Construction Worker Safety Market by Product Type (Personal Protective Equipment, Fall Protection Equipment, and Safe Excess Equipment), Safety Services Type (Construction Safety Training and Site Monitoring), End-user Industry (Industrial and Non-industrial Construction), and Application (Workers’ and Workplace Safety): Global Opportunity Analysis and Industry Forecast, 2021–2030

COVID-19 Impact Analysis

• The COVID-19 pandemic ceased the production of various products in the construction workers safety market, which is attributed to the global. This has hampered the growth of construction workers safety market from the last few months and is likely to continue during 2021.
• COVID-19 already affected the sales of construction workers safety equipment and services in 2021 and is anticipated to cause a negative impact on the market growth in the year coming ahead.
• The major demand for construction workers safety equipment and services was previously noticed from all the developed and developing countries, including the U.S., Germany, Italy, UK, China and India, which are negatively affected by the spread of the coronavirus, thereby declining the demand for construction workers safety market.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Construction workers safety market manufacturers and service providers can afford lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• Construction workers safety market is going to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

The introduction of stricter statutory guidelines pertaining to workers’ and workplace safety all around the world and increasing awareness regarding the same among workers are some of the important driving factors of the construction worker safety market. In addition, each construction company is required to have liability insurance for its workers, and its premiums are determined by the number of accidents occurring in that company. The lower number of accidents will eventually lead to lower insurance premium. Therefore, companies generally find themselves keen on investing a significant amount of money on the safety measures. This brings that premium down and it also contributes in enhancing the goodwill of the company. This is expected to drive the demand in the   construction worker safety market. In the recent years it has been witnessed that many construction worker safety equipment manufacturers and service providers are acquiring and merging in order to become more competitive. This clearly shows the growth potential in the market. However, in many developing countries, small contractors do not spend a considerable amount of money for the safety of the workers at their respective sites. This is one of the challenges for the market’s growth. Contrarily, the rapid development in the construction industry owing to increased urbanization is expected to drive the demand in construction worker safety market. This is expected to create lucrative opportunities for the growth of construction worker safety market during the forecast period.

Market Trends

• New products with improved capabilities are launched by leading market players. For instance, in August 2020, Radians launched five products under their brand called Dewalt. These items contain a no-line bifocal safety glass, two work gloves, a Ripstop rain jacket, and a deluxe hooded sweatshirt.
• Similarly, competitors in the construction worker safety market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. In February 2021, Mallcom (India) Limited announced the acquisition of Best Safety Pvt. Ltd. (BSPL), a manufacturer of safety shoes, to gain more profits and lower production costs.
• Moreover, business expansion strategies also assist in enhancing the geographic footprint of the company and help in gaining significant market share for construction worker safety equipment. For instance, Rubix Group, a London based distributor of industrial and safety equipment acquired LERBS Group to gain a foothold in Germany.

Key Benefits of the Report

• This study presents the analytical depiction of the construction worker safety market along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the construction worker safety market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the construction worker safety equipment market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed construction worker safety market analysis based on competitive intensity and how the competition will take shape in coming years.