Personal Protective Equipment Market - Volume Analysis, Segments, Value Share and Key Trends 2015-2021
Saudi Arabia has been undergoing radical evolution in generating awareness on worker safety over the past few years. The high number of worker accidents in the region have prompted the industries as well as the government to raise the bar on safety standards and implementing these standards as strongly as possible. This impetus in worker safety awareness forms the primary driver for the increasing demand of personal protective equipment in Saudi Arabia.
Of all the key upcoming government regulations to be implemented in Saudi Arabia regarding worker safety, the oil and gas industry has been the foremost in it. This industry contributes to a large chunk of the Saudi Arabia GDP and is therefore focused on with a higher priority.
Additionally, the implementation of stronger regulations is expected to be complemented well by the increasing number of safety product approvals in the region.
However, key players can get sidelined by the number of local players that provide cheap safety products. This is eating into the research and development budgets allotted by the more prominent players by forcing them to cut costs to maintain market volume share. The sales of personal protective equipment are also hampered by the reducing number of workers due to the growing rate of automation in Saudi Arabia industries.
The Saudi Arabia market for personal protective equipment is expected to expand at a CAGR of 7.0% from 2015 to 2021 in terms of revenue. This market revenue is expected reach US$444.2 mn by 2021, after being projected at US$318.7 mn by the end of 2016.
