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Food and Beverage Industry Pumps Market Projected to Reach $14.41 Billion by 2028, Fueled by Meat and Poultry Demand
Food and Beverage Industry Pumps Market
Experiencing robust growth, the fire safety equipment market is set to increase from $45.07 billion in 2023 to an estimated $47.98 billion in 2024, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 6.5%. The market anticipates sustained strong growth, reaching $62.24 billion by 2028 at a CAGR of 6.7%.
Key Growth Drivers:
Construction Boom Drives Market Growth:
The rapid expansion of the construction industry is expected to be a primary driver for the growth of the fire safety equipment market. With construction activities encompassing building, altering, and demolishing structures, the widespread use of fire safety equipment at construction sites is integral. The construction industry in India, forecasted to reach $1.4 trillion by 2025, is a key contributor to the market's growth.
Residential Project Demand Boosts Market Growth:
Increasing demand for residential projects is poised to fuel the growth of the fire safety equipment market. These projects, aimed at developing living spaces, necessitate the use of fire safety equipment to prevent and mitigate fires, ensuring the safety of residents and protecting property. The US witnessed a 12% increase in the value of new residential construction projects in 2022, reaching an estimated $881 billion.
Explore the Global Fire Safety Equipment Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6126&type=smp
Major Players:
Key market players driving innovation in fire safety equipment include Bosch Security System Inc., Hamla PLC, Honeywell International Inc., Johnson Controls International PLC, Siemens Building Technologies Pvt. Ltd., and others.
Strategic Partnerships:
Strategic partnerships emerge as a prominent trend in the fire safety equipment market, with companies like MSA Safety Incorporated partnering with Perspective Robotics AG to enhance fire scene situational awareness. These partnerships aim to strengthen market positions and foster innovation.
Innovative Product Introductions:
Major companies are introducing cutting-edge products like Fike Fire Monitors, autonomous water cannons capable of extinguishing flames within 15 seconds of detection. Fike Corp.'s innovative solution combines flame detectors, high-definition cameras, and thermal imaging cameras to create an efficient water-based fire suppression system.
Regional Insights:
North America dominated the fire safety equipment market in 2023, with comprehensive coverage of regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Market Segmentation:
The fire safety equipment market covered in this report is segmented -
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
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/fire-safety-equipment-global-market-report
Fire Safety Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fire Safety Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fire safety equipment market size, fire safety equipment market drivers and trends, fire safety equipment market major players, competitors' revenues, fire safety equipment market positioning, and market growth across geographies. The fire safety equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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