Global Fire Safety Equipment Market is expected to reach US$ 65 bn by 2028: Ken Research

The Fire Safety Equipment Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and reach revenues of US$ 65 Bn by 2028. The market's expected growth is due to the advancements of smart technologies in the fire safety industry such as Artificial intelligence, Internet of Things, and the increase in safety budgets in buildings and Transports Services i.e., to develop a fire safety plan for a possible fire outbreak such as fire exits, fire suppression, and detection tools and more.

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Key Growth Drivers

The introduction of smart technologies in fire safety is gaining momentum with the concept of Smart Connected Things (ScoT), which provides an accurate and efficient system for fire detection and suppression. SCoT alert the users about faulty sprinklers in the building and notifies them about the maintenance of the system from time to time.
Corrosion in the fire suppression system is the major challenge that is derailing the growth of the fire safety equipment market. According to the National Fire Protection Association (NFPA), 73% of dry systems have corrosion issues. Dry system is a sprinkler system in which water is released with help of air thus ensuring that water doesn't freeze in the system.
The complete shutdown of the manufacturing units, delay in supplies, and decrease in demand were the biggest challenges faced by the fire safety equipment market during the COVID-19 pandemic.

Key Trends by Market Segment

By Product:  The fire detection segment held the major market share in 2021, owing to the use of smart technologies in fire detection systems as well as the adoption of fire safety systems in buildings and houses.

Fire Detection is further divided into detectors and alarms, which are used to detect and alert people regarding fire outbreaks.
The advancements in the fire detection systems such as wireless alarms, new loudspeaker technologies, and new supervising station reporting technology i.e., wireless radio, cellular, and internet protocols are driving the growth.
The NFPA 72 (National Fire Alarm and Signaling Code of National Fire Protection Association) focuses on providing the most up-to-date safety measures with respect to fire detection, such as signaling, and emergency communications. All such factors will drive the growth of the market during the forecast period.

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By Technology: Passive fire protection systems segment is expected to hold the largest market share, by technology during the forecast period, as it helps to slow down or prevent the spread of fire and smoke from one room to another.

Passive fire protection systems include floor ceilings, roof exhaust, fire doors, windows, wall assemblies, fire-resistant coatings, and other fire and smoke control assemblies as well as fire dampers that help to slow down and prevent fire.
In Europe, BS EN 1364-1:2015 is a European standard that specifies a method for determining the fire resistance of non-loadbearing walls.
In the US, ASTM E119 is the standard test method for fire tests of building construction and materials, such initiatives are likely to support the growth of fire safety equipment.

By Service: Installations & replacements segment is expected to hold the largest market share during the forecast period in the service segment, owing to the rise in installations of fire systems in the buildings.

Installations & replacement services are increasing as an increase in the budget for fire safety systems in buildings and a variety of government norms for the standard fire safety equipment to be available in the area is acting as a driver for the segment.
The system inspection & maintenance segment is expected to show the fastest growth during the forecast period as rapid installations of the fire safety system are making a way for maintenance of those earlier installed fire safety systems.

By Application: The industrial segment accounted for the largest market share in 2021, this is due to the use of fire safety systems in factories and manufacturing units to prevent the possible fire outbreak and minimize the damage to expensive machinery and workers.

According to National Fire Protection Association (NFPA) for the years 2011- 2015, there have been an average of 37,910 fires the in U.S for industrial or manufacturing properties each year, which accounted for the loss of US$1.2 billion in property damage and 16 Civilians deaths and making 273 other heavily injured.
The industrial segment comprises oil & gas refineries, mining, energy and power, and manufacturing units thus fire safety systems have to be installed to avoid major fires in the future.

By Geography: North America Region accounted for the largest market share in 2021, due to strict fire safety rules and continuous structural developments.

The rising demand for smart houses and buildings in the US which provide high security as well as new advanced fire system enabled with IoT and AI is acting as a driving factor for the North American market.
The major manufacturers like Gentex Corp., Space Age Electronics, Honeywell International Inc., Napco Security Technologies, Inc., and Johnson Controls are all headquartered in the US.

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Competitive Landscape

The Fire Safety Equipment market is highly competitive in nature with ~1,000 players in the market, which include globally diversified players, regional players as well as a large number of country-niche players having their niche in fire safety equipment for multiple applications.

Large global players hold the highest market share, while regional players hold the second largest share. Some of the major players in the market include Robert Bosch GmbH, Eaton Corp., Inc., Gentex Corp., Space Age Electronics, Halma plc, Siemens Building Technologies, Hochiki Corp., Nittan Company, Ltd., Honeywell International, Inc., Napco Security Technologies, Inc., and Johnson Controls among others. The large number of competitors is providing buyers with high bargaining power whereas suppliers are struggling to survive in the market.

Recent Developments Related to Major Players

In May 2022, Robert Bosch GmbH launched the Smoke detector II which has a built-in Siren that is able to deliver notifications directly to the user's Mobile phones and also send a  signal to other connected alarms to alert every person around and avoid major mishappening.
In June 2019, Halma acquired Ampac, Ampac was one of the leading Australian fire & evacuation system companies. With this acquisition, Halma was able to use the well-established network of Ampac in Australia, New Zealand, and the UK.
In June 2022, Siemens launched the advanced IoT-enabled smart fire safety equipment, which is capable of accessing all alarm systems and cloud functioning as well as is easy to install, and has a low maintenance cost.

Conclusion

The Fire Safety Equipment Market is expected to grow at a CAGR of ~7% for the forecasted period (2022-2028), which is slightly higher than what the market witnessed between 2017 and 2021. The new advancements in the fire safety equipment market such as Artificial intelligence and IoT are creating new opportunities in the market. Though the market is highly competitive in nature with over 1,000 participants, few global players and regional players hold the majority of share in the market.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. In addition, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Fire Safety Equipment Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, that segments the market into by Product Type, Technology, Service, Application and Region. The revenue used to size and forecast the market for each segment is US$ Billion.

Market Taxonomy

By Product

Fire Detection
Fire Response
Fire Suppression
Fire Analysis

By Technology

Active Fire Protection Systems
Passive Fire Protection Systems

By Service

Installations & Replacements
System Inspection & Maintenance
Fire Alarms & Sprinklers Monitoring
Fire Extinguisher Training

By Application

Commercial
Industrial
Residential
Transportation & Logistics
Others

By Geography

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia)
Latin America, Middle East, and Africa (LAMEA)

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