The increasing safety concerns related to the safety of the consumers and the rapid urbanization and construction of various residential, commercial, and public infrastructure, are the major factors that are surging the growth of the market.
Dublin, Ireland – July 15, 2020 /MarketersMedia/ —
The rapid urbanization and construction of various residential, commercial, and public infrastructure is the primary factors that are surging the demand of the fire safety equipment market. Additionally, the increasing concerns related to the safety of the consumers as well as the implementation of strict fire safety regulations by the government and local bodies is another factor that is contributing to the growth of the market in the coming years. The expansion in the industrial sector is prone to fire accidents and therefore requires fire safety equipment for immediate application. This is presenting numerous opportunities for the fire safety equipment market growth. Moreover, the rising number of fire stations and staff to serve the growing population with fire safety gear, extinguishers, and other equipment and the growing number of fire stations will accelerate the demand for the global fire safety equipment market.
The rising awareness among people towards personal fire safety is also playing a major role in the growing demand of the market. On the other edge of the spectrum, the high initial investment cost of the installation of these systems and the costly maintenance and replacement services are likely to have a negative impact on the growth of the market.
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On the basis of the solution, the detection devices segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is due to the increasing technological advancements in detection devices such as wireless detection and wireless networking, which is also helping in reducing the installation costs. Moreover, the increasing number of initiatives launched by the governments to support the installation of detection equipment will further pave the way for the growth of the market. For example, the Building Code of Australia, USA, and National Fire Protection Association have mandated the installation of the detection equipment to improve the safety level.
Based on the fire detection product, the detectors segment is expected to witness considerable growth in the next six years. The strict juridical requirements by numerous countries related to the implementation of these devices is the major factor that is boosting the demand of the segment in the market. The detectors segment is further segmented into flame, smoke, and heat. This is due to the increasing usage of these systems in the residential, corporate, commercial building, entertainment malls, and other public spaces are driven by their cost-effective and longer lifespan features.
On the basis of the fire suppression product, the extinguishers segment is projected to maintain its dominance over the forecast period. The major factors that are surging the growth of the segment include the growing number of fire accidents and hazards due to the unsuitable housekeeping standards, poorly maintained electrical circuits and the availability of stock combustible materials such as inflammable gases or liquids. In addition to this, the growing number of strict government regulations related to the installation of extinguishers in the residential, industrial, and commercial areas is further having a positive impact on the growth of the market.
Based on the application, the commercial segment is poised to expand in the coming years. The commercial segment is further divided into hospitality, government, healthcare, telecom & IT, BFSI, retail, and institutional sectors. The growing infrastructural developments, especially in the urban areas, is the major factor that is responsible for the growth of the segment in the market. On the other hand, the industrial segment is predicted to maintain its dominance in the next six years. This is due to the rising emphasis on workers safety which is leading to the installation of full proof fire prevention and protection equipment.
On the basis of the region, the Asia-pacific region is anticipated to dominate the fire safety equipment market in the next six years. This is attributed to the rapid industrialization and urbanization in the Asian countries, including Japan, India, and China. Furthermore, the strong presence of various sensor manufacturing companies and the accelerating production of fire safety equipment are two other factors that are driving the market growth in this region. On the other hand, the North American region is expected to experience a higher CAGR during the forecast period due to the increasing infrastructural developments and the implementation of stringent fire safety regulations and norms in the region. For instance, in 2017, the US government provided tax incentive to install fire sprinklers in the country.
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The key players of the fire safety equipment market include United Technologies, Johnson Controls, Tyco, Napco Security, Gentex Corporation, Honeywell, Robert Bosch, Hochiki, Tyco, and Siemens, among others.
The research report on the fire safety equipment market provides an in-depth analysis of the market revenue based on solution, product, fire detection type, fire detection type, fire detection application, fire suppression product, fire extinguishers type, fire suppression application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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