fire safety equipment Market

The fire safety equipment market was valued at US$ 10,362.1 million in 2019 and is projected to reach US$ 13,562.9 million by 2027; it is expected to grow at a CAGR of 4.3% during the forecast period from 2020 to 2027.

Factors such as increasing number of construction projects in residential, commercial, and industrial sector are contributing towards the growth of fire safety products, and thereby influencing the market growth. In addition, presence of fire safety related associations such as National Fire Protection Association (NFPA), Underwriters Laboratories (UL), Fire Protection Association Of India (FPAI), and Fire Protection Association (FPA) is another factor that contributes in ensuring safety of buildings and occupants in case of any fire related incident. Moreover, conceptualization of smart cities and use of integrated fire safety because of booming IoT technology are other factors contributing towards the market growth.

Owing to increasing industrialization; the fire safety equipment are getting deployed at industrial and commercial sector in the premises. Also, due to booming conceptualization of smart city projects across the globe, the integration of fire safety products in the buildings of smart cities will continue to grow to meet the codes and standards of fire safety. Also, progression in the construction of Private housing, commercial office construction, and commercial retail, is anticipated to provide prosperous growth opportunities to the market across the globe, thus, positively impacting the fire safety equipment market.

With the developing economy, innovative technologies have been initiated to transform the urban landscape. The World Bank outlines a technology-intensive smart city which would be having interconnected networks and sensing technologies. Most of upcoming cities would be having high-rise buildings as well as dense concentration of buildings, which would make it mandatory to address fire situation to mitigate any loss of property and life. With the help of emerging technologies such as IoT, the effectiveness of fire response can be increased. An IoT-enabled sensing technology with gateways connected to a backbone cloud-based software & apps is an important requirement for smart cities and buildings to enable fire safety. IoT-based systems for fire safety, such as centralized fire monitoring platform, significantly help in enhancing the effectiveness and speed of response. Advancement of wireless technologies, majorly for IoT enabled sensors, and easy access to internet connectivity and bandwidth is another aspect which would contribute toward the adoption of fire safety.

Overall size of the fire safety equipment market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the fire safety equipment market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the fire safety equipment market. Bosch Sicherheitssysteme GmbH, Eaton Corporation Plc, Gentex Corporation, Halma Plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls, Inc., Napco Security Technologies, Inc., Nittan Company, Ltd., and Siemens AG; are among the key market players profiled during this market study.