Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4 billion in 2022 global construction wearables market will reach USD 9.46 billion by 2032. The world has evolved to incorporate and uphold the basic human rights of all its citizens, including workplace safety. Construction is one of the highest employment generation sectors globally. It is also one of the top hazardous industries where occupational safety is at its lowest. According to the International Labour Organization, there are around 60 thousand preventable fatal accidents at construction sites annually. The majority of accidents are caused by falls. Smart construction wearables embedded with sensors can assess the user's surroundings and vitals, thereby enabling it to send signals when there are undesired health vitals or an increased risk of falls.
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The consistent efforts of labour unions, rights activists and civil society organizations have evolved labour safety or workplace safety laws, thereby making them comprehensive and robust. The government is also improving the implementation of these laws and mandating the use of the highest safety gear and work standards in the construction sector. These measures will propel the global construction wearables market's growth in the forecast period.
Key Insight of the global construction wearables market
Asia Pacific is expected to rise the fastest during the forecast period.
The region's demand for housing is driven by the large population with increasing disposable income. Global players are establishing their production and operational units in the area due to the lucrative labour market. The market for construction wearables will increase due to the rapid industrialization and urbanization of the Asia Pacific. The regional market will benefit from the government's growing investments in infrastructure to provide housing, healthcare, education, and connectivity to people.
In 2022, the helmet segment dominated the market with the largest market share of 40% and market revenue of 1.60 billion.
The product type segment is divided into watch, helmet, body vest, boot, AR glasses, exoskeleton and others. In 2022, the helmet segment dominated the market with the largest market share of 40% and market revenue of 1.60 billion.
In 2022, the commercial segment accounted for the largest market share, with 46% and market revenue of 1.84 billion.
The application is divided into residential, industrial, commercial, infrastructural and others. In 2022, the commercial segment accounted for the largest market share, with 46% and market revenue of 1.84 billion.
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Advancement in market
July 2022 – The Edinburgh-based company Reactec claims that its third-generation R-Link watches actively shields wearers from risks such as hand-arm vibration (HAV) and coming too close to hazardous, fixed or moving vehicles and equipment in use. The company claims that this watch will "revolutionize" health and safety in heavy engineering and construction. According to Reactec, the system uses the most recent sensor and communications technology, is built for dependability and simplicity of deployment in the most demanding environments and industries, and helps provide an "unprecedented" view of an employee's environment to enable managers to reduce risk in the workplace.
Market Dynamics
Driver: Demand for real estate is rising.
Urbanization, industrialization, liberalization, and globalization occurred simultaneously with population growth. Rapid industrialization and urbanization have raised wage levels all over the world. The desire for housing has grown as per capita income has risen. Property developers are multiplying all over the globe to meet the rising demand for housing. Similarly, governments are increasing their investments in infrastructure to draw MNCs, FDI, and FII into their various countries. It is anticipated that the drive to improve connectivity and networking through roads, ports, railroads, and airports will help fuel the growth in demand for building and construction. Governments have been urged to increase their spending on constructing hospitals, schools, affordable housing, community spaces, and public utilities to improve their citizens' living standards. In developing countries, the demand for workplace space, retail space, malls, parks, and private properties is rising with IT growth. Construction wearables will be more in demand due to the rising demand for building and construction from private and public players to safeguard site workers and boost productivity.
Restraint: The premium costs of smart construction wearables.
There is a renewed drive for improved market implementation of safety and security standards due to increased workplace accidents and fatalities in the building and construction sector. Private players are also making investments to improve labour safety. Government officials also ensure that market participants follow safety rules and regulations and are held accountable for not following the rules. Smart construction wearables are outfitted with smart technologies, premium production materials, and IoT. A few products developed using smart technologies, sensors, or IoT include smart watches, boots, vests, and augmented reality glasses. The high retail prices of these products are a result of the use of complex technology, materials, systems, and assemblage. Therefore, the market's expansion will be hampered by the expensive cost of smart and advanced construction wearables.
Opportunities: The more significant investment in research and development to advance construction wearable technology.
Helmets, gloves, boots, and jackets are just a few examples of the traditional safety equipment worn at building sites. However, these safety and security wearables for construction employees cannot guarantee their complete safety and maximum productivity. They frequently fail to ensure no workplace accidents or deaths. Players in the market recognize that worker health and safety are of utmost importance because people who are secure and healthy are more productive and efficient. As a result, money has been spent more on research and development to advance wearable building technology. Among the field-made headwinds are smart watches, boots, helmets, vests, and spectacles for augmented reality. These gadgets contain smart sensors that can detect vital signs and provide information or a warning when exhaustion or overexertion develops. The AR glasses allow the user to superimpose computer-generated images over their immediate surroundings, allowing them to evaluate their progress and spot any flaws or improvements. The increased investment in research and development to advance wearable construction technology will present lucrative possibilities to market participants during the forecast timeframe.
Challenge: Rules regulating the use of construction wearables are not uniform.
Workplace safety laws and guidelines vary from country to country. Regarding workplace safety, some countries have high standards that are strictly enforced and closely scrutinized to guarantee market player accountability. Others may have weak safety standards, minimal rules and laws, and lax enforcement. The countries with strong worker safety networks engage in high-end construction wearables, providing a sizable market for industry players. The lax regulations in some countries allow real estate developers or construction companies to operate without a control and deliver subpar construction wearables that endanger the safety and security of the workforce. The lack of standardized regulations governing construction wearables will hampered the market's expansion.
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Some of the major players operating in the global construction wearables market are:
• Behr Tech
• Eleksen
• GuardHat
• Intellinium
• Kenzen
• Modjoul
• Qoowear
• Reactec
• RealWear
• Retenua
Key Segments cover in the market:
By Product Type
• Watch
• Helmet
• Body Vest
• Boot
• AR Glasses
• Exoskeleton
• Others
By Application
• Residential
• Industrial
• Commercial
• Infrastructural
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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