01 November 2019
Fire Safety Equipment Market Report 2020-2030: Forecasts by Solution (Fire Detection, Fire Suppression), By Type (Flame, Smoke, Heat), By Application (Commercial, Industrial, Residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
The size of the global market for fire safety equipment is projected at USD 60 billion in 2019 and is anticipated to grow from 2020 to 2030 at a CAGR of 9 percent. Growing demand for innovative fire safety systems is expected to drive the market for sectors such as manufacturing, transportation, petrochemical, mines, oil & gas production, energy & electricity, automobile, and construction. Strict regulations have been enforced by a range of developed and developing regions such as North America, Asia Pacific and Europe, which mandate the implementation of fire safety systems in manufacturing, residential and commercial areas.
This factor also contributes to the growth of the market. Reconstruction practices and enforcement of fire safety standards were assessed to have a positive impact on market growth. For example, Japan's Fire Services Law and Building Standards Law and China's Fire Protection & Prevention Code of Design. Technological advances, including water mist technology, wireless alarm system, smoke detectors, and adding detection devices to building management, further increase demand.
Emerging economies, seeing growing development of commercial spaces such as supermarkets, multiplexes, shopping malls, hypermarkets, real estate, and office buildings, have stimulated demand for identification and containment systems to support government norms and regulations. Organizations around the globe are investing on fire safety and infrastructure maintenance, thus increasing the damage caused by fire incidents. However, to curb market growth, high initial investment in installing these systems coupled with costly maintenance and replacement services is anticipated.
The European Convention, National Fire Protection Act, and many other local regulations as well as standards, building codes, and permits by nationally recognized check laboratories has required the construction authorities to provide the facilities with appropriate fire protection and detection systems. In fact, insurance companies offer discounts to property holders to install such facilities, which is expected to further drive the market for fire safety equipment.
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