New Product Developments was the key Growth Strategy Adopted by Leading Players in the Global Fall Protection Market
The global fall protection market is estimated to be USD 1.82 Billion in 2017 and is projected to reach USD 2.69 billion by 2022, at a CAGR of 8.1% from 2017 to 2022. New product developments was the key growth strategy adopted by leading players in the market. Besides this strategy, major players also adopted expansions, mergers & acquisitions, and partnerships to strengthen their position in the global fall protection market. A majority of strategic developments were undertaken in the Asia Pacific, Europe, and North America between 2015 and 2017 (February).
Key players operating in the global fall protection market include 3M Company (US), Honeywell International Inc. (US), MSA Safety Inc. (US), Werner Co. (US), GF Protection Inc. (US), SKYLOTEC GmbH (Germany), W.W. Grainger, Inc. (US), Total Access (UK) Ltd. (UK), Kee Safety, Inc. (UK), and FallTech (US).
The growth of the fall protection market was largely influenced by new product developments over the past five years. Companies such as 3M Company, Honeywell International Inc., MSA Safety Inc., and GF Protection Inc. undertook new product developments, expansions, mergers & acquisitions, and partnerships to expand their regional presence and enhance their product offerings.
The 3M Company (US) is a key player in the global fall protection market. The company offers a comprehensive range of fall protection products for various end-use industries, such as construction, general industry, oil & gas, telecom, transportation, energy & utilities, and mining. The company adopted new product developments and mergers & acquisitions as its major growth strategies. In August 2015, the company acquired Capital Safety (US) to expand its business of fall protection products across the global.
Honeywell International Inc. (US) is another leading manufacturer in fall protective market. The company adopted new product developments as a key growth strategy to expand its business globally. The company offers a wide range of fall protective equipment for construction, general industry, oil & gas, telecom, transportation, energy & utilities, mining, and other industries. For example, Honeywell Söll GlideLoc ladder and Söll BodyControl are used in telecommunication, utilities, and general industries.
In January 2016, the company introduced innovative fall arresters for height protection against dangerous backward fall.
Related Reports:
Fall Protection Market by Type (Soft Goods, Hard Goods, Installed System, Access System, Rescue Kit, Services), End-use Industry (Construction, General Industry, Oil & Gas, Energy & Utilities, Telecom, Transportation, Mining) - Global Forecast to 2022
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