New York, Sept. 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “North American Fall Protection Growth Opportunities” Report – https://www.reportlinker.com/p06318431/?utm_source=GNW
The top 5 market players – 3M, Honeywell, MSA, Guardian and FallTech – accounted for 68.0%-78.0% of the total fall protection market revenue in 2021. Fall protection manufacturers are trying to win presence in the market through mergers and acquisitions (mergers and acquisitions) as well as organic growth.
The construction industry accounted for 32.7% of revenue in 2021 and is expected to remain a major end-user segment for fall protection equipment and services.
The other top end-use industries are manufacturing (21.4%), telecommunications (13.4%), utilities (13.0%) and oil and gas (9.8%). Wind power is expected to experience the strongest revenue growth with a CAGR of 6.3%. This is due to the large number of ongoing and planned onshore and offshore wind farm projects in the region.
According to the Bureau of Labor and Statistics (BLS), “wind turbine service technician” is expected to be the second fastest growing occupation in the United States between 2020 and 2030. Soft goods generated the highest revenue share the highest of 41.6% in 2021. The segment is also expected to grow more than average, given strong demand for non-durable goods in end-user industries, such as construction, manufacturing, and utilities.
The higher adoption of soft goods is also due to the relatively profitable prices of soft goods.
The services segment is expected to experience strong growth at a CAGR of 5.6%, driven by increased security awareness among end users, stronger regulatory enforcement and increased investment in training facilities by major industries end users to reduce injuries from falls.
Read the full report: https://www.reportlinker.com/p06318431/?utm_source=GNW
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