The Global Construction Safety Net Market Growth Accelerated By Increased Safety Concerns In Infrastructural Projects
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| Construction Safety Net Market |
Construction safety nets are
essential safety equipment used in construction projects to prevent workers and
equipment from falling. These nets are installed under structures, bridges,
buildings, and other construction sites. They help catch any falling objects or
people, thereby minimizing risks of injuries. Stringent worker safety laws
across major economies have increased the demand for safety nets significantly.
The global construction safety
net market is estimated to be valued at US$
3.98 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as
highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the
growth of the construction safety net market is the stringent regulations
imposed by government bodies around the world to ensure construction worker
safety. Falling from heights continues to be one of the major causes of
accidents at construction sites. Therefore, many developed nations have made
the use of safety nets mandatory at construction projects above a certain height.
For instance, in the U.S., the Occupational Safety and Health Administration
(OSHA) mandates the installation of safety nets at elevations greater than 25
feet under its Fall Protection standard. Such stringent norms have boosted the
adoption of construction safety nets. Furthermore, growing infrastructure
development activities globally are also fueling the demand for construction
safety nets as a preventive measure against fall-related accidents. However,
availability of alternative inexpensive fall protection equipment may hinder
the market growth.
SWOT Analysis
Strength: Construction safety
nets provide reliable fall protection for workers at heights. Their mesh
construction allows full visibility while working and distributing fall forces
evenly. Safety nets are cost-effective as they can be reused for multiple
projects and require less time and labor to install than other safety
equipment.
Weakness: Safety nets need to be
properly installed and securely anchored to ensure effective fall protection.
Inadequate installation can compromise their integrity. Weather conditions like
heavy winds or snow loads may also damage nets over time.
Opportunity: Increasing worker
safety regulations and guidelines around the world are driving greater demand
for fall protection equipment on commercial construction sites. More
contractors are adopting safety nets to meet compliance standards and prevent
expensive accident costs. Strict enforcement of rules could further boost the
market.
Threats: Alternative fall
protection methods may gain popularity among some contractors seeking solutions
requiring less setup effort. Equipment costs are also sensitive to fluctuations
in raw material prices. Lax regulation in some regions allows non-compliant
safety practices.
Key Takeaways
The Global
Construction Safety Net Market Share is expected to witness high growth
over the forecast period of 2024 to 2031. It is projected to grow at a CAGR of 5.0% reaching a market size
of US$ 3.98 Mn by 2024.
Regional analysis: North America currently dominates the
construction safety net market owing to stringent worker safety laws and active
construction end markets in countries like the US. The Asia Pacific region is
expected to exhibit the fastest growth due to ongoing infrastructure
development projects and improving regulatory environment in major economies of
India, China and Southeast Asia.
Key players: Key players operating in the construction safety net
market are Heraeus Holding, PPG Industries, Inc., Akzo Nobel N.V., The
Sherwin-Williams Company and AnCatt Inc. These companies are focused on new
product development and capacity expansions to capitalize on the rising demand.
Get More Insights Here
https://www.newsstatix.com/construction-safety-net-market-size-share-growth-outlook-2023/
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