LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global safety harness market is projected to grow to USD 1,380 million by 2021, at a CAGR of more than 7% over the forecast period.
“The construction industry is the largest end-user segment of the safety harness market, generating around 45% of the overall revenue. The wearer compliance is high in this industry, which is the key factor driving the market dominance of the segment”
This research report titled ‘Global Safety Harness Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The safety harness is a personal protective equipment that is worn on the body to protect oneself from injury or damage, especially at heights above ground level. The vendors in the market space have invested in enhancing the product comfort, leading to relative ease while performing laborious tasks in a safe and secure setting. The increased product comfort has greatly enhanced the adoption of the product.
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Based on end-user, the report categorizes the global safety harness market into the following segments:
- Construction industry
- Oil and gas industry
- Manufacturing industry
- Other industries
The top three revenue-generating end-user segments in the global safety harness market are discussed below:
“The construction industry is the largest end-user segment of the safety harness market, generating around 45% of the overall revenue. The wearer compliance is high in this industry, which is the key factor driving the market dominance of the segment,” says Sarah Haque, a lead analyst at Technavio..
Additionally, improvement in the global economy is boosting the growth of the construction sector, leading to a direct increase in demand for personal protective equipment (PPE) such as safety harness. Also, the mandatory implementation of stringent rules by the OSHA and other regulatory bodies for the construction industry will lead to the additional sales of safety harnesses.
Oil and gas industry
A large number of the oil and gas industry workers are involved in work with significant occupational hazards, leading to the large-scale deployment of PPE. Vendors in the safety harness market provide customized products designed specifically to suit the requirements of the oil and gas industry. For instance, 3M offers an oil and gas general purpose harness called 1 EA/Case -- OBSOLETE, and Honeywell International offers the Miller AirCore Oil and Gas Harness. The presence of such customized safety harnesses will lead to the growth of the market segment.
“The manufacturing industry is evolving, with swift growth from the developing countries in APAC and the dominance of the industry in the Middle East. The market segment is expected to grow at a CAGR of close to 7% over the forecast period,” says Sarah.
Also, the availability of cheap labor is expected to result in the significant growth of the manufacturing industry. Industrialized countries are estimated to grow at over 1.1% while developing economies such as India and China are estimated to grow at over 4.5%. This will lead to significant demand for PPE such as safety harnesses in the industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Honeywell International
- MSA Safety
- CMC Rescue
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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