Fire Safety Equipment Market: Residential Segment Is Expected To Register The Highest CAGR

 Fire Safety Equipment Industry Overview

The global fire safety equipment market size is expected to reach USD 82.02 billion by 2028, registering a CAGR of 6.4% 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 growth. Factors such as the 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.

 

The transition toward 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. The advent of smart fire suppression and detection systems, the proliferation of the 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.

 

Increasing accidents and loss of property owing to fire breakouts have alarmed the need for the 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 safety equipment. North America led the market in 2020 and is expected to continue the dominance over the forecast period. The rapid growth of the construction industry in Canada and the 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 further bolster the growth of the market. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. The 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 Segmentation

Grand View Research has segmented the global fire safety equipment market based on solution, application, and region:

Based on the Application, the market is segmented into Commercial, Industrial, and Residential.

  • The industrial application segment dominated the market with a revenue share of over 40% in 2021. This segment includes oil and gas, transportation sectors, energy and power, and manufacturing. These sectors emphasize the installation of fire safety equipment due to the high risk involved. 
  • The residential segment is expected to register the highest CAGR over the forecast period. In the past couple of years, the demand for fire safety equipment has increased significantly across this sector owing to the rising awareness about fire safety equipment and their benefits. The growing infrastructure development in developed and developing countries is also anticipated to fuel the growth.

 

Based on the Solution, the market is segmented into Detection, and Suppression.

  • This growth can be attributed to increasing policies, regulations, and government mandates, along with the use of advanced technology in detection devices. Furthermore, the growing number of fire accidents globally has compelled the need to install fire safety equipment.
  • The fire detection segment is anticipated to expand at the highest CAGR of 7.2 % from 2022 to 2030. The rapid development in commercial construction and growing smart city projects will boost the demand for fire detection equipment during the forecast period. 

 

Key Companies & Market Share Insights

Prominent industry participants include Eaton Corp., Inc.; Robert Bosch GmbH; Nittan Company, Ltd.; Gentex Corp.; Siemens Building Technologies; Hochiki Corp.; United Technologies Corp.; Space Age Electronics; Johnson Controls; Honeywell International, Inc.; Napco Security Technologies, Inc. and Halma plc. Most companies are focusing on expanding their business and are adopting strategic initiatives and undertaking measures to gain benefits from the opportunities in the emerging market.

For instance, in 2019, Halma PLC acquired Ampac (Australia), a fire safety and evacuation system provider company. Amapc has a significant presence in Australia, New Zealand, and the U.K. The acquisition is expected to increase the presence and generate revenue for HalmaPlc in these countries. The prominent players invest in R&D to build simplified solutions to reduce installation time and overall costs. This is expected to boost the growth of the market. Some of the prominent players operating in the global fire safety equipment market are:

  • Robert Bosch GmbH
  • Eaton Corp., Inc.
  • Gentex Corp.
  • United Technologies Corp
  • Space Age Electronics
  • Halmaplc
  • Siemens Building Technologies
  • Hochiki Corp.
  • Nittan Company, Ltd.
  • Honeywell International, Inc.
  • Napco Security Technologies, Inc.
  • Johnson Controls

 

Order a free sample PDF of the Fire Safety Equipment Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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