Panic Exit Devices Market Forecast and CAGR
Rapid urbanization, functions, events, and gatherings have surged up the number of people gathering together at the same place. Thus, handling the safety of people has become extremely important for authorities at these junctures.
Panic situations can arise in any situation and at any time. Thus, most places where people would gather in large numbers need equipment that would work towards the safety of the people. In order to manage panic situations, panic exit devices are used on large scales.
The main function of a panic device is that anyone should be able to use it easily without any prior learning. Thus, manufacturers of panic exit devices keep the device extremely simple and do not complicate its usability. Also, panic devices can be easily used by handicapped people as well. Thus, the panic device market will observe a boost in the market.
Hafele, a key player, in manufacturing panic devices is majorly focusing on fire-resistant devices. The end-users such as concert halls, marriage halls, stadiums, and multiplexes are demanding fire resistance devices as the crowd gathers in large numbers.
Thus, the company has manufactured devices that can withstand fire for up to three hours. In addition to this, the devices are also graded according to the ANSI grading standards.
Another key player, Trudoor - Doors & Hardware, is focusing on minimizing property damage. The company gives preference to steel doors as the end-users demand for fire-resistant devices is on a rise. Thus, the company manufactures fire rated metal doors that controls the spread of smoke and fire up to three hours.
Panic exit devices are used to provide exits from buildings during or in case of accidents or disastrous situations. Panic exit devices serve the dual purpose of safety and security. Panic exit devices are generally classified into two types -- push & touch.
Panic exit devices are used to provide sufficient evacuation space & different types of solutions in case of accident or emergency situations. Panic exit devices are widely used in public or institutional buildings, such as schools, theaters, multiplexes, museums, auditoriums, etc.
Panic exit devices are generally used where the number of people is more than fifty. Panic exit devices are manufactured from different materials, such as aluminum, stainless steel, PVC, etc.
Panic exit devices’ length covers up the width of the door due to which it becomes easy for individuals to access the door, which gives people immediate escape during an emergency or accidental situations. Certain panic exit devices are fire-rated by authorities, such as ANSI & ADA.
Panic exit devices are used on either the interior or exterior side of the door. Special types of panic exit devices are manufactured for physically challenged people, these devices can be easily operated by handicapped people.
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Key Panic Exit Device Trends
The building and construction industry is growing due to rapidly increasing population & growth in urbanization. The growing construction industry has escalated the panic exit devices market.
Changing government regulations & growing awareness about public safety have led to the installation of panic exit systems along with safety systems in institutional, residential, commercial & industrial buildings owing to which there is increasing demand for panic exit devices in the market.
Growing public transportation has also led to growing demand for public safety due to increase in the number of accidents due to which growth in demand for panic exit devices from automotive & aerospace industry is being witnessed. However, the high price of panic exit devices might decline the growth of the panic exit devices market.
Growing population and urbanization in regions of Asia Pacific and Latin America have led to the growth of the construction industry in these regions.
In addition to this, government’s inclination towards safety system installations has made the Asia Pacific and Latin America promising markets for panic exit devices. However, the high cost of panic exit devices might hinder the market in developing countries of these regions. Japan is a calamity-prone country.
There is always the unpredicted possibility of calamities, such as earthquakes, due to which Japan is highly focused on the use of panic exit devices. Countries in the Middle East are focused on the development of their infrastructure. Along with it, the building & construction industry is also blooming in regions of Africa.
Due to the above-mentioned factors, the Middle East and Africa are anticipated to be good markets for panic exit devices. Despite being matured markets, infrastructural developments and the launching of new government projects will make North America and Europe potential markets for panic exit devices.
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Some of the market participants in the global lining fabric market identified across the value chain include:
- ASSA ABLOY
- Allegion plc,
- Trudoor - Doors & Hardware
- Gretsch-Unitas Group
- Dormakaba Group
- Harney Hardware
- Stanley Black & Decker, Inc.
- Axim Architectural Hardware
- Napco Security Technologies
- C.R. Laurence Co., Inc
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Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
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Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
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Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed.
Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
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- Elaborated scenario of the parent market
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The global panic exit devices market can be segmented on the basis of material type, product type and end use application.
The global panic exit devices market is segmented on the basis of material type into:
- Stainless steel
The global panic exit devices market is segmented on the basis of product type into:
- Vertical Rod
- Lever Trim
- Removable Mullions
- Series Rim
The global panic exit devices market is segmented on the basis of end use applications
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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