Industrial Wearables Help Heavy Industries to Spare Lives of Workers
As per the National Safety Council, approximately 5,200 workers in the United States died on the job in 2017 and the number of deaths keep rising yearly. Unfortunately, majority of these deaths were preventable. After these deaths, industries started to realize the taking preventive actions can save lives of their workers. To avoid such incidents, it has become must for heavy industries to create safer and worker-friendly environment by providing their workers industrial wearables like smart watches, patches, smart glasses, and fitness bands.
Heavy industries such as manufacturing, mining, automotive, aerospace, oil & gas, and construction require large number of employees to operate their manufacturing facilities. Mostly, these facilities consist enduring physical tasks that demand continuous monitoring and supervision for ensuring safety at workplace. Also, these sites deploy heavy machinery and equipment, operate at high temperatures and pressure. So, it becomes necessary for these industries to protect their machine operators and staff with robust, efficient, and durable protective gear.
Spreading popularity of wearables and increasing demand for workplace safety are some of the main factors that are bolstering the growth of the industrial wearables market. Plus, the rising awareness about workplace safety as well as stringent labor laws in many countries are also supporting the growth of the market.
The research report by the Insight Partners expect that the industrial wearables market will grow at a CAGR of 15.0% from 2020 to 2027 and reach to US$ 8.63 Billion by 2027. Currently, Blackline Safety Corp., Kenzen, Inc., Kinetic, MaKusafe, and Modjoul, Inc. are some of the main industry players that are already dominating the industrial wearables market.
To expand the business worldwide and meet the rising demands, industrial wearables producers must adopt strategies such as continuous product developments, investments and expansion of business. The companies in North America and Europe are seen implementing this strategy. For instance, recently, MākuSafe raised fund of about US$1.5 Million to support its plans to strengthen its team and expand its manufacturing process. It gathered these funds from investors like EMC Insurance Companies Next Level Ventures, and Colin Hurd. The expansion strategy also helps manufacturer to maintain or create its brand name around the world.
On the other side, companies must perform strategies like collaboration or partnerships for technology-based solutions or research and developments. These activities help manufacturers to create products that can be latest and innovative from other products available in the markets. For example, ProGlove and Samsung Electronics collaborated to introduce a combined product solution to meet the rising demands for wearable scanners from various industries. The combined solution from these two companies comprised Samsung’s latest ruggedized smartphone for various businesses, the Galaxy XCover Pro and ProGlove’s MARK series of wearable barcode scanners.
Impact of Coronavirus Pandemic on Industrial Wearables Market
The United States has witnessed an unprecedented rise in the number of Covid-19 confirmed cases. Plus, sudden spike in confirmed cases has led to the long-term lockdown in most of the countries. This lockdown has disrupted industrial activities across many regions. As a result, some SME owners have started to lay off their workers owing to limited business operations and that’s why the demand for industrial wearables is reducing.
On the other side, the component manufacturers, distributors and supply chain stakeholders are facing lack of business and this situation is significantly influencing the manufacturing of wearable products. Considering these scenarios, industry analysts state that the industrial wearables market will witness a major drop in the demand in 2020. But they also confirm that while recovering from the impact of COVID-19 pandemic, the market will rise at a moderately.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.