Lightweight, durable products to find stronger growth opportunities, finds Frost & Sullivan
SANTA CLARA, Calif., May 15, 2019 /CNW/ -- While soft goods continue to dominate the fall protection market due to their low cost and ease of use, hard goods are experiencing a surge in demand due to the market shift from harnesses to self-retracting lifelines (SRLs). The ability of SRLs to arrest a fall quicker than harnesses has greatly accelerated their adoption. This demand, coupled with the rising awareness of the need for training services, is expected to drive the $802.4 million market toward $948.5 million by 2023.
"Fall protection vendors are currently focused on introducing comfortable, durable, and lightweight products," said Hrishikesh Vikas Dhatrak, Research Analyst, Visionary Science. "As product differentiation is emerging a key competitive factor, most major players have been investing in R&D and patenting incremental improvements in their offerings. Soft goods manufacturers, in particular, will be focusing on webbing technology for harnesses to make them fire resistant and, therefore, durable in extreme working conditions."
Frost & Sullivan's recent analysis, North American Fall Protection Market, Forecast to 2023, analyzes the market segments of soft goods, hard goods, installed systems, access systems, and rescue equipment. Trends related to services, which include training and maintenance, have also been covered in the research study. It presents market drivers, restraints, as well as revenue and pricing forecasts. Competitive structure and market share data have also been provided at the top level.
For further information on this analysis, please visit http://frost.ly/3g8
"Market participants have begun to introduce inspection and asset management systems to simplify the record-keeping process for the equipment. For instance, 3M offers i-Safe™ systems that eliminate the need for manual documentation and facilitate fast and easy scanning of RFID tags for better asset management," noted Dhatrak.
Fall protection vendors can make the most of the growth opportunities in the market by:
- Offering webbing technologies that not only have better load-bearing capacity but also aid ease of inspection.
- Developing a smaller cross section of the webbing to put more on the reel to deliver lanyards and SRLs of varying lengths.
- Creating housing made of thermoplastic, which is lightweight and enables easy visual inspection due to transparency.
- Providing training using virtual reality to help end users identify hazards and develop effective fall protection plans.
North American Fall Protection Market, Forecast to 2023 is part of Frost & Sullivan's global Future of Personal Protective Equipment (PPE) Growth Partnership Service program.
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North American Fall Protection Market, Forecast to 2023
SOURCE Frost & Sullivan