A $79.1 Million Global Opportunity for Safety Mirrors by 2026 - New Research from StrategyR

SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Safety Mirrors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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• Global competitiveness and key competitor percentage market shares
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Edition: 6; Released: April 2022
Executive Pool: 476
Companies: 95 - Players covered include Ashtree Vision & Safety; Bennett Mirror Technologies Ltd (BMT) - Duravision; Clarke's Safety Mirrors Ltd.; Fred Silver & Co., Inc.; Safe Fleet; Se-Kure Domes & Mirrors, Inc.; Smartech Safety Solutions Pvt. Ltd.; Walker Glass Company Ltd and Others.
Coverage: All major geographies and key segments
Segments: Product (Convex Safety Mirrors, Flat Safety Mirrors, Dome Safety Mirrors)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Safety Mirrors estimated at US$65.7 Million in the year 2022, is projected to reach a revised size of US$79.1 Million by 2026, growing at a CAGR of 4.2% over the analysis period. Convex Safety Mirrors, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR, while growth in the Flat Safety Mirrors segment is readjusted to a revised 3.6% CAGR. Safety mirrors are becoming increasingly commonplace as an effective safety measure as they provide businesses and establishments with an affordable solution to protect customers, staff and merchandise. Available in different sizes, formats and types, safety mirrors address specific needs of end-users. Businesses planning to embrace the approach are required to select a suitable type as per their requirements. Safety mirrors are used in places where additional viewing is required. A wider view field is achieved by these mirrors, wider than what is offered by the normal plane mirror. Several traffic problems are resolved with these mirrors. They reduce accident potential by eliminating blind spots and improving visibility. Motorists can easily see around corners, particularly at garages, parking and internal lanes. Safety mirrors are also ideal for retail and commercial applications. They are used for surveillance and monitoring systems in stores, mini markets, booth kiosks, and shops among other places for preventing theft.

Occupation health applications also utilize these mirrors for providing safer working environment to employees. Factories and warehouses install them at obscure intersections and complex crossings. The mirrors prevent truck and other equipment collisions by offering critical insight into the blind corners of spaces. They are also placed at heights in the warehouses as well as receiving docks. Elevators are sometimes fitted with these mirrors where they allow people to view the happenings behind them. In such tight spaces, the potential for theft is generally high and safety mirrors help in alleviating them. ATMs are also fitted with these mirrors. Other spaces where the mirrors are most suitable include public rest areas, recreational facilities, swimming pools, hospitals, schools, and prisons among others.

Safety mirrors enhance security, surveillance and safety of various spaces including blind spots on roads, workspaces, warehouses, factories, public parks, and malls among several others. On roads, convex mirrors are installed, primarily at blind spots and in highways, underpasses, as well as hilly regions, for preventing road accidents. Safety mirrors as dome safety mirrors are installed even in commercial spaces such as shopping complexes, intersection points in large hotels, hospital corridors etc. When installed at intersection points, they offer cross-sectional view of the entire place and thus increase surveillance and security. Flat safety mirrors on the other hand are installed mainly for inspection applications in warehouses, residential areas, and factories, for preventing collision. Flat mirrors are also employed for vehicle inspections at parking areas, hospitals, malls and such other places.

In the forthcoming years growing need to control road accidents would continue to drive market growth for safety mirrors. Strict government regulations that require the installation of these mirrors in various areas to ascertain safety of roads is anticipated to bode well for the market. The installation of these mirrors is fast and they do not entail a high cost. Another important growth promoting factor is the continued investment of manufacturers in the development of more innovative mirrors. Manufacturers are seeking to develop innovative features for the mirrors, for example making the mirrors weather resistant.

The three major types of safety mirrors include Convex, dome and flat mirrors. Convex mirrors account for the maximum revenue generated by the convex type. Fastest growth over the coming years however, would be reported by dome mirrors. The convex mirror is curved outwards with the center bulging towards viewer. The mirror's outward bulge expands visible field for the viewer. This feature makes the mirror most suitable for safety and security applications. It is able to reflect wider view field compared to standard flat mirror and also the dome mirror.

The dominance of convex mirrors is due to the stringent rules being laid by governments across countries to install these mirrors at all the accident-prone sites, blind turns, hilly roads, flyovers, parking areas, underpasses etc. Convex mirrors also provide enhanced safety at construction sites and workplaces in addition to roads, as they provide a wider view. The mirrors are also used in shops. Demand for convex mirrors is high from the residential segment as well. The mirrors are used in residential parking spaces as well as driveways. Homes with driveways on a bend find convex mirrors useful. Convex safety mirrors are also suitable for schools. Industrial facilities also prefer convex mirror for providing additional visibility at blind spots in factories and warehouses. In these applications the mirrors are positioned in static locations for example, at entrances/exits, dispatch areas, delivery areas and vehicle compounds. In factories, the mirrors are installed even on forklift trucks and such other heavy vehicles allowing them to negotiate tight spaces, easily.

Convex mirrors are offered in a broad array of materials, mostly lightweight materials such as polycarbonate and acrylic among others. Reflective properties of acrylic are better compared to glass. It is therefore preferred for general usage. Polycarbonate on the other hand is unbreakable and therefore the better choice for road safety mirrors. Stainless steel is also sometimes used. Stainless steel does not corrode and is robust. However, it is not preferred for road safety.

Dome safety mirrors provide panoramic view of areas. They are considered ideal for indoor use where they increase visibility and remove blind spots. Visibility with dome safety mirrors is offered at a broader angle than convex mirrors. The mirrors are available in quarter, half and full dome models to suit varying needs. While full dome safety mirrors offer 360-degree angle of view, half dome mirrors provide a 180-degree view. They are mounted on ceilings of walls and offer a 180-degree viewing angle of the space. They are considered perfect choice for T intersection and blind corner viewing, especially in retail spaces, for discouraging thefts. Over the coming years, growth for dome safety mirrors is anticipated to be the fastest in the overall market for safety mirrors. Dome mirrors are being increasingly used at intersection points and hotel, hospital, mall, shop, and dormitory corridors where they help enhance surveillance through improved visual security. In the years ahead, demand for dome safety mirrors would be high in developing country markets especially, where the construction sector is anticipated to grow at the fastest. Externally, dome mirrors are generally mounted adjacent to tight corners on roads. More

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