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The Harness Industry
It is estimated that there are over 20 million harnesses sold per year, it is a $2.1 billion industry. The global safety harness market is projected to grow steadily over the next several years due to increasing emphasis on worker safety and stringent regulations in various industries.
Factors such as construction activities, infrastructure, development and industrial growth contribute to the demand for safety harnesses. Our potential market is every new safety harness that is sold, as well as the safety harnesses that have already been purchased and are on worksites currently.
OSHA Data
According to the occupational safety and health administration (OSHA),falls are one of the leading causes of fatalities and injuries in the construction industry. We believe that we can make ERA a new safety standard that is embraced and eventually required by OSHA.
We estimate that at a 10% marketshare we could generate approximately $70 million per year with a 90% profit margin. We intend to license this technology to already establish harness manufactures. It is not unrealistic to expect a 50% marketshare or even more.
ERA Pricing & Production
The cost to produce ERA will be under five dollars once large scale manufacturing is achieved. Harness manufactures will be able to sell this alert for between $100 and $180. We intend to charge a licensing fee of $33 for each ERA sold.
In this first iteration, ERA will be income generating not only in selling the device itself, but also by requiring the employer to pay a monthly fee to use the app. along with the collection and sale of data. This model will alert a supervisor, anytime someone falls and can also automatically alert 911 if the employers chooses that option.
In the future, a second iteration can be developed, that will track employees, through GPS so the employer would know their whereabouts and it will monitor the wearers vitals, so the employer will be alerted if the employee is in distress for other reasons besides a fall.