Safety Helmets Market Growth & Trends
The global safety helmets market size is anticipated to reach USD 7.5 billion by 2030, according to a new report by Grand View Research, Inc. expanding at a CAGR of 7.6% from 2022 to 2030 The rising incidence of brain injuries across various end-user industries, such as construction, and manufacturing, coupled with stringent industrial regulations is anticipated to drive industry growth. Rapid industrialization and rising infrastructural projects in emerging nations due to improvements in lifestyle are projected to stimulate product demand over the coming years. Accidents, particularly head injuries and occupational risks, are quite common across various sectors, such as building, mining, and power, thus propelling product demand.
Increasing investments in R&D with a keen focus on product development have led safety helmet manufacturers to introduce helmets with advanced technology. In addition, safety helmets with better designs and added features were introduced by manufacturers, further augmenting the demand. The introduction of stringent industry policies and government regulations has resulted in manufacturers requiring more data and predictive models to assist in minimizing the risk of work-related mortality and injuries. Massive penalties for non-compliance with safety standards have surged the adoption of safety helmets in the U.S.
Through the Workplace Innovator Award program, OSHA has collaborated with numerous health and safety groups to provide new ideas and solutions to improve health and safety awareness. Such favorable efforts by government agencies and businesses to enhance safety standards have been critical in reducing occupational accidents. Companies, such as 3M andCenturion Safety Products Ltd., are undertaking strategic acquisitions, partnerships, and product launches to strengthen their product portfolio. For instance,in January 2021, Centurion Safety Products Ltd. collaborated with Mips to launch safety helmet products using Mips helmet safety technology.
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Safety Helmets Market Report Highlights
The PE material segment accounted for the largest revenue share in 2021 owing to the low cost and superior tensile strength of the material
The hard hats segment accounted for the maximum revenue share in 2021 owing to the widescale application of these products in the construction, manufacturing, and mining sectors
The construction end-use segment led the industry in 2021 and will remain dominant throughout the forecast years due to thegrowing number of construction projects for residential & non-residential buildings and rapid industrialization
Asia Pacific is estimated to witness the fastest CAGR from 2022 to 2030 owing to the growing cases of occupational head injuries and fatalities in economies, such as China and India, coupled with the rapidly expanding manufacturing & construction sector in the region
The global industry is highly competitive due to the presence of several multinationals. It is characterized by the presence of a significant consumer base with the companies operating their businesses through dedicated distribution networks
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