Dec 24, 2020
Smart PPE Market to Close in on US$ 3 Bn by 2030; Growth Rebound Expected after Initial Setbacks amidst COVID-19 Outbreak
by Team Fact.MR
Increased awareness about safety and globally accepted regulations by companies have significantly increased demand for industrial IoT-integrated smart PPE solutions, especially in oil & gas, manufacturing, and construction industries, to ensure workers’ safety in various work environments. Mounting demand for smart PPE is due to the fact that, IIOT-integrated PPE delivers the best real-time preventive maintenance solutions. Besides, active flash PPE integrated with OSRAM-guided lights provide visibility even in wet working conditions. Development of smart flame and chemical-resistant materials, along with integration of improved materials for aesthetics and ergonomics to reduce workplace injuries and satisfy OSHA guidelines, is poised to surge smart PPE demand, globally.
The global smart PPE market is poised to expand at a steady CAGR of close to 6%, and near a valuation of US$ 3 Bn by the end of 2030.
Key Takeaways from Smart PPE Market Study
- The global smart PPE market is projected to create an absolute $ opportunity of more than US$ 1.2 Bn from 2020 to 2030.
- By product type, the protective clothing segment is set to hold a share-wide market dominance with over 60% of the total market value by the end of 2030.
- The protective footwear segment is projected to expand at a value CAGR of 7.5%, and is expected to be valued 2X more than off-shore by the end of 2030.
- The COVID-19 outbreak has resulted in impacting demand for smart PPE at the global level, as an aftereffect of halted production and construction activities in end-use industries. Furthermore, disrupted supply chains and reduced production at manufacturing companies have also contributed to descending demand. However, the smart PPE market is expected to show advancing growth post-pandemic period, as demand for reliable and efficient worker safety products with OSHA standards will surge.
- The oil & gas industry end-use segment is poised to expand at a CAGR of 6%, gaining 50 BPS over the course of the forecast duration (2020-2030).
- The smart PPE market in Europe is expected to expand at a CAGR of 6%, whereas, North America is projected to be valued 2X Latin America, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
“Integration of sensors with improved features and safety standards will provide an opportunity for the smart PPE market during the forecast period,” says a Fact.MR analyst.
Key Players to Focus on Product Innovation
Globally, established players in the smart PPE market are Honeywell International, 3M Company, Draegerwerk AG & Co, DuPont, and UVEX Winter Group.
Key players in the market are continuously focusing on product innovation to gain market share and create a USP in this highly competitive market. In the recent past, the smart PPE market has seen numerous innovations, which is an aftereffect of increasing demand for enhanced safety products.
- For instance, 3M and Ford collaborated to build and ship newly built powered air-purifying respirators for healthcare workers due to the COVID-19 crisis, leveraging parts from both company’s portfolios.
Find More Valuable Insights on Smart PPE Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global smart PPE market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the smart PPE market based on product type (protective clothing, head, eye & face protection, protective footwear, hearing protection, respiratory protection, hand protection, and others) and end user (oil & gas, construction, firefighting, manufacturing, healthcare facilities, mining, and others) across six major regions.
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.