PUBLISHER: Allied Market Research | PRODUCT CODE: 1298414
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298414
The global construction worker safety market was valued at $2,956.0 million in 2022, and is projected to reach $7,818.9 million by 2032, registering a CAGR of 10.1% from 2023 to 2032.
Equipment specifically made to protect construction workers from hazards of various kinds is offered under construction workers' safety equipment. The accidents that occur at construction sites for industrial, commercial, and residential buildings may result in minor injuries or fatalities.
Since the establishment of safety programs, the focus of workplace safety has shifted from identifying unsafe conditions to identifying risks for prevention-based programs that put an emphasis on education, training, and spotting issues before someone is injured. As businesses recognize that adopting a proactive strategy for injury prevention and treatment reflects their commitment to their employees' well-being, workplace safety has become a top concern. Construction work safety items are in demand due to the hazardous working conditions at construction sites. All these instances are expected to accelerate the growth rate of the construction worker safety market.
In addition, employee safety expenditure is projected to increase in the coming years to support growth opportunities for key players in the global construction worker safety industry. In addition, important market players have expanded their businesses through acquisition strategies. For instance, in January 2021, ERM Company acquired ESC (Engineering Safety Consultants), a global engineering consultancy and functional safety management company based in the UK. The acquisition of ESC further enhances ERM's capacity and capability in relation to process safety and technical services. Therefore, in construction sector, the demand for construction worker safety equipment is rising, this in turn is expected to drive market growth.
Installing a workplace safety system is essential as a precautionary measure to protect workers and equipment in an emergency. Organizational budgets are heavily squeezed by the high costs associated with designing, implementing, installing, and maintaining worker safety components. Installation and subscription costs for implemented solutions are high. Large organizations can afford the exorbitant installation costs of these solutions, however, small businesses in low-income countries struggle to afford these solutions. These elements limit the expansion of the construction worker safety industry.
In addition, new trends in smart personal protective equipment PPE are being introduced by major market players. A Bluetooth component allows smart PPE to connect to the Internet and other devices to provide real-time information on worker safety. Furthermore, it helps collect information about employee movements and notifies users that placement adjustments can be made. Such trends are anticipated to present lucrative opportunities for the growth of the construction worker safety market.
The construction worker safety market is segmented on the basis of type, construction type, application, and region. By type, the market is classified into personal protective equipment, fall protection equipment, and safe excess equipment. By construction type, the market is divided into residential, commercial, and industrial. By application, the market is bifurcated into worker body safety and workplace safety.
Region wise, the construction worker safety market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the construction worker safety market include: Ansell Ltd., DuPont, ESC Safety Consultants, Hilti, Honeywell International Inc., 3M Company, Mallcom Limited, MSA, Radians, Inc., and Rock Fall Ltd.
Major companies in the market have adopted acquisition, collaboration, and product launch as their key developmental strategies to offer better products and services to customers in the construction worker safety market.