The
global Fire Safety Equipment
Market size
is expected to reach USD 105.92 billion by 2025 at a CAGR of 8.8% over the
forecast period, according to a study conducted by Grand View Research, Inc.
Strict government regulations and mandates concerning workplace safety are
expected to be the key factors driving the market. Increasing awareness about
the benefits of installing fire safety and security equipment and demand for
state-of-the-art fire protection equipment are also expected to fuel the market
growth.
Transition
towards the installation of technologically advanced fire detection systems,
and eco-friendly fire suppression agents is also expected to support the market
development over the forecast period. Advent of smart fire suppression and
detection systems, proliferation of Internet of Things (IoT) for the wireless
integration of such systems, enforcement of various safety and building codes,
and increasing fire safety expenditure by enterprises are several other factors
responsible for market growth.
Increasing
accidents and loss of property owing to fire breakouts has alarmed the need for
installation of smart systems, such as wireless sensor networks, across the
industrial, commercial, and residential sectors. Therefore, regulatory bodies
across various countries are framing new regulations focusing on mandating the
installation of fire protection systems. For instance, in U.S., fire sprinkler
systems are mandatory for hostel premises. North America led the market in 2018
and is expected to continue the dominance over the forecast period. Rapid
growth of the construction industry in Canada and U.S. is driving the demand
for fire safety equipment.
Increasing
automation in buildings and preference for smart homes along with rising demand
from the mining and manufacturing industries in the region is expected to
bolster the demand further. Asia Pacific is expected to exhibit the highest
CAGR over the forecast period. Growing need for mass transportation, such as
airport security, including intelligent transportation systems, due to rapid
industrialization and urbanization in emerging economies like India, China, and
Japan, is anticipated to offer lucrative growth opportunities for the market.
Browse
the Details of Report @ https://www.grandviewresearch.com/industry-analysis/fire-safety-equipment-market
Further key findings from the study suggest:
- Fire
detection segment is expected to lead the market owing to the advent of
advanced technology, such as wireless detection and wireless networking,
thus reducing the installation costs
- Fire
detectors is expected to lead the fire detection segment with a CAGR of
8.3% from 2019 to 2025 due to stringent government regulations across
different countries
- Smoke
detectors will dominate the fire detectors segment on account of their
increasing usage in commercial buildings since they are cost-effective and
have a longer lifespan
- Industrial
sector led the fire suppression market in 2018. Oil & gas and mining
industries are highly prone to fire accidents due to involvement of
flammable materials; thus, account for the maximum demand for suppression
systems
- North
America led the global market in 2018 and is expected to continue the
dominance over the forecast period due to stringent fire safety
regulations and rapid infrastructural developments
- Prominent
companies in the fire safety equipment market include Bosch GmbH; Eaton
Corp., Inc.; United Technologies Corp.; Honeywell International, Inc.; and
Johnson Controls International plc
About Us:
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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