equipment market segmented by product will arise in the bodywear segment, which will gain $602.44 million of global annual sales by 2028. The top opportunities in the fall protection equipment market segmented by end-use industry will arise in the construction segment, which will gain $523.38 million of global annual sales by 2028. The fall protection equipment market size will gain the most in the USA at $366.56 million.

Market-trend-based strategies for the fall protection equipment market include focus on innovative products to enhance product offerings, focus on developing fall prevention systems tailored for easy installation on all types of MEWPs (mobile elevating work platform), focus on partnerships and collaborations, launch of new products with enhanced safety and focus on technological advancements to develop new products.

Player-adopted strategies in the fall protection equipment market include focus on strengthening business capabilities through strategic partnerships and focus on strengthening business operations through new product launches.

To take advantage of the opportunities, the analyst recommends the fall protection equipment companies to focus on innovation for market expansion, focus on tailored fall prevention systems for mobile elevating work platforms (MEWPS), focus on safety solutions designed for utility workers, focus on technological innovations for enhanced safety, focus on soft goods and hard goods segments, focus on body wear and anchors and connectors segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on construction and oil and gas segments for growth and focus on catering to adventure sports and recreational activities.