The global anchorage connector market is projected to grow at a CAGR of 6.17%, from a market size of US$260.443 million in 2022 to US$395.973 million in 2029.
Anchorage connectors are designed to connect fast under the force during fall and increase the number of people working at a height. A steady growth in the anchoring connector market is anticipated throughout the forecast period. A device installed and intended to function as a safe point of attachment for personal fall prevention systems is known as an anchoring connector. These connections are essential for avoiding falls, protecting personnel at heights, and lowering the possibility of serious injuries or fatalities. As such, they may be utilized in the mining, oil and gas, construction, and energy and utility industries. The size of the anchoring connection market is growing due to laws protecting workers and rising dangers for employees in the oil and gas sector.
Global Anchorage Connector Market Drivers:
Anchorage connectors play a crucial role in mitigating risks and ensuring the safety of workers by providing secure attachment points for personal fall protection equipment. New oil refinery establishments with increased deaths due to falls in the oil & gas industry positively impact the anchorage connector industry.
For instance, according to the International Association of Oil and Gas Producers (IOGP) report of June 2022, 20% of fatalities globally in the oil & gas industry were due to slips or falls from height in 2021.
Anchorage connectors are highly used to ensure the safety of workers at construction sites. These connectors are employed to secure lifelines, safety harnesses, and other fall protection systems that protect and prevent workers from falling or getting injured while working at heights. Growing investments in commercial and residential construction projects, infrastructure upgrades, and renovation activities contribute to the anchorage connector market’s growth.
According to the European Construction Industry Federation 2022, in 2021, the total investment in the construction industry increased by 5.2% compared to the previous year. Further, as per AGC, construction, with over 919,000 establishments in Q1 2023, significantly contributed to the U.S. economy, employing 8 million and creating nearly $2.1 trillion worth of structures annually.
Government regulations often mandate the use of appropriate personal protective equipment (PPE) and fall protection systems, including anchorage connectors, to mitigate the risk of falls and injuries. The new programs and initiatives started by the government to address workers’ safety, as well as the rising emphasis on proper usage of anchorage connectors, are driving the anchorage connector industry expansion.
The US Department of Labour organized a National Safety Stand-Down to Prevent Falls in Construction from May 6 to May 10, 2024. The event aims to raise fall hazard awareness nationwide to prevent fatalities and injuries. Elevated falls remain a leading cause of death for construction employees in the US, accounting for 395 out of 1069 recorded deaths in 2022.
Global Anchorage Connector Market Geographical Outlook
The North American region is anticipated to witness a notable CAGR during the forecast period due to the growing oil & gas industry and worker safety regulations by the regional government. The Canadian Association of Petroleum Producers predicted that oil and natural gas investment in upstream production would reach $40.0 billion in 2023, an 11% increase from pre-Covid levels, boosting spending across Canada's economy.
Moreover, in December 2022, New York State passed legislation to increase the penalties for criminal corporate liability for the death or physical injury of an employee by a fine of $500,000. This made the contractors improve workplace safety by employing safety devices such as anchorage connectors, thereby accelerating the demand for anchorage connectors in the region.
Global Anchorage Connector Market Restraint:
The significance of fall prevention systems and the function of anchoring connections may not be well understood in some sectors of the economy or some areas. The anchoring connector market’s expansion may be constrained by underutilization or incorrect usage of these connections due to a lack of training and awareness by employers and employees.
Global Anchorage Connector Market Developments:
Global Anchorage Connector Market Players and Products:
Market Segmentation:
The anchorage connector market is segmented and analyzed as below: