Fire Safety Equipment Market

Global Fire Safety Market Outlook (2022-2032)

The global fire safety equipment market is estimated at US$ 49 Billion in 2022, which is expected to procure a market value of US$ 91.11 Billion by 2032.

Projected growth rate is 6.4% during the forecast period from 2022 to 2032.

The growing demand for efficient fire safety equipment in automotive, manufacturing, energy and power, mining, and construction is likely to drive the market considerably in the coming period.

Report Attributes	Values
Estimated Market Value in 2022	US$ 49 Billion
Estimated Market Value in 2032	US$ 91.11 Billion
Projected CAGR from 2022-2032	6.4%
Key Companies Profiled	Johnson Controls Siemens Building Technologies United Technologies Corp Eaton Corp., Inc. Gentex Corp. Space Age Electronics Hochiki Corp. Honeywell International, Inc.

Global Fire Safety Equipment Market Analysis from 2015-2021 Vs Future Market Outlook for 2022-2032

From 2015 to 2021, demand for fire safety equipment expanded at a CAGR of 6% according to Fact.MR- a market research and competitive intelligence provider. Increasing urbanization and the consequent expansion of both residential and commercial construction industries have impelled demand for fire safety equipment in recent years.

During the COVID-19 pandemic, the need for fire safety equipment became highly pronounced, especially across the residential and healthcare industries. The imposition of mandatory lockdowns compelled residents to stay indoors, leading to heightened demand for home grade fire extinguishers and other equipment to combat any incident. Also, the rising hospitalization rates prompted hospitals and clinics to install robust firefighting and fire detection systems to prevent any accidents.

Future demand is highly reliant on the ever toughening regulations concerns fire hazards and fire safety across buildings in the residential as well as the commercial sector. Government authorities have made it mandatory for all buildings across the world to provide efficient firefighting mechanisms. As per the study, the market is projected to surge 2x from 2022 to 2032.

What are the factors Boosting the Global Fire Safety Equipment Market?

Development of Technology to Offer Efficient Fire Safety Products

The rapid urbanization has generated a significant demand for efficient fire safety equipment, which is likely to bolster the market significantly in the forecast period. Implementation of building safety codes and advanced conduct has provided a significant boost to the market.

Moreover, development in technology such as; wireless alarm systems, water mist technology, smoke detectors is predicted to augment the industry in the coming time.  Also, the growing awareness regarding fire safety equipment is expected to propel the market expansion.

What are the Factors Restraining the Global Fire Safety Equipment Market?

Lack of Regulation at Ground-Level to Hamper the Fire Safety Equipment Market

Lack of awareness about the advantages of fire safety equipment is likely to inhibit the growth of the market in the forecast period. Further, the absence of ground-level regulation in the commercial and industrial sectors is expected to hamper market growth.

In addition, the misconception that fire safety equipment is an unproductive outlay is another factor hampering the expansion. In addition to this, the outbreak of COVID-19 brought a negative impact on the market by hampering the manufacturing process.

Country-Wise Analysis

Why is APAC likely to Record the Highest CAGR during the Forecast Period?

Rapid Urbanization in Developing Nations to Boost Demand for Efficient Health and Safety Equipment

As per the analysis conducted at Fact. MR, Asia Pacific is anticipated to record a CAGR of 8% from 2022 to 2032. With the presence of developing economies such as; India, China, and Japan, the region is anticipated to witness a significant boost in the demand for fire safety products.

The reason can be attributed to the rapid urbanization and the growing awareness about the benefits of using fire safety products. Further, industrialization has also been picking pace in these developing countries, generating significant demand for fire safety products. In addition, the presence of sensor manufacturing players and increased manufacturing of advanced safety equipment across the region are other salient causes elevating the market growth in APAC.

The rapid automation in buildings and increasing preference for smart homes is anticipated to increase the demand for fire safety equipment and propel the market in the forecast period. Furthermore, the need for mass transportation and the growing demand from the mining and construction sector is likely to aid in growing the market in the region.

What is the Contribution of North America is Boosting the Global Fire Safety Equipment?

Mandate Installation of Fire Safety Equipment to Boost the Industry in the Region

The analysis reveals that North America will procure nearly US$ 18 Bn of the global market share in 2022. Among all, Canada and the U.S are projected to make the most significant contribution in developing the regional market.

Various countries in the region, including, the US have mandated the installation of fire safety equipment. Detection devices have also been a compulsion, thereby growing the market significantly in the forecast period. The region is anticipated to maintain its position in the global market owing to the rapid infrastructural developments and stringent regulations regarding fire safety equipment.

Category-Wise Analysis

Based on the Solution, which Segment is expected to make the Most Significant Contribution?

Imposition of Stringent Policies to Increase Demand for Fire Safety Products

Fact. MR reveals that the fire detection segment is anticipated to secure the largest market share during the forecast period. The segment is likely to have procured nearly 60% of the global market share in 2022. The fire detection segment is projected to expand at the highest CAGR of 7% during the forecast period.

The increasing number of smart city projects and the robust development in the commercial sector are anticipated to boost the industry during the evaluation period. Moreover, the increasing government intervention and imposition of stringent policies are some other salient factors attributed to the expansion of the segment in the coming time. Furthermore, rising fatalities due to accidental fires and the increasing development of technologies in detection devices are anticipated to generate significant demand for fire safety equipment.

What is the Role of Industrial Application Segment in Driving the Global Fire Safety Market?

Increasing Demand for Fire Safety Products from Transportations, and other Sectors to Boost the Segment

According to the analysis, the industrial application segment is predicted to have procured nearly 40% of the global market share in 2022. The expansion of the segment can be attributed to the increasing demand for fire safety products from sectors such as; transportation, oil and gas, manufacturing. Furthermore, the stringent rules imposed by the government of various countries is a salient factor boosting the segmental growth in the forecast period.

Competitive Landscape

Key players of the global fire safety equipment are focusing on expanding their global reach and are adopting strategies to secure the forefront position. Acquisition, partnerships, and collaboration are some of the most adopted methods. Some of the recent developments among the key players are:

• In November 2021, CBC AMERICA, an intelligent security system provider, announced a business alliance with NAPCO Security Technologies.
• In August 2021, Halma acquired the Ramtech Group of Companies for 18.5 Mn Euros in cash. The UK-based Ramtech Group of companies provides wireless fire systems to temporary sites, mainly in the construction sector.

Key Segments Covered in the Industry Report

• By Application

  • Residential Applications
  • Commercial Applications
  • Industrial Applications

• By Solution

  • Fire Suppression Equipment
    • Extinguisher
    • Sprinkler
  • Fire Detection Equipment
    • Detector
    • Alarm