Fire Safety Equipment Market worth US$ 13,562.9 Million by 2027 - Exclusive Report by The Insight Partners
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.
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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 few major companies operating in the fire safety equipment market.
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. IoT sensors are installed to monitor electrical systems and identify active heat sources on a continuous basis. Once a temperature spike is identified, a notification is sent immediately to take necessary inspections to prevent potential catastrophes. The IoT temperature sensors overcome challenges of old smoke detectors by identifying ignited fires much faster before they emit smoke.
"Fire Safety Equipment Market research report delivers a comprehensive study on production capacity, consumption, import and export for all major regions across the world. Report provides is a professional inclusive study on the current state for the market. Analysis and discussion of important industry like market trends, size, share, growth estimates are mentioned in the report."
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Geographically, North America held the largest share of the fire safety equipment market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The fire safety equipment market is segmented into solution, technology, and application, and geography. Based on solution, the market is further bifurcated into detection and suppression.
The detection segment represented a larger share of the overall market during the forecast period. Based on technology, the market is further segmented into active fire protection systems and passive fire protection systems. In 2019, the passive fire protection systems segment accounted for a substantial share in the global fire safety equipment market. Based on application, the market is segmented into commercial, industrial, and residential. The commercial segment represented the largest share of the overall market during the forecast period.
Impact of COVID-19 Pandemic on Fire Safety Equipment Market
The COVID-19 virus outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has governments to put a bar on transportation of humans and goods. The manufacturing and construction industries, academic institutes, shopping complexes, office premises has experienced temporary shutdown in their activities to curb the spread of virus. The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries and thus stopping the production of safety products and their adoption in buildings. However, after 6-7 months of lockdown, now the businesses are getting resumed including construction industry.
Chapter Details of Fire Safety Equipment Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Fire Safety Equipment Market Landscape
Part 04: Fire Safety Equipment Market Sizing
Part 05: Fire Safety Equipment Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Contact Person: Sameer Joshi
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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