Global Market Insights, Inc. has launched a report on Personal Protective Equipment Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
A survey of EHS directors representing 31 countries and 25 industries in 2018 indicated that personal protective equipment market, which was valued at USD 40 billion in 2016, will continue to register an expansive growth over 2017-2024. Of the 382 EHS directors who participated in the survey, 21% have been reported to say that they expect to increase environmental, health and safety professionals’ budgets by double digits and 48% of EHS directors said that even if not increased, the budget will remain the same as in 2017.
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It would prudent to state therefore, that safety and incident management are the leading concerns for EHS software expenditure plans. The personal protective equipment market is thus poised to garner major profits as smart and wearable personal protective equipment and incident management mobile apps come to the fore as the notable emerging technologies of interest in 2018.
According to the Occupational Safety and Health Administration (OSHA), businesses spend approximately USD 170 billion per year due to illnesses and injuries sustained by employees and this expenditure comes directly out of the company’s profits. OSHA estimates that companies can reduce injury and related costs by 20% to 40% by establishing better safety and health management systems, costs that can make or break a company.
Product segmentation: The report claims that the Product landscape of the Personal Protective Equipment Market is subdivided into –
- Head Protection
- Eye and Face Protection
- Hearing Protection
- Protective Clothing
- Respiratory Protection
- Protective Footwear
- Fall Protection
- Hand Protection
Important pointers encompassed pertaining to the Product spectrum:
- Major details about the Product spectrum are provided in the report.
- The study elaborates on the remuneration forecast of each of the Product categories by the end of the anticipated duration.
- The market share which each of the Product segments account are mentioned in the study.
- Also, the most proliferating trends that the Product spectrum is characterized by are also entailed.
OSHA cites that with better safety and healthcare infrastructure a Fortune Five company increased productivity by 13%. Personal protective equipment market has also witnessed massive investments as more businesses are coming to realize that better workplaces necessarily mean more productive employees, higher-quality products and enhanced services.
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With the increasing popularity of wearable devices such as fitness trackers and smartwatches that contain sensors to monitor location, heart rate, movement, and sleep quality, the integration of such technology into personal protective equipment and work site clothing is a natural progression to enable enhanced on-site safety management. It is evident that wearable personal protective equipment market would be the recipient of major investments.
The insurance company AIG for example signed a partnership with wearable personal protective equipment technology startup Human Condition Safety in 2016. Human Condition Safety uses the cloud computing and artificial intelligence technologies of the company to monitor health and key safety indicators. Human Condition Safety smart wearable personal protective equipment is designed to detect when a worker is about to lose balance or is carrying too much weight. It also helps site managers to keep track of employee locations and if they are in unsafe conditions.
Regional segmentation: The report claims that the Regional landscape of the Personal Protective Equipment Market is subdivided into –
- North America
- Asia Pacific
- Latin America
Important pointers encompassed pertaining to the Regional spectrum:
- The report encompasses major details about the Regional
- The target valuation that each of the sub-segments of the Regional landscape will procure by the end of the anticipate period are mentioned in the report.
- The market share that these sub-segments held are also entailed in the study.
- The global trends that define the Regional landscape are discussed in the report.
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Daqri, another U.S.-based personal protective equipment producing startup also became a recognized entity in the personal protective equipment industry when it manufactured an augmented reality smart helmet that uses technology similar to Google Glass and integrates with a smart watch. The Daqri hard helmet is designed to record videos, recognize parts and access virtual machinery service manuals leading experts to believe that personal protective equipment technology will soon revolutionize safety in workplace.
According to industry experts, personal protective equipment market growth can be somewhat impeded by the lack of quantifiable data that present returns on investment on such devices. However, in spite of such a challenge increased demand for product diversity will drive investments, with the greatest uptake in mining, automotive, oil and gas, fire safety, manufacturing and emergency services projected to drive personal protective equipment industry growth.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.