Market Trends of Europe Protective Footwear Industry
This section covers the major market trends shaping the Europe Protective Footwear Market according to our research experts:
Construction Segment to Have a Significant Growth
- The construction industry plays a critical role in Europe's economy. The sector provides 18 million jobs and contributes 6% of Europe's GDP per Eurostat. The European construction sector is anticipated to grow by 2.5% in 2022, as per Construction Europe.
- Further, the rising construction activities in the region create an opportunity for the protective footwear market. For instance, in January 2022, EU Countries agreed on a commission proposal to invest over EUR 1 billion in infrastructure projects under the Connecting Europe Facility.
- Moreover, in June 2022, the European Union announced the funding for European Infrastructure projects. The construction of the Fehmarnbelt tunnel between Denmark and Germany will receive EUR 540 million from the Connecting Europe Facility (CEF). In the EU's last budget period, the Fehmarnbelt project received funding totaling EUR 587 million.
- According to Eurostat, the average rate of employment in the construction industry stood at 6.67% in European Union. Luxembourg had the highest share of construction employees at 10.6%. Government regulations for the health and safety of workers and such a high rate of employees working in the construction industry will help boost the demand for the protective footwear market over the forecast period.
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Germany to have Significant Market Share
- Germany is one of the crucial hubs for the manufacturing sector in the European region. The country is home to some of the world's largest and most influential automakers, including BMW, Volkswagen, and others. These manufacturing giants are working to mitigate the risk of worksite injuries and are making it mandatory for employees to wear protective gear, including footwear.
- Further, the Industrial Internet of Things (IIoT) and Industrial 4.0 are at the center of the new technological approaches for the development, production, and management of the entire logistics chain and are dominating the trends in the industrial sector, with machinery and devices being connected via the internet. The increase in the use of autonomous vehicles and machines drives the demand for protective footwear to prevent employees from electric shocks and heavy objects falling on their feet.
- The country is one of the region's major producers of crude oil, propelling the demand for protective footwear as the oil and gas industry involves high risks, and employees must wear protective gear to mitigate fatal injuries.
- According to U.S. Energy Information Administration, Germany produced 33 thousand barrels per day of crude oil in May 2022. Also, as per BP, oil consumption in Germany stood at 2,045 thousand barrels per day in 2021.
- Also, the country is witnessing a boost in the construction sector. The country has launched several residential programs intended to achieve deep renovation. Under its 2021-2026 National Recovery and Resilience Plan (NRRP), Germany has allocated EUR 2.5 billion for energy-efficient building renovation investments.
- The German government has also announced a EUR 86 billion investment plan in the national rail infrastructure as part of the total funding of EUR 269.6 billion under the 2030 Federal Transport Infrastructure Plan. Such initiatives are also fueling the demand for the protective footwear market.
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