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Fire Safety Equipment Market 2024 Global Key Players, Industry Analysis, Potential Growth, Latest Trends
Fire Safety Equipment Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Fire Safety Equipment industry. This report on Fire Safety Equipment market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The fire safety equipment market size has grown strongly in recent years. It will grow from $45.07 billion in 2023 to $47.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to regulatory compliance, increase in building construction, urbanization and population growth, increased demand in industrial and commercial development, increased emphasis on workplace safety.
The fire safety equipment market size is expected to see strong growth in the next few years. It will grow to $62.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing demand for sustainable and eco-friendly solutions, increased fire risks due to climate change, growing data center construction, retrofitting existing buildings, increasing infrastructure development. Major trends in the forecast period include smart fire safety systems, fire suppression technologies, fire detection and alarm systems, specialized fire protection, wireless and remote monitoring.
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Key Market Players:
Bosch Security System Inc., Hamla PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls International PLC, Napco Security Technologies Inc., Siemens Building Technologies Pvt. Ltd. are prominent players in the Fire Safety Equipment industry.
Market Drivers:
According to the Fire Safety Equipment Market Report 2023 by The Business Research Company, the key factors driving the growth of the Fire Safety Equipment market, includes Major companies operating in the fire safety equipment market are developing innovative products such as Fike Fire Monitors to meet the growing demand for fire safety. Fike Fire Monitors, autonomous water cannons, swiftly extinguish flames in challenging locations, typically within a mere 15 seconds of detection.
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Market segments for Fire Safety Equipment include:
1) By Product: Extinguisher, Fire Hydrant, Respirator, Other Products
2) By Solution: Fire Detection, Fire Suppression
3) By Technology: Active Fire Safety Systems, Passive Fire Safety Systems
4) By Application: Commercial, Industrial, Residential
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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