July 19, 2024
Construction Safety Net Market
Ict

Construction safety nets projected to boost the growth of Construction Safety Net Market

The global Construction Safety Net Market is estimated to be valued at US$ 3.45 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Construction safety nets are mesh fabrics that are designed specifically to catch persons and materials incase of a fall during construction activities like building, demolition, maintenance etc. These safety nets offer protection from falls and falling debris from construction sites. They are lightweight, durable and easy to install and dismantle. Safety nets help reduce injuries, fatalities and insurance claims at construction sites by providing fall protection.

Market key trends:
Increasing focus on worker safety regulations – Rising construction activities globally along with implementation of stringent worker safety regulations by governments is driving the demand for fall protection equipment like construction safety nets. For example, in the US, OSHA mandates the use of fall protection systems for workers exposed to fall hazards more than 6 feet.
Such regulations are making construction safety nets an integral part of all construction projects involving overhead hazards.
Porter’s Analysis
Threat of new entrants: The construction safety net industry requires large capital investment which acts as entry barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as there are multiple established manufacturers. However, compliance with safety standards is a must.
Bargaining power of suppliers: Suppliers have low to moderate bargaining as raw materials required are commonly available. However, certified materials add value for buyers.
Threat of new substitutes: There exist no close substitutes for construction safety nets currently. However, new technologies around safety gear may emerge as substitutes.
Competitive rivalry: The global construction safety net market is fragmented with top players competing on product quality and pricing.

Key Takeaways
The global Construction Safety Net Market Share is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period due to increasing construction activities and strict implementation of worker safety rules across projects.

Regional analysis: North America dominates currently due to stringent construction safety regulations. Asia Pacific construction safety net market is expected to grow at fastest pace owing to rising infrastructure development especially in China and India. countries focusing on improving worker safety will drive higher installation of safety nets.

Key players: Key players operating in the Construction Safety Net Market are Safeway Safety Step, UL Workplace Safety, Guardian Fall Protection, 3M, Honeywell Miller, MSA Safety. They are focusing on new product launches catering to customized industry needs to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it