Safety Lanyard Market: Industry Outlook, Growth Prospects and Key Opportunities
Harshad Borde 05-15-2019 comment profile send pm notify

Safety lanyards are wires, ropes, or cords used to secure personal working tools and other equipment to the body of workers to prevent accidents, especially while working at heights or over a water area. Safety lanyards are usually worn around the waist, neck, and shoulders of the workers. They can also be temporarily secured to fittings of masts, towers, ladders, railings, poles, roofs etc. Rising industrialization has propelled the growth of the safety lanyard market. Various rules and regulations put forth by governments of many countries have made it mandatory for all industries to safety lanyard market.

Safety standards by OSHA and ANSI regarding the safety of workers have made it obligatory to have safety lanyards in all manufacturing and construction industries. Growing infrastructure and construction activities across the globe is expected to create immense opportunities for expansion of the safety lanyard market over the forecast period. According to Bureau of Labor Statistics Census, the number of fatal occupational injuries was approximately 5,000 in 2017 across the globe.

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Usually industry accidents involve slips, trips, and falls, resulting in more than 500 accidental deaths every year as per the report of OSHA. Rising concerns about overall safety and growing fleet size of emergency services is also expected to lead to increasing growth of safety lanyards in the near future. Conventions regarding safety of workers such as Total Quality Management (TQM) is projected to fuel market demand during the forecast period. Management is becoming proactive regarding safety of workers, resulting in increasing demand for safety lanyards. Increasing investment on research and development is also expected to propel the demand over the forecast period

However, high price of safety lanyards are hampering the growth of the market. Moreover, the safety lanyard market is expected to face many other challenges over the forecast period. One major challenge is sale of inexpensive, low quality, substandard products because of lack of consumer awareness. This is likely to restrict market demand. Requirement of huge capital investment is a major threat for new entrants in the safety lanyard market. Need for training and lack of skilled labor is also a major challenge for the market. Increasing automation in manufacturing industries is resulting in declining growth of the safety lanyard market.

The safety lanyard market can be segmented in terms of product type, installed type, end-user, and geography. Based on product type, the market can be categorized into soft goods and hard goods. In terms of installed type, the market is divided into access system and rescue kit. On the basis of end-users, the safety lanyard market can be segmented into manufacturing, construction, chemicals, mining and minerals, food processing, and others.

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On the basis of geography, the safety lanyard market is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America and Europe are expected to dominate the market in terms of share over the forecast period due to rapid industrialization and urbanization. Asia Pacific is expected to dominate the market in terms of growth rate due to increasing construction during the forecast period.

Key players operating in the safety lanyard market are Honeywell International Inc., French Creek Production, Guardian Fall Protection, Capital Safety etc. Key players are adopting innovation and development of existing products as their main strategies to expand their product portfolio and to remain competitive in the market. Many manufacturers have adopted e-commerce and sell their products online which enables them to reduce their cost of operation and improve sales by targeting customers across the globe. Moreover, many manufactures are engaged in partnerships and collaborations to improve their presence by expanding their product portfolio.