The research report titled ‘Fire Safety Equipment Market Share, Size, Trends, Industry Analysis Report By Product Type; By Technology; By Regions, Segments & Forecast, 2018 – 2026’, available with Market Study Report, global fire safety equipment market is projected to be remunerated at USD 114.1 billion by the year 2026, registering a CAGR of 9.1% over the next six years.
 

Mounting demand from industries such as oil & gas, and mining, along with strict adherence to building safety standards has been mandated due to safety issues are the key factors propelling global fire safety equipment market growth. Moreover, new technologies such as Scada solutions and wireless sensor networks have emerged, presenting major growth opportunities in this industry.
 

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Notably, fire protection systems are becoming increasingly important in a variety of industries as the casualties and property destroyed by fire related incidents increased. Stringent government norms and enforcements pertaining to occupational safety, as well as the emergence of automation as a result of smart homes and construction projects, are all leading to the increased adoption of fire safety equipment.
 

Owing to the presence of highly flammable and combustible material such as oil, gasoline, and other combustible materials, the oil & gas, and mining industries are at high risk of fire accidents. To deal with and prevent such mishaps, proper fire detection and prevention equipment is required, which is further augmenting worldwide fire safety equipment industry share.
 

Vendors are continually investing in the development of modern fire protection technologies in order to safeguard sensitive environments and investments through multiple locations. Risk management techniques are becoming an important part of oil & gas operations, and high-quality fire protection installations are gaining momentum in the sector as part of these strategies.
 

Coming to the constraints, hefty initial investments required for installing fire safety equipment is likely to restrict the business expansion over the coming years.  
 

Citing the geographical terrain, North America held considerable portion of global fire safety equipment market share in 2018, creditable to strict government norms regarding workplace safety and growing acceptance of fire protection technology. In addition, surging demand from manufacturing and mining industries are also adding to the regional market outlook.
 

Meanwhile, Asia Pacific fire safety equipment industry is poised to accrue high returns through 2026, owing to growing manufacturing and industrial sectors. Further, soaring demand from mining, commercial, and healthcare sectors is also swaying the business dynamics in the region.
 

Major contributors to the global fire safety equipment market dynamics are Halma plc, Johnson Controls, Siemens Building Technologies, Gentex Corporation, Hochiki Corporation, Honeywell International Inc., Minimax Viking, United Technologies Corporation, Securiton AG, and Tyco International.