Fire Safety Equipment Industry Overview
The global fire safety equipment market size was estimated at USD 46.59 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. 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.
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.
Gather more insights about the market drivers, restraints, and growth of the Global Fire Safety Equipment Market
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.
The European Norm, National Fire Protection Act, among many other local regulations as well as listings, building codes, and approvals by nationally recognized testing laboratories have mandated the construction authorities to equip the infrastructures with adequate fire suppression and detection systems. Moreover, insurance companies provide incentives to infrastructure owners for installing such equipment, which is expected to drive the fire safety equipment market further.
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Fire Safety Equipment Market Segmentation
Grand View Research has segmented the global fire safety equipment market based on solution, application, and region:
Fire Safety Equipment Solution Outlook (Revenue, USD Million, 2018 - 2030)
- Detection
- Suppression
Fire Safety Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)
- Commercial
- Industrial
- Residential
Fire Safety Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Companies profiled:
Some prominent players in the global Fire Safety Equipment market include
- 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.
- Napco Security Technologies, Inc.
- Johnson Controls
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