Selbyville, Delaware, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Tool Tethering Market size is anticipated to reach over USD 590 million by 2030, according to a new research report by Global Market Insights Inc.
The construction industry has grown substantially in the Asia Pacific owing to rapid urbanization across developing economies, which is a prominent driver for tool tethering market growth, as per the report. Citing an instance, the construction sector in China registered around USD 893.6 billion in 2018 which increased to more than USD 1.1 trillion in 2021.
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The resumption of construction activities following the COVID-19 outbreak will enhance the prospects for aggregates and quarrying in Southeast Asian nations of Thailand, Vietnam, and the Philippines in 2022, bolstering the global market outlook.
Multifaceted advantages of wrist lanyards to bolster product demand
With regards to product, the wrist lanyards segment is expected to grow at a CAGR of over 8% through 2030. This growth can be credited to a variety of benefits and functionalities such as modular buckle design, adjustable length, and multiple tool attachment capabilities.
Wrist lanyards are primarily used during events like conferences and seminars, concerts, conventions, and more. Furthermore, they are used to protect electronic gadgets like cameras, MP3 players, and smartphones. Such a wide application range coupled with beneficial features will stimulate product demand.
The traditional lanyards segment is projected to exhibit a CAGR of 8.5% through 2030. This growth can be associated with the rising deployment of electrical components. Single-point conventional lanyards are equipped with as well as without metal connectors. These products can be directly tied in a knot making it useful while working on electrical components and fostering industry growth.
Browse key industry insights spread across 255 pages with 223 market data tables & 30 figures & charts from the report, “Tool Tethering Market Size By Product (Wrist Lanyards, Coil Lanyards, Retractable Lanyards, Traditional Lanyards, Specialty Lanyards), By Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom, General Industry), By Channel (Retail, Industrial MRO), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/tool-tethering-market
Growing relevance of tool tethering in oil & gas application to proliferate market demand
Tool steel market from oil & gas application segment is anticipated to reach 2,000 thousand units by 2030. This is attributable to the growing importance of tool tethering among rig workers spending a substantial amount of time working on high platforms. Furthermore, there is a high possibility of losing or damaging expensive tools in the sea, which may foster industry landscape.
The report also mentions that the mining segment of the tool tethering market is expected to grow at a 10.5% CAGR through 2030. This growth can be credited to surging demand for minerals and utility metals across the mining sector.
Integration of advanced analytics into industrial MRO to foster business expansion
In terms of channel, the industrial MRO segment is anticipated to achieve 8,500 thousand units by 2030. This growth is credited to the increased availability of various products on a single platform. Furthermore, the integration of advanced analytics into industrial MRO platforms will help customers to make informed purchase decisions, fueling segmental expansion.
Growing awareness regarding labor safety will propel market statistics in Europe
Regionally, the Europe tool tethering market is anticipated to reach USD 180 million by 2030. This is credited mainly to favorable worker safety initiatives being implemented in the region. In addition, the growing construction and automotive industries create a favorable outlook for regional business growth.
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Surging investment by prominent players in R&D activities
Ergodyne, 3M, MSA Company, Milwaukee, NLG, Stanley, FallTech., and Buckingham Manufacturing Co Inc are some of the key players involved in the tool tethering market. Growing investment initiatives from prominent companies into research and development activities will enable the organizations to unveil innovative products and reduce carbon emissions during production.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
