Fire Safety Equipment Market Segmented by Type, Solution, Application, Key Players, Country and Industry Growth Forecast till 2025.
The global fire safety equipment market size is expected to reach USD 105.92 billion by 2025 at a CAGR of 8.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Strict government regulations and mandates concerning workplace safety are expected to be the key factors driving the market. Increasing awareness about the benefits of installing fire safety and security equipment and demand for state-of-the-art fire protection equipment are also expected to fuel the market growth.
Transition towards the installation of technologically advanced fire detection systems, and eco-friendly fire suppression agents is also expected to support the market development over the forecast period. Advent of smart fire suppression and detection systems, proliferation of Internet of Things (IoT) for the wireless integration of such systems, enforcement of various safety and building codes, and increasing fire safety expenditure by enterprises are several other factors responsible for market growth.
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Increasing accidents and loss of property owing to fire breakouts has alarmed the need for installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors. Therefore, regulatory bodies across various countries are framing new regulations focusing on mandating the installation of fire protection systems. For instance, in U.S., fire sprinkler systems are mandatory for hostel premises. North America led the market in 2018 and is expected to continue the dominance over the forecast period. Rapid growth of the construction industry in Canada and U.S. is driving the demand for fire safety equipment.
Increasing automation in buildings and preference for smart homes along with rising demand from the mining and manufacturing industries in the region is expected to bolster the demand further. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. Growing need for mass transportation, such as airport security, including intelligent transportation systems, due to rapid industrialization and urbanization in emerging economies like India, China, and Japan, is anticipated to offer lucrative growth opportunities for the market.
Fire Safety Equipment Market Report Highlights
- Fire detection segment is expected to lead the market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs
- Fire detectors is expected to lead the fire detection segment with a CAGR of 8.3% from 2019 to 2025 due to stringent government regulations across different countries
- Smoke detectors will dominate the fire detectors segment on account of their increasing usage in commercial buildings since they are cost-effective and have a longer lifespan
- Industrial sector led the fire suppression market in 2018. Oil & gas and mining industries are highly prone to fire accidents due to involvement of flammable materials; thus, account for the maximum demand for suppression systems
- North America led the global market in 2018 and is expected to continue the dominance over the forecast period due to stringent fire safety regulations and rapid infrastructural developments
- Prominent companies in the fire safety equipment market include Bosch GmbH; Eaton Corp., Inc.; United Technologies Corp.; Honeywell International, Inc.; and Johnson Controls International plc
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Grand View Research has segmented the global fire safety equipment market on the basis of solution, product, type, application, and region.