Global Fire Safety Equipment Market Overview, 2022-2027

Global Fire Safety Equipment Market Overview, 2022-2027

Equipment used to put out flames or safeguard users against them is known as fire fighting equipment. At the scene of a fire, it may be employed by qualified firefighters, unskilled bystanders, or integrated into the construction of a building. The recent publication of Bonafide Research under the title – Global Fire Safety Equipment Market Overview, 2022-2027 provides an in-depth market analysis of the global fire safety equipment industry. This report covers the detailed insights of the equipment based on product category- Fire Detection, Fire Alarm & Fire Suppression. It also included insights along with the value analysis of the fire safety equipment. The report also mentions the competition of leading companies that are involved in the manufacturing of fire safety equipment. The report is classified into 5 regions and 19 countries, along with their local rules & trends.

With the increasing understanding about the hazards and the risk of the possible fire occurrence and the intensity of the loss it can bring into the life & property, the demand for fire safety equipment has inclined considerably. The overall global market registered a growth of USD 26000 Million in terms of value between the years 2016 to 2027. The fire accidents not only cause life loss but also affect the construction quality and content, which might not result in immediate damage but can be fatal in the long run. The increasing quality of infrastructure, which requires a huge investment is to aid the fire safety equipment market to grow with an expected to grow anticipated CAGR of 5.25%.

In many cases, fire burn is not the primary cause of death, but the injuries due to asphyxiation from poisons smoke fume, heart attacks due to panic, structural collapse, etc. are the top reasons. This can be avoided beforehand with the detection of the fire indications and thus gain enough time to evacuate the building. The market is led by the fire detection segment, which aids in identifying the fire breakout in its development stage itself. The high price and the unwanted panic created due to the false detection acts as the major market constraint in the fire detection segment. In the forecasted period, the fire alarm segment is to be the fastest-growing equipment segment, with a CAGR of 6%. The advanced fire alarm systems are designed in a way that they pass on the detected information to the emergency responder and thus aid the control process. Fire suppression equipment is highly preferred in hotels, schools, and hospitals due to its ease of use.

The main drivers of the increase in demand for fire safety equipment in a variety of applications are the protection of human life and property from calamities caused by flames, whether they are natural or man-made. Additionally, the Asia Pacific regions growing nations, such as China and India, are experiencing rapid urbanisation and industrialization, which makes a well-established system to detect and prevent fires necessary. Due to favourable legislation and foreign investments, India's IT and retail sectors are expanding quickly, which is driving up demand for fire safety equipment including fire alarms and extinguishers to protect people.

The implementation of fire safety equipment is required in new construction, reconstruction, and renovation projects, according to favourable government policies like China's Code of Design for Building Fire Protection and Prevention and Japan's Code of Design for Building Fire Protection and Prevention, which also has a positive impact on the industry's development. The demand from the residential sector is also anticipated to support the industry's growth owing to the rising awareness campaigns, which may be spread through basic education or/and the internet and print media.

The continuous technological advancement in smart home automation has forced the manufacturers to launch a line of intelligent equipment which is programmed to send alters through internet connectivity. Some of the technologies which are also growing and boosting market and increasing over the projection period, it is predicted that the market would grow due to the integration of cutting-edge technology in fire safety equipment. Modern technologies are being incorporated into fire protection devices by manufacturers because to the harm to people and property posed by flames. The development of smart buildings uses Internet of Things (IoT)-driven Smart Connected Things (Scot), which are developing as infrastructures that are future-ready. These systems are created to identify the probable existence of fire before the conventional smoke detectors by using sensors to precisely monitor a building's temperature. Over the projected period, this is anticipated to improve market growth.

Additionally, smoke detectors with cutting-edge sensor technology that can discriminate between smoke from a fire and smoke caused by cooking are emerging as attractive solutions, particularly in the residential and hospitality sectors. In addition, it is projected that visual image detection (VID) software, which is configured to recognise pixels indicative of fire smoke and may inform residents and the fire safety department, will spur market expansion in the years to come. Over the course of the projected period, such innovations in the sector are anticipated to fuel market expansion.

In the year 2020, nearly half of the market share was held by the regions of the Asia Pacific and Europe, while it was North America that dominated the global market. The Middle East & Africa region is expected to be growing with the spree in the construction industry in the coming period. The major developing economies across the world like India, Indonesia, China, Colombia, etc. are moving towards the establishment of smart cities which is to fuel the overall market growth in the coming period. Coupled with this, the government guidelines regarding the installation of fire safety equipment are to aid the market growth in developing countries.

While the prominent players are targeting more towards their expansion in Asia and Latin America, the local players are also gaining a considerable market. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. Top of it, in the Asia Pacific the market, has a high presence of alternative products from China, which is cheaper to import. However, the recent controversies among the countries and the increasing failure of these products in time of need caused a decline in the use of unbranded alternatives. This has made it possible for many global players are now targeting Asian countries.

During the Covid-19, there was impact a lot for products and supply as well. Every business in the world has been impacted by the COVID-19 virus epidemic since December 2019. Governments have imposed restrictions on the transit of people and products due to the ongoing rise in the number of virus-infected individuals. To stop the spread of the virus, temporary closures of operations have occurred in the industrial and construction sectors, academic institutions, shopping centres, and office buildings. The border closures and factory closures have had an influence on the production, distribution, and sales of a variety of industries, which has halted the development of safety items and their use in structures.

However, following a 6-7 month lockout, firms are slowly starting up again, including those in the construction sector. With the start of building projects, supply chain efficiency will make it easier to progressively increase the purchase of new fire safety goods. It is crucial to keep in mind that temporary company closures and travel restrictions were implemented to stop the spread of COVID-19. As a result, there was restricted public movement, necessitating the consideration of a fire risk assessment.

Major companies mentioned in the report: Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halmaplc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies

CONSIDERED IN THE REPORT
• Geography: Global
• Base year: 2020
• Historical year: 2015
• Forecasted year: 2026

REGIONS COVERED:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

ASPECTS COVERED IN THE REPORT
• Market Size by Value for the period (2015-2026F)
• Market Share by Product Type (Fire Detection, Fire Alarm, Fire Suppression)
• Market Share by Application (Commercial, Industrial, Residential)
• Market Share by Region
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.