Fire Safety Equipment Market is expected to reach US$ 13,562.9 Mn by 2027

According to the new research report titled "Fire Safety Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 13,562.9 million by 2027, registering a CAGR of 4.3% from 2020 to 2027.

The construction industry holds a remarkable position across the globe. In buildings, the owners are using advanced fire safety products to prevent any fire related incidents. The construction companies, contractors, and building owners, as well as government employees are including fire safety in their respective buildings. There are codes and standards developed which states that buildings must have sprinklers, extinguishers, fire alarms, and other fire safety products for protecting people. The hotels, dwellings, high-rise buildings, malls, office buildings, and more are having built-in fire safety equipment to prevent loss during fire. For instance, NFPA 13, a Standard for installing sprinkler systems. The NFPA 13 gives high degree of protection for property and life from fire via standardization of design, installation, and testing requirements for sprinkler systems.

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In addition to buildings, there are many legal standards and codes for construction sites also to promote workers' safety. There is a significant necessity to enhance fire safety in the construction sites to safeguard construction workers and other occupants of buildings. Factors such as increasing number of construction projects in residential, commercial, and industrial sector are contributing towards the growth of fire safety products, and thereby influencing the market growth. In addition, presence of fire safety related associations such as National Fire Protection Association (NFPA), Underwriters Laboratories (UL), Fire Protection Association Of India (FPAI), and Fire Protection Association (FPA) is another factor that contributes in ensuring safety of buildings and occupants in case of any fire related incident. Moreover, conceptualization of smart cities and use of integrated fire safety because of booming IoT technology are other factors contributing towards the market growth. However, due to high installation and maintenance cost of fire safety equipment, the market growth might get interrupted.

In North America, the imprints of companies offering fire safety products such as Honeywell International, Gentex Corporation, and Johnson Controls contributes in market growth. Any product development or R&D for the future development of fire safety product by mentioned companies will contribute towards their adoption in the region. Also, establishment of codes and standards such as NFPA to address fire safety in array of buildings is further projected to contribute towards the market growth.

In APAC, the region is comprise of developing economies such as China, India, Singapore, Vietnam, and other southeast countries as well as developed economies such as Japan and Australia. The manufacturing industries in Asian countries are booming at an exponential rate which will boost the penetration of fire safety products. Furthermore, rising investment in construction industry from the government bodies of India, China and other countries will help in accelerating the growth of industrial, residential, and commercial sectors. Thus aspect will contribute in boosting the market growth.

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Air quality sensor Market - Companies Profiles
Aeroqual Limited
Honeywell International Inc.
MetOne Instruments, Inc
Schneider Electric SE
Siemens AG
Renesas Electronics Corporation
energomonitor s.r.o
Sensirion AG Switzerland
Suez
Zhengzhou Winsen Electronics Technology Co., Ltd

Overall size of the fire safety equipment market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the fire safety equipment market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the fire safety equipment market.

Key Findings of Study:
The global fire safety equipment market is fragmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). 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.

Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on January 2020, Gentex Corporation would demonstrate its new features and technology concepts at CES 2020 that dramatically expand its digital vision, car connectivity & sensing, and dimmable glass product lines. Gentex Corporation is a supplier of electro-optical products for the automotive, aerospace, and fire protection sectors. They would also showcase their new in-vehicle smoke detector for autonomous vehicles and rideshare operators. Moreover, in August, 2018, Napco Security Technologies, Inc. introduced a new FireLink integrated 8 to 32Pt fire alarm control panel in an LTE sole path model. FireLink offers the most extended cellular lifespan, over ten years, and has greater range and reliability.

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