New report anticipates global construction worker safety market to reach $5.6 billion by 2029

Share this content

Facebook
Twitter
LinkedIn

The worldwide market for construction worker safety is predicted to grow to $5.6 billion by 2029, with a compound annual growth rate (CAGR) of 9.9% over the forecast period, according to a fresh report by KBV Research.

North America leads in safety innovations

North America, known for its technical firms and safety-focused clients, is a major player in the construction worker safety market. The area’s stringent safety standards and government regulations are driving this growth. In 2022, the region accounted for $881.1 million in the safety market.

Latest market strategies

To keep up with changing end-user demands, major players in the market have focused on product launches. For example, Radians released a climbing-style safety helmet, Titanium, in July 2022. The Titanium and earmuff attachment provide a dual safety solution, ensuring both head and hearing protection in moderately high-noise environments. Furthermore, Hilti introduced 30 new cordless tools to its Nuron Range in January 2023. These tools have applications in numerous industries including construction, engineering, heavy industry, interior finishing, and metalwork.

Market frontrunners and innovators

Market leaders include 3M Company, Honeywell International, and DuPont de Nemours, according to the KBV Cardinal matrix. An interesting development was the extended partnership between DuPont and veteran-led humanitarian company, Team Rubicon, in December 2022. The agreement involved providing Tyvek protective clothing, safety content, and access to safety personnel and potential volunteers. Hilti AG and MSA Safety Incorporated are noted as key innovators in the safety market.

Growth factors and restraining factors

The construction sector’s expansion, driven by increased investment in infrastructure and rising private sector investments, is propelling the safety market’s growth. Technological advancements are also contributing, with smart personal protective equipment (PPE) that can transmit real-time safety data gaining traction.

However, high costs and difficulties associated with implementing safety systems may hinder the market’s growth. Smaller businesses in low-income countries might struggle to afford the installation costs of these safety solutions.

Market outlook by application, type, and region

In terms of application, the safety market can be divided into worker body safety and workplace safety. The latter garnered substantial revenue share in 2022 due to an increase in concerns about occupational safety.

The market can also be divided by type into personal protective equipment, fall protection equipment, and safe excess equipment, with personal protective equipment holding the highest revenue share in 2022.

From a regional perspective, Europe registered the highest revenue share in the safety market in 2022, with automation and industrialisation increasing the market’s demand. Demographic changes such as variations in economic activity and income distribution are also expected to drive the market.

Recent market strategies

Recent market strategies include partnerships, product launches, and expansions. 3M teamed up with connected safety software company Guardhat in March 2023, with a view to improving safety for more frontline workers. Similarly, Hilti partnered with construction robotics company Canvas, hoping to reimagine construction work through artificial intelligence and robotics. Product launches included DuPont’s Kevlar® EXO™ aramid fibre in April 2023 and Hilti’s launch of 30 new cordless tools in January 2023.

Key companies profiled in the KBV report include 3M Company, Honeywell International, Hilti AG, MSA Safety Incorporated, DuPont de Nem. The report can be accessed here.

Newsletter
Receive the latest breaking news straight to your inbox