Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Construction Worker Safety Market By Type, By Construction Type, By Application: Global Opportunity Analysis and Industry Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global construction worker safety market exhibited a valuation of $2.95 billion in 2022, with projections indicating a robust growth trajectory.
Forecasts anticipate the market to attain a valuation of $7.81 billion by 2032, translating to a Compound Annual Growth Rate (CAGR) of 10.1% within the period of 2023 to 2032.
The market is characterized by the provision of specialized equipment designed to safeguard construction workers from diverse hazards present at construction sites. Incidents occurring at such sites, whether related to industrial, commercial, or residential projects, can result in minor injuries or even fatalities.
In recent times, the focus on workplace safety has evolved from merely identifying unsafe conditions to adopting proactive measures for hazard prevention. This shift encompasses a greater emphasis on education, training, and risk assessment as a means of averting potential issues before they result in injuries. Notably, companies recognize that embracing a proactive approach to injury prevention not only safeguards employees but also showcases a commitment to their well-being. Given the hazardous nature of construction work, the demand for safety equipment has surged, thus bolstering the growth of the construction worker safety market.
Market Dynamics
- The market is driven by a rise in accidents and fatalities at construction sites.
- Increasing adoption of prevention-based safety programs reflects businesses' commitment to employee well-being.
- Investment in employee safety is expected to rise, supporting growth in the construction worker safety industry.
- Key players are expanding through acquisition strategies to enhance capabilities.
Challenges and Opportunities
- High costs of installation, implementation, and maintenance of safety components limit expansion, especially for small businesses.
- Smart personal protective equipment (PPE) with real-time connectivity and data collection is a growing trend.
- The adoption of smart PPE presents opportunities for market growth.
Market Segmentation
- The market is segmented based on type, construction type, application, and region.
- Types of safety equipment include personal protective equipment, fall protection equipment, and safe excess equipment.
- Construction types include residential, commercial, and industrial.
- Applications include worker body safety and workplace safety.
Regional Analysis
- Analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
- North America dominates due to advanced technology demand, high diagnosis rates, and key player presence.
- Europe, Asia-Pacific, and LAMEA contribute to the market's growth with diverse trends and opportunities.
Key Players and Competition
- Major players in the market include Ansell Ltd., DuPont, ESC Safety Consultants, Hilti, Honeywell International Inc., 3M Company, Mallcom Limited, MSA, Radians, Inc., and Rock Fall Ltd.
- Acquisition, collaboration, and product launch are key strategies for offering better products and services.
Key Benefits for Stakeholders
- The report provides quantitative analysis, trends, estimations, and dynamics from 2022 to 2032.
- It highlights key drivers, restraints, and opportunities for profit-oriented business decisions.
- Porter's five forces analysis assesses buyer and supplier potency.
- Market segmentation analysis identifies prevailing opportunities.
- Regional mapping helps understand revenue contributions.
- Player positioning aids benchmarking and market understanding.
Companies Mentioned
- 3M Company
- Ansell Ltd.
- DuPont
- ESC Safety Consultants
- Hilti
- Honeywell International Inc.
- Mallcom Limited
- MSA
- Radians, inc.
- Rock Fall Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/awwvpy
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