Hazardous work environments have made the growth of PPE Market inevitable with regulatory bodies not only increasing stringency regarding the use of safe work practices but also increasing the budget for bringing safety into the workplace. As per statistics presented by the U.S. Bureau of Labor Statistics, private industry employers reported nearly 2.9 million non-fatal injuries and illnesses due to reasons ranging from actual equipment to environmental hazards.
For instance, industrial noise, one of the most overlooked areas of occupational hazard, affects nearly 22 million U.S. workers yearly. As governments and personal protective equipment manufacturers are looking for ways to enhance worker health and safety without major increase in production costs, the personal protective equipment industry is projected to register commendable growth over 2017-2024.
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. It would prudent to state therefore, that safety and incident management are the leading concerns for EHS software expenditure plans.
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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.
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.
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, PPE 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.