The global Fire Safety Equipment Market is expected to witness a staggering CAGR in the years to come. This could be credited to increasing concerns regarding safeguarding human property and life across the globe. Besides, the overheads associated with loss on the part of human hours owing to fire hazards have always been a matter of concern. This calls for fire safety equipment to be in place. You could bifurcate fire safety equipment based on two elements; viz fire suppression and fire detection.
It is estimated that technological advancements like wireless sensor networks would take the fire safety equipment market by storm in the upcoming period. These advancements would lend a helping hand in the reduction of manufacturing costs; thereby bolstering the future market potential. Plus, stern regulations inflicted by numerous regulatory bodies to implement fire safety procedures do mandate organizations to make use of fire safety equipment at workplaces. This would, in turn, boost the demand for fire safety equipment.
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The fire safety equipment market is segmented based on technology, solution, application, and geography. By technology, the segmentation spans passive and active. By solution, the segmentation comprises fire suppression and fire detection (mentioned above). By application, the market could span residential, commercial, and industrial. By geography, the fire safety equipment industry says LATAM, North America, Asia Pacific excluding Japan, Japan, Eastern Europe, Western Europe, and MEA.
North America and Europe have been at the forefront concerning the employment of fire safety equipment. The Asia Pacific is expected to grow at the quickest pace due to stupendous urbanization in economies like India. LATAM is also catching up due to Brazil getting industry-centric. MEA would be the torchbearer in the future due to the influx of shopping malls in Dubai.
The players contributing to the fire safety equipment market include Tyco International, United Technologies, Gentex Corporation, WSA Fire Systems, ADT Security Services, Inc., Panasonic Corporation, Cooper Wheelock, Siemens Building Technologies, and Honeywell Security & Communications.
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