Technavio analysts forecast the global smart PPE marketto grow at a CAGR of over 15% during the forecast period, according to their latest report.
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Technavio has published a new report on the global smart PPE market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global smart PPEmarketfor 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Factors that are hindering the market growth include high cost and trade-off on ROI. The adoption of smart PPE will be faced with the challenge of quantifying ROI, apart from the initial high cost incurred by end-users. The challenge of providing ergonomically fit smart PPE for both men and women workforce will hinder the growth of the market. The challenge is to make the different equipment compatible based on the work environment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart PPE market:
- Augmented growth of IoT
- Need for product differentiation
- Demand for smart PPE from firefighter market
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Augmented growth of IoT
There is a growing need to stay connected constantly. This has led to an increase in demand for more connected products. IoT is one such avenue that captures data from the surrounding stimuli and ensures that various products are connected. IoT and smart products have created revolutionizing expectations about data and connectivity while opening new channels of business value.
Neelesh Prakash Singh, a lead research analyst at Technavio, says, "The prices of hardware and electronics is continuing to fall in the global market. Due to this reason, connectivity costs and embedded sensors no longer deter companies from adopting smart technology. Connectivity solutions such as Wi-Fi, mobile networks, and broadband communication are ubiquitous and capable of supporting large volumes of IoT connectivity at a very little incremental cost to companies and consumers."
Need for product differentiation
The PPE market is fragmented with the presence of several global and regional members. The market can be located close to the mature stage where vendors resort to product differentiation and competitive pricing. The PPE market caters to other mass markets owing to low cost per customer and increased profits.
"Owing to the growth in demand for smart PPE, Honeywell, a leading manufacturer of PPE, is currently offer PPE embedded with smart technology that provides insights into usage and performance. For example, the company offers QUIETPRO, an intelligent hearing protection and communication system, which provides smart hearing protection and the finest communication across a full range of workplace environments and deployment operations, especially in high-noise environments," adds Neelesh
Demand for smart PPE from firefighter market
Currently, there are additional features, like add-on technologies that keep firefighters secure and connected. These technologies include localization systems, sensors, thermal imaging cameras, and voice communications. To create a competitive advantage in the market, manufacturers of smart PPE for firefighters need to ensure that all the products are innovative, in turn helping firefighters to speed up the search-and-rescue act.
Several manufacturers are currently incorporating traditional PPE with smart sensors and data transfer modules that are used for the greater safety of firefighters. Products that are witnessing promising adoption in the PPE market are SCBA, turnout gear, and fire helmets. The demand for smart PPE by firefighters is increasing due to longer fire seasons and extreme weather conditions.
Top vendors:
- 3M
- DAQRI
- GENERAL ELECTRIC
- Honeywell
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