Enforcement Driving Strong Growth of Fall Protection
The fall protection market in North America will accelerate thanks to strong enforcement and will reach $670.5 million in 2017, according to a new Frost & Sullivan report.
A compound annual growth rate of 5.7 percent is forecast for the fall protection market in North America to 2017, according to newly released research from Frost & Sullivan that says this accelerated growth will result from several regulatory bodies’ cracking down on non-compliant companies.
By 2017, this increasingly competitive market will reach $670.5 million, it predicts.
The company's news release says stronger enforcement of safety regulations by the government, oil and gas commissions, and OSHA and regulatory updates by ANSI and the Canadian Standards Association are expected to continue during the next five to seven years. This ends a period of low to moderate levels of compliance with safety regulations, which hindered the growth of this market.
"Government regulators form industry standards across the North American fall protection equipment market by emphasizing the need for personnel working in an unprotected area to wear fall arrest equipment," said a Frost & Sullivan research analyst. "As the legislation becomes more rigorous, the number of workers affected by the requirements will increase, giving a boost to equipment sales. Innovation, proximity to end users, investment in brand awareness, rational resources allocation, as well as new market and sector development, are vital to succeed in the fall protection equipment market," the analyst said. "Novel technologies and improvements in ergonomics, comfort, and convenience are expected to increase equipment reliability and use."
The research indicates the aging labor force and obsolete infrastructure have both intensified the requirement for fall protection and heightened competition.
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