Global fire safety equipment market is projected to amass a valuation of around $114.1 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, in 2017, the industrial end-user segment garnered the highest market share in the global market, in terms of revenue. That same year, North America contributed the highest market share in the global fire safety equipment market, in terms of regional contribution.
Some of the key insights contained within the report are highlighted below:
- The fire safety equipment market is mainly driven by the increasing number of casualties and loss of property from fire accidents.
- The adoption of these equipment is accelerated due to the imposition of stringent workplace safety mandates paired with increasing automation in smart homes and buildings.
- Increasing safety concerns, implementation of strict building safety codes, and surging demand from industries such as mining and oil & gas augments market growth.
- The high costs of fire safety equipment would hamper industry growth over the forecast period.
- New emerging markets, innovation in Scada solutions, technological advancements, and improvements in wireless sensor networks would present new growth opportunities in the future.
In terms of regional growth, the North America fire safety equipment market accounted for the highest share in the global industry in 2017. The market growth in this region is mainly driven by the implementation of stringent government regulations concerning safety at workplace. Additionally, the increasing demand from the manufacturing and mining industries has fast-tracked the adoption of fire safety equipment in North America. The rising popularity surrounding automation in homes and buildings coupled with implementation of building safety codes further augments market growth in the region.
Moreover, Asia-Pacific is anticipated to grow at the highest CAGR over the forecast period on account of the rapid industrialization and the boom in manufacturing sector in the region. In addition, rising demand from mining, healthcare, and commercial sectors would further support the market growth in this region, cites the report.
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The report also offers an in-depth analysis of the fire safety equipment market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of product type, technology, regional landscape, end-user spectrum, and competitive ranking analysis has also been elaborated in the report. In addition, company profile of key market contenders has been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The major firms operating in the competitive landscape of the global fire safety equipment market include Gentex Corporation, Honeywell International, United Technologies Corporation, Bosch Security Systems Inc., Siemens Building Technologies, Johnson Controls Inc., Hochiki Corporation, Tyco International PLC, Minimax Viking GmbH, and Nittan Company Ltd. among others. The key strategies practiced by leading players in this business space include launching innovative products and partnering with other industry leaders to design new products and fulfill the increasing end-user needs and requirements, thereby boosting the fire safety equipment market growth over the forecast timeline.