According to the latest market report published by Persistence Market Research titled “Global Market Study on Hearing Protection Devices: Stringent Safety Regulations and Increasing Demand for Reusable Earplugs to Drive the Market”, the hearing protection devices market is estimated to be valued at US$ 951.3 Mn by the end of 2015, and is expected to expand at a CAGR of 12.4% during the forecast period (2015–2021) to account for US$ 1,943.8 Mn by 2021.
Global demand for hearing protection devices is increasing mainly driven by rapid growth of the construction, manufacturing and military weapons industries. An increasing number of regulations to reduce noise-induced hearing loss across various industries along with a rise in employment in manufacturing and construction sectors is expected to further drive overall growth of the hearing protection devices market over the forecast period. Moreover, some other factors that help to drive the growth of the market are increasing demand for next-generation HPD in military sectors, increasing urbanization and development activities, low-cost earplugs to boost demand in developing regions. However, lack of awareness and improper hearing attenuation are some of the major factors that restrict the growth of the market.
Rising emphasis on custom-tailored hearing protection devices, mergers, and acquisitions, technology shift towards ear plugs with acoustic filters, increasing demand for uniform attenuation earplugs, growing market share of regional players and increasing investment in North America HPD market are some of the trends observed in the global HPD market.
By region, North America is estimated to dominate the hearing protection devices market with over 34.4% share by 2015 end and is expected to remain dominant throughout the forecast period. Earplug is the largest segment in global hearing protection devices market. The global earplug segment is expected to increase at a CAGR of 13.6% in terms of value during the forecast period. Earmuffs is the second-largest segment in the global hearing protection devices market and is expected to expand at a CAGR of 10.2% in terms of value during the forecast period.
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Asia-Pacific represents the most lucrative market, followed by Europe for hearing protection devices. This is primarily due to rise demand for hearing protection devices in India, China, Bangladesh, Philippines and Indonesia. Asia-Pacific is expected to account for 20.4% market share in the global hearing protection devices market by 2015 end, which is expected to increase to 20.9% market share by 2021.
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Key market players covered in this report are 3M, Honeywell International Inc., Amplifon, Hellberg Safety AB, Dynamic Ear Company, Centurion Safety Products Ltd, Sonomax Technologies Inc, Siemens Healthcare GmbH, ADCO Hearing Products Inc., Elvex Corporation and Moldex-Metric Inc. These players have been profiled on the basis of various attributes such as company overview, recent developments, growth strategies, SWOT analysis and sustainability.