Clifton, New Jersey, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The recent research report "Global Fire Safety Equipment Market Outlook, 2027", published by Bonafide Research, states that the global fire safety equipment market is projected to grow at a higher growth rate of 5.25% as compared to historic growth rate of 4.21% during the forecast period 2022-2027. A fire safety is the set of practices intended to reduce the destruction caused by fire. The fire fighting equipment also ensures safety of the fire fighters who risk their lives to save others. It includes fire detection, fire alarm and fire suppression equipment’s that are used in commercial, industrial, and residential premises. It can be utilized by professional fire-fighters and untrained users on the site of a fire, or it can be integrated into the infrastructure of a building (such as a sprinkler system). The variety of products in fire safety equipment leads to different services provided by the companies from installations, replacements, system inspection, and maintenance for commercial, industrial, residential, transport, and logistics purposes.
Drivers & Restraints
The increased rate of fire accidents and fatality is the major demand driver for fire safety equipment’s market. Rapid industrialization & urbanization further accelerate the need for fire equipment system to be in place. 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. Increasing automation in buildings and preference for smart homes along with rising demand from the mining and manufacturing industries is expected to further bolster the growth of the market. The industry is mainly driven by increasing financial incentives and regulatory support from governments around the world. The mandatory policy to install fire safety equipment further drives the market growth. The high costs of installations and maintenance of this equipment’s is the major restraining factor.
Key Takeaways:
- Asia-Pacific region is expected to drive future fire safety equipment market due to emerging economies like India, China & Japan.
- Middle East & Africa region is expected to grow at a CAGR of 6.61% during 2022-2027.
- Fire Detection systems have major market share and expected to continue its share of dominance.
- Fire Suppression systems expected to be in high demand during the forecast period.
- United States leads the global fire safety equipment market with 29% market share in 2021.
Opportunities & Challenges
Government policy with regards to installation of fire safety equipment systems is further expected to create new opportunities. Also, the rising smart city projects in countries to further drive the market ahead. 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. The integration of information technology to drive the smart connected tools in the construction projects to create opportunities in future. The major challenge being the technological advancements being made regularly and the manpower needs to be trained regularly that adds to their operating costs. Also these technologies need huge sums of capital to be effectively installed and smooth functioning.
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Covid-19 effect
The COVID-19 pandemic led to heightened demand for fire safety equipment, especially in the residential and healthcare sectors. Mandatory lockdowns compelled residents to stay indoors, augmenting the need for equipment such as hoses and extinguishers. Also, rapid hospitalization rates prompted healthcare authorities to beef up fire safety arrangements. Most projects in China, the United States, Germany, and South Korea had to be postponed. The companies faced short-term operational problems due to supply chain constraints and the inaccessibility of factories. The factory shutdowns and border lockdowns impacted manufacturing, supply, and sales of various industries and thus halting the production of safety products and their adoption in buildings. With construction projects getting resumed, the procurement of new fire safety products have grown gradually with ease of supply chain.
By Product type
The fire detection segment leads the market with product type and is expected to continue leading the market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs. For any multi-winged structures and high-rise buildings, fire detection systems are a must. These are specifically manufactured to provide protection and assistance by capturing early signs of potential fires. Further, 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 Commercial segment dominated the market in 2021; with an increase in construction of commercial buildings like shopping complexes, warehouses, and distribution center, and office premises, across the world, the demand to integrate fire alarms, emergency lights & exit signs, fire extinguishers, and fire sprinklers is also booming. The residential segment is expected to register the highest growth rate over the forecast period 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. Industrial segment like Oil, gas and mining are highly prone to fire accidents due to the involvement of flammable materials; thus, driving the maximum demand for the fire suppression systems. 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.
Trends
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. The smart fire safety equipment is capable of setting up a connection with all surrounding devices to perform efficiently during a possible fire outbreak. The smoke detectors with advanced sensor technology that distinguish cooking-induced smoke from smoke born out of the fire and detect the source of fire are emerging as promising technologies, especially in the residential and hospitality sector.
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Regional Analysis
North America led the global market in 2021 and is expected to continue its dominance over the forecast period due to stringent fire safety regulations and rapid infrastructural developments. The US, has a large number of multistory and high rise buildings that require fire protection systems and stringent fire & safety codes to mitigate loss caused by fire. Canada is another country witnessing infrastructural developments due to high population growth rate.
APAC has made it mandatory for installation of fire safety equipment’s in all types of properties whether residential, commercial or industrial. By 2030, India's real estate business would be worth $1 trillion, contributing 13% of the country's GDP. Therefore, the rapid growth of the construction industry drives the growth of the fire safety equipment market. The governments of various countries in the region are also planning to adopt model building codes that would require the installation of fire sprinklers in new homes.
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Companies of the global fire safety equipment adopt strategies such as; acquisition, partnership, and collaborations. The market competitors also make a significant investment in R&D to innovate their products to expand their footprint in the global market. Strategic partnerships have emerged as a key trend gaining popularity in the fire safety equipment market. The rapid advancements of Artificial Intelligence and Internet of Things in the fire safety equipment market are creating new opportunities for companies to penetrate the market effectively. Some of the major companies present in the fire safety equipment market are Nittan Company Ltd, Halma plc, Robert Bosch GmbH, Honeywell International Inc, Siemens Building Technologies among others.
Considered in the Report
- Geography: Global
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic/ Demographic snapshots
5. Global Fire Safety Equipment Market Outlook
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Product Type
5.2.2. By Application
5.2.3. By Region
5.2.4. By Country
5.2.5. By Company
6. Global Fire Detection Equipment Market Outlook
6.1. Market Size by Value
6.2. Market Share
6.2.1. By Product Type
6.2.2. By Application
6.2.3. By Region
6.2.4. By Country
7. Global Fire Suppression Equipment Market Outlook
7.1. Market Size by Value
7.2. Market Share
7.2.1. By Product Type
7.2.2. By Application
7.2.3. By Region
7.2.4. By Country
8. Global Fire Alarm Equipment Market Outlook
8.1. Market Size by Value
8.2. Market Share
8.2.1. By Product Type
8.2.2. By Application
8.2.3. By Region
8.2.4. By Country
9. North America Fire Safety Equipment Market Outlook
9.1. Market Size by Value
9.2. Market Share
9.2.1. By Country
9.2.2. By Application
9.2.3. By Product Type
9.3. US Fire Safety Equipment Market Size
9.3.1. US Fire Safety Equipment Market Share
9.3.1.1. By Application
9.3.1.2. By Product
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Related Links
The Global Fire Detection Equipment Market Overview, 2027 is anticipated to grow further and the most demanded product type over the forecast period. Smoke detectors are installed at all places to quickly take action to suppress fire and evacuate premises. On the other hand, the gas, multi sensor and carbon monoxide detectors to be in high demand over the overcast period. North America leads the market with growth driven by the surging demands in United States with mandatory laws in place and booming construction industry.
The Global Fire Alarm Equipment Market Overview, 2027 is expected to grow further in demand, however slowly as compared to other fire safety equipment’s. The fire alarming system notifies people when any fire related emergency is detected and can be activated manually with call points or pull stations or automatically from the smoke detectors and heat detectors. The commercial segment has high use of alarm system as they are at a higher loss of destruction value caused by the breakout of fire. Integrating the fire alarm system with other building system, such as mass notification systems and security systems, may be one of the most efficient methods to improve overall protection.
The Global Fire Suppression Market Overview, 2027 is expected to grow robustly at a growth rate of 6.06% over the forecast period. The major growth drivers, being increase in demand for fire protection systems in manufacturing facilities and industry verticals like oil and gas, energy and electricity. In addition to the increased demands from the residential and commercial installations due to the regulatory framework issued by the government and the rising number of fire incidences. The insurance companies have also made it mandatory for fire suppression equipment to be installed before granting the insurance against fire loss.
India fire safety equipment market Outlook, 2027 is expected to grow rapidly at a higher growth rate of over 14% during the forecast period ending 2027-28. Increased number of manufacturing activities in India would significantly contribute to the demand for fire safety equipment’s. Advances in technology including wireless alarm systems, water mist technology, integrating fire detection devices, and addition of smoke detectors into building management would be factors favorable for the market growth during the forecast period. The high cost of purchase and maintenance will be a major challenge for the fire protection systems. Building retrofits are designed to provide maximum protection with minimal interruption to work schedules, tenants, or staff. This raises the cost incurred on retrofit and replacement of fire protection systems. The issues associated with retrofits in existing buildings affect the growth of the fire protection systems market in India.
