Fire Safety Equipment Market:
Growth opportunities in the Fire Safety Equipment Market look promising over the next six years. This is mainly due to the help proffered by them to deal with the different classes of fire in a range of environments and the rising number of fire stations.
Fire Safety Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The accelerating urban population and construction of several commercials, residential, and public infrastructure are some of the major drivers supplementing the global fire safety equipment market growth. Also, the increasing concern towards the consumer’s safety and the enforcement of rigorous fire safety norms by the government and local bodies will further strengthen the market size. In addition, the ongoing enlargement in the industrial sector has raised the demand for immediate implementation of this equipment, thereby stimulating market growth. The growing number of fire stations and staff to accommodate the accelerating population with gears, extinguishers, and other tools will further drive the market growth. Moreover, the surging consciousness among consumers regarding the personal harmlessness from fire is paving the way for market growth. However, the high initial investment cost to install these systems and the excessive maintenance and replacement services value will hinder the fire safety equipment market share.
Solution Segment Drivers
Based on the solution, the detection devices are expected to expand at a higher CAGR during the forecast period. This is primarily owing to the persistent progression in detection devices such as wireless detection and wireless networking, which further assist in reducing the installation costs. Furthermore, the expanding number of measures and incentives launched by the governments to encourage the installation of detection equipment has raised the market growth. For example, the Building Code of Australia, USA, and National Fire Protection Association have authorized the insertion of the detection equipment to enhance the security level.
Regional Drivers
On the basis of the regional coverage, Asia-pacific is predicted to witness a faster CAGR over the forecast period. This is mainly because of the swift industrialization and urbanization, especially in Japan, India, and China. Moreover, the robust prevalence of enormous sensor manufacturing organizations and the rising production of these devices will impel the market growth. On the other hand, North America is forecasted to grow at a higher CAGR during the forecast period owing to the increasing infrastructural enhancements and the enactment of fire safety regulations. For instance, the US government, in 2017, offered a tax incentive to install fire sprinklers in the country.
Fire Safety Equipment Market’s leading Manufacturers:
- Siemens
- Johnson Controls
- Gentex Corporation
- Napco Security
- Robert Bosch
- United Technologies
- Hochiki
- Tyco
Fire Safety Equipment Market Segmentation:
Segmentation by Solution
- Detection
- Suppression
Segmentation by Fire Detection Product
- Detectors
- Flame
- Smoke
- Heat
- Alarms
Segmentation by Fire Suppression Product
- Extinguishers
- Gas
- Water
- Dry Chemical Powder
- Others
- Sprinklers
Segmentation by Application
- Residential
- Commercial
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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