Report : US Fall Protection Equipment Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Product Type (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, and Others) and Application (Construction, Transportation, Oil & Gas, Mining, Energy and Utilities, Telecom, and Others)hers)
Rise in Construction Activities Fueling US Fall Protection Equipment Market
As per the latest market study on “US Fall Protection Equipment Market Forecast to 2028 – COVID-19 Impact and US Analysis – by Product Type, (Soft Goods, Hard Goods, Rescue Kits, Body Belts, Full Body Harness, and Others) Application (Construction, Transportation, Oil & Gas, Mining, Energy and Utilities, Telecom, and Others),” the US fall protection equipment market was valued at US$ 1,009.39 million in 2021 and is projected to reach US$ 1,609.28 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
The construction sector contributes significantly to the US economy. The construction industry employs around 733,000 people and generates nearly US$ 1.4 trillion in structures each year. According to the United States Construction Databook Series, despite pandemic-related problems, the US construction sector is expected to increase by more than 15% in 2021. Texas, Florida, Georgia, Arizona, Washington, and Nevada appear to have the highest rates of growth in 2021. These are the states where rapid residential development is taking place, owing to population growth. The building sector is strengthening, as seen by continued expansion in the new home market. Several firms have announced future projects to help jumpstart the rehabilitation and reconstruction of the country. For instance, Tesla recently purchased 381 acres of property in Austin, Texas. The US$ 1.1 billion manufacturing project will provide much-needed support for the industrial building sector's expansion. Similarly, Ferrero North America has revealed plans to build a new chocolate production facility in Illinois. With a total expenditure of US$ 75 million, this will be the company's first production factory in North America. In addition, Texas continues to boast the fastest-growing cities in the country. Despite challenges in 2020, the oil industry is finally starting to recover. As a consequence, the economy is boosted. As more people move to Texas, there will be more properties available, which will lead to a greater building. The aforementioned factors are expected to fuel the need for fall protection equipment in the region.
The fall protection equipment market is segmented based on product type and application. Based on product type, the market is segmented into soft goods, hard goods, rescue kits, body belts, full body harness, and others. In terms of application, the fall protection equipment market is divided into construction, oil and gas, transportation, energy and utilities, telecom, and others.
The key companies profiled in the tax software market include 3M, Falltech, French Creek Production, Frontline, Guardian Fall Protection, Kee Safety, KwikSafety, MSA Safety Incorporated, Honeywell International Inc., and Tritech Fall Protection. Several other players are also functioning in the market worldwide, contributing significant revenue shares year-on-year.
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