Frost & Sullivan Forecasts High Growth for Fall Protection in Western Europe
The company reported it expects wind energy, transportation, and utilities to experience higher growth than other PPE segments through 2021 as they increasingly adopt sophisticated products.
Frost & Sullivan reported this week that it expects the fall protection market to grow strongly through 2021 in Western Europe thanks to the rising use of sophisticated products by sectors including wind energy, transportation, telecommunications, and utilities. Fall protection will experience higher growth than other PPE segments through 2021, according to the company's report.
It says the Western European fall protection market generated revenue of €343.5 million ($363 million) in 2016 and is expected to reach €412.2 million ($436 million) in 2021. "Wind energy, transportation, and utilities are expected to experience high market growth due to adoption of sophisticated products and growing penetration. On the other hand, construction and general industrial are expected to offer high potential for growth due to existing low compliance in these verticals coupled with stringent enforcement of regulations. The fall protection market is expected to offer high growth when compared to other PPE product segments. This is because of growing awareness and stringent enforcement of safety regulations across Western Europe," the company's summary states.
It also forecasts high growth for fall protection installed systems and fall protection services as their penetration in utilities, telecommunications, and transportation industries grows, although industry-specific innovation in access systems and monorails and guardrails segments "is expected to restrain market revenues," it says, adding that Brexit (potentially taking Britain out of the European Union) has temporarily resulted in higher product prices, but this isn't expected to restrain adoption because "fall protection is considered highly essential with increasing customer and end-user awareness."
The report looks broadly at the use of fall protection equipment and services in the region by key industrial segments and by region, looking at growth rates and whether products and services being offered currently meet customers' needs.