PMR – Hearing Protection Devices Market to Record a Robust Growth Rate of CAGR 12.4% During 2019 to 2029
Growth in the construction, mining, and manufacturing industries, and advancements in technology are some of the factors that are driving the hearing protection devices market. According to the latest research by PMR, the global hearing protection devices market is expected to account over US$ 4,900 Mn by the end of 2029. The hearing protection devices market is expected to grow at a CAGR of 12.4% through the forecast period 2019-2029.
Increasing employment in the construction industry is expected to drive the hearing protection devices market. Asia Pacific is expected to account for a 60% share of the global construction spending by 2025, which is primarily driven by growing infrastructure development in China and India. Increasing Y-o-Y (%) growth in GDP (at constant prices), coupled with growing urbanization in certain countries, such as China, India, and Indonesia, is expected to boost the spending on public infrastructure, and, in turn, boost employment in the construction sector in the region.
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size Recent industry trends
- Key Competition landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
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- 3M Company
- Centurion Safety Products Limited
- Dynamic Ear Company B.V.
- Elvex Corporation (Delta Plus Group)
- Etymotic Research
- Hellberg Safety (Hultafors Group AB)
- Moldex-Metric Inc.
- Cotral Lab
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The hearing protection devices market is a very lucrative market that offers new players high return on investment. Increasing awareness and rising demand for hearing protection devices among end users has led to the emergence of various new small players that offer earplugs at competitive rates. The low-cost strategies adopted by local players is expected to be a key factor driving the hearing protection devices market, especially in the Asia Pacific region.
Furthermore, over the past few years, the global manufacturing sector has witnessed sluggish growth rates. However, favorable government policies for the expansion of manufacturing sectors, particularly in emerging economies, is expected to fuel the overall demand for hearing protection devices during the forecast period. Stringent regulatory compliances for the prevention of noise-induced hearing loss across industries, especially in developed regions, and growing construction spending worldwide, is expected to boost the overall demand for hearing protection devices in the near future.
Other factors, such as increasing FDI in developing regions, demand for advanced hearing protection devices in the military sector, increasing development activities & urbanization, and the availability of low-cost earplugs, are also expected to boost the market during the forecast period. However, improper hearing attenuation and lack of awareness are among the factors that are likely to hinder the growth of the hearing protection devices market.
The North America and Europe Hearing Protection Devices are expected to have a combined share of over 65% of the global hearing protection devices market during the forecast period. This can be primarily attributed to the high adoption of personnel protection gears driven by government regulations and advancements in technology. The development of manufacturing and construction in the Asia Pacific region is also expected to drive the hearing protection devices market in this region.
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The report offers a comprehensive taxonomy of the hearing protection devices market based on the product type, protector type, end user, and region. Based on product type, the global hearing protection devices market is segmented into earmuffs, earplugs, hearing bands, and uniform attenuation earplugs. The earplugs segment is expected to hold the maximum share of the market. It is sub-segmented into disposable foam earplugs and reusable earplugs that include silicon & TPE earplugs and custom-molded earplugs.
The uniform attenuation segment is also further segmented into conventional attenuation earplugs and custom attenuation earplugs. Based on the protector type, the global hearing protection devices market is segmented into aural inserts, circumaural protectors, enclosures, and superaural protectors. Based on end user, the global hearing protection devices market is segmented into construction, forestry, healthcare, manufacturing sites, military, mining, and others.
The mining segment of the end user is expected to hold the maximum share in the global hearing protection devices market. From a geographical perspective, the hearing protection devices market is segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa.
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