Hearing Protection Devices Market to Breach US$ 2 Billion Level by 2024 Underpinned by Surge in Construction Activity in Asia
The Global Hearing Protection Devices Market was valued at US$ 908.3 million in 2015 and is projected to expand at a CAGR of 10.8% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights.
Increasing implementation of safety guidelines, increasing employment in construction sector, growing demand for next-generation hearing protector devices in armed force and cumulative expansion and development activities across the world are chief aspects which lead to augmented growth of the global hearing protection devices market. Also, low price earplugs marketed by local developers are likely to boost adoption in price sensitive emerging economies, in turn fueling growth of the hearing protection devices market. Lack of cognizance and hampered hearing when using these devices are factors projected to hinder growth of the global hearing protection devices market. Some of the major trends in the hearing protection devices market comprise increasing inclination of end users towards custom-tailored hearing protection devices, rise in merger and acquisitions agreements between manufacturing companies, technology shift towards ear plugs with acoustic filters, and increasing demand for uniform attenuation ear plugs
The global hearing protection devices market is considered to influence the labor and employee safety initiatives implemented by national government bodies and private labor safety related agencies in various industrial sectors such as manufacturing and construction. High-tech advancements to reduce active noise and aid noise suppression have led to impressive growth of the global market in the recent past. A latest development permits speech augmentation technology to be combined with noise clampdown technology.
The strengthened events related to industrial and construction and lightning industrial development in emerging economies may lay a substantial groundwork for growth of the Asia Pacific market progression. North America is projected to retain its dominance as the largest market for hearing protection devices over the following decade. This is mainly attributed to copious disposable income, pervading awareness about noise pollution, and rampant industrial development in the region. Lack of cognizance about the present products or devices that help prevent impaired hearing could inhibit growth of the hearing protection devices market, especially in low income countries. However, increasing implementation of safety standards in the region would pave way for market growth over the near future. Apart from Asia Pacific, increasing industrial and construction activities in Middle East and Africa create lucrative growth opportunities for market players.
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Key takeaways of the hearing protection devices market:
The global hearing protection devices market is expected to expand at a CAGR of 10.8% during the forecast period (2016–2024) as there exists a huge unrealized market especially in Asia Pacific, Latin America, Middle East and Africa. The ear plug dominates the market in the product segment as it is the easy affordable product developed and focused by mobile health device manufacturers. Different protectors such as aural inserts and circum-aural protectors are expected to gain traction with growing awareness and increasing application areas. Mining and construction are the major end users in the hearing protection devices market, as these organizations are human resource intensive sectors. Some of the major players involved in global hearing protection include 3M, Starkey Laboratories India Pvt. Ltd, Honeywell International Inc, Hellberg Safety Ab, Amplifon., Dynamic Ear Company, Centurion Safety Products Ltd., Sonomax Technologies Inc, Siemens Healthcare GmbH, ADCO Hearing Products Inc, and Elvex Corporation and Moldex-Metric Inc.
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