Fire Safety Equipment Industry Size, Share and Industry Report 2023-2030
Global Fire Safety Equipment Market is expected to grow at a CAGR of 7.0% during the forecast period (2023-2030).
The demand for fire safety equipment in buildings and industrial facilities is driven by the imperative need to ensure the safety of people and mitigate substantial losses caused by fires. Industries such as mining, oil & gas exploration, energy & power, automotive, and construction are witnessing a growing demand for advanced fire safety systems, contributing to the overall expansion of the market.
Reconstruction activities and the enforcement of building safety codes aimed at fire protection are key factors positively influencing market growth. Notable examples include the Fire Services Law and Building Standards Law in Japan, as well as the Code of Design for Building Fire Protection & Prevention in China. These regulatory measures play a crucial role in promoting the adoption of advanced fire safety equipment and ensuring compliance with stringent safety standards in various regions.
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The global Fire Safety Equipment market is experiencing growth propelled by modernization and technological advancements in the construction industry, coupled with an increasing incidence of deaths and property loss due to fire breakouts. The trend of rising urbanization in developing countries like Brazil, China, India, and Indonesia is contributing to higher infrastructure spending, particularly in the enhancement of building safety standards. This surge in infrastructure development is driving the expansion of the global fire safety equipment market.
For example, the Brazilian government's substantial investment of approximately US$36 billion in the resumption of 7,000 construction projects is indicative of the growing focus on infrastructure development and safety measures. Similarly, the real estate sector in India is poised to contribute around 13% of the country's GDP by 2026, with a notable increase in gross office absorption in top Indian cities.
However, challenges such as the high initial installation costs and a lack of integrity in system interfaces are constraining the market's growth. Addressing these challenges will be crucial for ensuring the sustained development of the fire safety equipment market globally.
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Oil & Gas
Fire Safety Equipment Manufacturers
Major players are Gentex Corporation, Halma PLC, Hochiki Corporation, Honeywell International Inc, and Johnson Controls. Other key players in the market are Robert Bosch GMBH, Siemens AG, TYCO, United Technologies, and Protec Fire Detection plc.
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