Fire Safety Equipment Market - Future Trends, Revenue Growth & Leading Players

Posted by Ryan Shaw on September 27th, 2021

The global Fire Safety Equipment Market size is expected to reach USD 72,644.51 million by 2028, expanding at a CAGR of 6.6% from 2021 to 2028, 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. 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 growth.

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. 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.

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 safety equipment. North America led the market in 2020 and is expected to continue the dominance over the forecast period. 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 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.

Related Press Release@ Fire Safety Equipment Market Report

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
• Industrial segment dominated the market in 2020. Oil and 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 2020 and is expected to continue the dominance over the forecast period due to stringent fire safety regulations and rapid infrastructural developments.