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

by ConstructionFeatured News

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.

Fire detection market analysis: regulation drives growth

by Featured NewsFire Detection

International Fire and Safety Journal analyses the current state of the fire detection market

The fire detection market is currently in a period of growth due to various factors. Governments and organisations around the world are implementing regulations that require the installation of fire detection systems, leading to increased demand for these systems. The market is also being driven by advancements in technology, including the adoption of wireless systems and the rise of smart home technology.

However, the market is also facing some challenges, such as concerns about the initial cost of installing fire detection systems and issues related to false alarms and detection failure. Overall, the market is expected to continue growing in the coming years as more attention is placed on fire safety and new technologies are developed.

According to Maximize Market Research, a global electronics business-consulting firm, the fire alarm and detection market was valued at US $34.67 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.12% until 2029 when it’s estimated to reach US $64.76 billion. This growth is expected to be influenced by increased deployment of fire safety systems in educational institutes, as well as awareness among residential and commercial sectors for fire detection.

Advancement and innovation in the fire alarm and detection system, as well as rising awareness about fire safety, rapid urbanisation, and industrialisation, are also expected to drive market growth. Governments are also taking initiatives to implement fire protection systems at commercial and residential sectors, which is a positive impact on the business landscape.

However, it is important to note that the high initial costs of the fire alarm and detection system, along with concerns related to false alarms and detection failures, may restrain market growth over the forecast period. Nonetheless, the installation of fire alarm and detection systems from buses to homes is necessary to save lives and avoid injuries and so will contribute to market growth.

A return to growth

Lots of companies, from manufacturers to dealers, have been working hard to make sure everyone from the public to decision makers know more about fire safety. This has involved engaged marketing to get the message out about how important it is to have a fire protection system in place. Forecasts show that it is working as there are wide indication that even small and medium-sized businesses are getting on board. As a result, the fire protection system market has been steadily growing.

Governments all over the world have been making laws and rules to keep us safe from fires at work. This is helping to make fire protection systems more popular all over the world. It is especially important for buildings like homes and offices to have these systems in place, so the market for fire protection systems is going up and up. Businesses use them too, to keep their employees safe and prevent big losses if a fire breaks out.

The COVID-19 pandemic has caused some problems for the fire protection system market. Supply chains have been messed up in lots of countries, and sales have gone down. But people are coming up with new ways to keep everyone safe, and new technology is making it easier to sell fire protection systems to the right people. And as more and more homes are being built, the market for these systems is going to keep growing.

The biggest market for fire alarms and detection systems is in North America, especially the US. The US have increasingly strict rules around fire safety and are investing a lot in their infrastructure to prevent further loss of life and property. The Asia Pacific region is expected to be the fastest-growing market for these systems, though. The region is also investing a lot in infrastructure, meaning lots of opportunities for businesses that sell fire protection systems.

No smoke without fire

The global smoke detector market was worth about US $1.9 billion in 2018 and is expected to reach about US $3.4 billion by 2026.

A study found that in 2017 fire-related accidents caused almost 9 million injuries and over 120,000 deaths worldwide. Most of the injuries happened to people between the ages of 5 and 30, and burns affecting less than 20% of the body were the leading cause of disability among those injured. This mostly happened in low- and middle-income countries.

To prevent accidents like these, better measures need to be taken, and this is expected to increase the demand for smoke detectors. Governments and organisations are starting to require smoke detectors, and advances in technology are making them more accurate and reliable. There is also a growing market for smart smoke detectors that can be controlled remotely through the internet, especially as more people start to use smart home technology.Top of Form

Lithium-Ion battery market to quadruple by 2030

by Breaking News

The brainy Insights estimates that the lithium-ion battery market, valued at USD 45.67 billion in 2022 will reach USD 200.73 billion by 2030 according to The Brainy Insights, partly as a consequence of Government policies changing to become more sustainable and environment-friendly in response to growing concerns about climate change.

The report said that the need for energy is growing in line with worries about climate change. It is projected that global energy consumption will increase as developing nations industrialise. Smart power networks are being built along with the growing adoption of renewable energy sources for electricity production to combat climate change and satisfy growing energy demands.

The growing adoption of renewable energy sources to combat climate change will augment the lithium-ion battery market as it is used as an energy storage system in these energy sources.

Growth in the Asia Pacific

The report said that Asia Pacific is expected to have the largest market share in the lithium-ion battery market. China will dominate the Asia Pacific lithium-ion battery market as China is the world’s largest manufacturer and consumer of electric vehicles, explaining the area’s dominance in the market. 

Governments in both China and India are to meet consumer demand with manufacturing of electric vehicles through subsidies and incentives are doing well for the local market. The regional lithium-ion battery market will be driven by the increased push toward constructing renewable energy infrastructure.

A potential consumer market for electronics and electric cars exists due to the region’s large population and expanding economy. Technology advancements in the Chinese and Japanese sectors will drive the regional lithium-ion battery industry.

Overheating

Lithium-ion batteries are increasingly known for their fire risk, which may limit growth of the market. Batteries must be stored in dry, shaded areas because they cannot withstand high temperatures. These safety precautions are occasionally disregarded because of carelessness, which results in fires.

As negative media coverage damages the product’s reputation and reduces its adoption rate the market’s expansion will be constrained by the rising number of lithium-ion battery fires.

About the report

All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analysed driving factors, opportunities, restraints, and challenges for gaining critical insight into the market.