Fire Safety Equipment Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2030

Posted by Mrudula Karmarkar on July 28th, 2022

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.

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Rising demand for fire safety equipment for industries, such as utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining, and construction is anticipated to drive the growth. Several developed and developing regions like Europe, North America, and the Asia Pacific have implemented stringent regulations, which mandated the installation of fire safety equipment in the residential, industrial, and commercial sectors. These factors are driving the demand for the growth of the market.

Fire Safety Equipment Market Report Highlights

• The 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
• The industrial segment dominated the market in 2021. Oil and gas and mining industries are highly prone to fire accidents due to the involvement of flammable materials; thus, driving the maximum demand for the fire suppression systems
• 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 outbreak of the COVID-19 pandemic impacted the fire safety market adversely in the early quarters of 2020. This has resulted in a reduction in the installation of new fire safety equipment in industrial and commercial applications. However, increased spending on new construction activities and replacement of obsolete fire alarms and sprinklers and detectors are expected to witness the overall growth of the fire safety equipment market in the forthcoming years.

Reconstruction activities along with the implementation of safety codes against fire protection will positively impact market growth. Advancements in technology, including wireless alarm systems, smoke detectors, and water mist technology, will further boost the growth. The rise in awareness regarding fire safety equipment and the dangerous outcomes is expected to propel market growth. However, high replacement costs of traditional fire equipment would hamper the market growth.

List of Key Players of the Fire Safety Equipment Market

• Robert Bosch GmbH
• Eaton Corp., Inc.
• Gentex Corp.
• United Technologies Corp
• Space Age Electronics
• Halma plc
• Siemens Building Technologies
• Hochiki Corp.
• Nittan Company, Ltd.
• Honeywell International, Inc.