The rise in emphasis on concerns regarding product safety during transportation has significantly favored the product fall protection systems market in recent years. With securing goods from potent damage risks during transit being the primary agenda of manufacturers, demand for product fall protection systems has been witnessing a surge across various industrial sectors. Product fall protection systems are being integrated with technologically-advanced features, which are perceived by manufacturers to considerably complement adoption in the near future. This will further bring transformations in dynamics of the product fall protection systems market.
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Transportation service providers are analyzing damage risks for products at the time of transit to develop risk-specific equipment, which in turn is likely to pave new opportunities in the product fall protection systems market. Various industries including manufacturing, pharmaceutical, chemical, and food & beverage, are employing product fall protection systems for optimizing procedures to secure products during shipping.
Fact.MR recent study foretells that the product fall protection systems market will record a modest 4.2% value CAGR over the period of forecast, 2018 to 2028. Improving product safety along with aiding productivity enhancement in various manufacturing process are key benefits of product fall protection systems that have driven their market expansion. The product fall protection system market will also remain influenced by robust application in flat rack securing, warehousing and railcar securing.
Product Fall Protection Systems Market: Pallet Rack Safety Nets & Cargo Bednet/Stretch Web Remain Sought-After
With the warehousing industry’s uptake, fuelled by expansion of ecommerce and proliferation of online trading platforms, rack safety products such as pallet rack safety nets have observed significant adoption in recent years. With employees and goods protection being one of the primary agenda of the warehousing industry, pallet rack safety nets are extensively employed. Manufacturers of rack safety products are mandated to comply with regulatory standards such as the National Fire Protection Association’s longitudinal flue space requirements. These standards have further improvised equipment development.
Pallet rack safety nets are likely to prevail as top-selling variant in the product fall protection systems market, with cargo bednet/stretch on the trail. Transportation accessories such as cargo bednet/stretch, bridging the gap between end-user’s identity and manufacturer’s design, have significantly enhanced efficiency of the trucking industry. Although cargo bednet/stretch account for comparatively lower revenue share of the product fall protection systems market than pallet rack safety nets, their sales will grow at a relatively higher rate through 2028.
Product Fall Protection Systems Market: Recent Changes in Foreign Trade Policies Creating Challenges
Most of the product fall protection systems such as cargo bednet, cargo stabilization bar, and cargo load bags find numerous applications in the transportation and logistics industry. The increasing growth of the world trade industry and e-commerce sector has therefore been driving growth of the transportation and logistics industry. It has further created maximum demand for goods protection equipment, thereby fostering expansion of the product fall protection systems market.
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However, recent changes in the foreign trade policy are likely to impact the import and export activities, which may hamper the demand for warehousing and transportation services. This will further inhibit expansion of the product fall protection systems market to a certain extent. For example, border tax adjustments, or BTAs is an important part of the changes trade policies, which imparts taxes on goods imported from countries and do not impose any rules or regulations to control emissions from various manufacturing companies. This might impact the transportation & logistics industry in various countries, impeding the overall growth of the product fall protection systems market.
Absence of laws and regulations apropos of product safety in most of the developing as well as underdeveloped nations is another key factor impeding growth of the product fall protection systems market. Additionally, lack of awareness on availability of advanced product safety equipment among manufacturing facilities has hindered adoption, thereby curbing the growth potential of the product fall protection systems market.
Product Fall Protection Systems Market: Trade Logistics and Ecommerce Proliferation to Foster Growth
Post-Great Recession in 2008, the e-commerce sector has showcased rapid growth worldwide. The upward trend of “digitization of trade” has instigated vital changes in the trade logistics industry, with key influenced areas being trade patterns and product distribution. Rapid development of the e-commerce business models has led the warehousing industry to witness a significant rise.
With the primary focus of warehouses being dedicated to pallet storage, risks of product damage against the backdrop of falls remains high in warehouses. This is paving requirements among warehouse owners to prevent products from being damaged. Rapidly growing e-commerce sector and trade industry, coupled with the uptake of warehouses, is propelling demand for various product fall protection systems. Future prospects of the product fall protection systems market are likely to remain promising, as manufacturers, distributors, suppliers, and other stakeholders in the trade industry are incorporating advanced product fall protection systems for their warehouses.
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