Fire safety equipment market to reach $43.60 billion by 2022
The global fire safety equipment market is expected to reach USD 43.60 billion by 2022, according to a new report by Grand View Research, Inc. Emerging technologies such as wireless sensor networks coupled with stringent safety regulations across the globe resulting in extensive use of advanced devices is expected to play a vital role in augmenting demand over the next seven years.
Stringent enforcement of building and safety codes are expected to increase penetration of these devices in infrastructure and construction segment. Growing adoption of advanced detection technologies and environment-friendly suppression agents is projected to play a vital role in shaping market dynamics.
Market drivers and challenges
Growing use of fire safety equipment in critical mass transportation infrastructure such as airports and intelligent transportation systems is expected to open new avenues for industry growth. Radically growing commercial sector, rapid industrialization and growing overall real estate industry in the developing countries is anticipated to fuel the demand.
However, the inconsistent enforcement of these codes is challenging manufacturers across the globe. Additionally, the rising maintenance and replacement services can hinder industry demand.
Further key findings:
- The fire detectors market has significant growth opportunities owing to continuous innovations in smart home automation related applications. The industry is estimated to grow at rate of over 7.5% by 2022. Further, increased adoption of safety standards and norms in industrial sectors such as power, oil & gas and transportation are also anticipated to fuel their demand.
- The demand for fire suppression equipment across industrial applications is estimated to grow at a rate of over 9.0% from 2015 to 2022. Oil & gas is the primary field responsible for the expansion of these devices on a large scale. Rising investment of companies for safeguarding the infrastructure and reducing the loss of property and life across different commercial applications is estimated to further propel demand across the commercial sector.
- Asia Pacific fire safety equipment market is estimated to grow at a rate of over 12.5% from 2015 to 2022. Growing economy combined with expanding construction sector offers a strong platform for investments across the region. Rising number of fire accidents across countries such as China, India are highlighting the need for better safety standards across varied commercial segments. Additionally, growing number of SMEs and enterprises are also anticipated to propel market growth
- Key industry participants include Honeywell International, Tyco International, Bosch GmbH, Siemens Building Technologies and United Technologies.
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.