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Global Fire Safety Equipment Market to Grow at a CAGR of 6.7% During 2021-2026, Aided by Cloud-Based Fire Safety Equipment

According to a new report by EMR titled, ‘Global Fire Safety Equipment Market Report and Forecast 2021-2026’, the market attained a value of about USD 42.40 billion in 2020. The industry is further expected to grow at a CAGR of 6.7% in the forecast period of 2021-2026 to reach a value of nearly USD 62.60 billion by 2026.

Fire safety equipment is increasingly being installed in various end-use sectors, including residential, industrial, and commercial settings. The market growth can be attributed to the unexpected spread of fire and the consequent profound damage to life and property that fires may cause. Moreover, the cost of environmental degradation, adding to the already increasing air pollution, water wastage, and soil contamination caused by fire explosions, are further propelling the demand for fire safety equipment. Recent innovations in the manufacturing designs of these equipment include features that aid in controlling the environmental impact caused by these fires. For example, the development of water mist sprinklers benefits in reducing water wastage by traditional hose. These systems work at creating droplets that are smaller in size, thus helping in increasing the surface area of water being dispensed. Such a system effectively controls the wastage of water and creates a thin layer of water on affected walls, thereby reducing the fire flow rate. Hence, these factors effectively contribute towards the market growth of fire safety equipment.

Honeywell International Inc. (NYSE: HON), a global leader in the fire safety equipment industry, recently launched its first cloud-based solution that provides end-to-end connectivity and visibility to fire safety systems in October 2020. The fire safety system is designed to eliminate human errors by applying digitisation principles and Internet of Things (IoT) technology. The cloud-based service gives customers remote connectivity and visibility to fire safety systems, by connecting with smartphones at anytime and anywhere. Honeywell’s Connected Life Saving Services (CLSS) are employed by various organisations in the United States for prevention against fire hazards. In addition, the global availability of Honeywell International Inc.’s cloud-based fire safety systems is augmenting the market growth. Such innovations by industry players are influencing the market growth of fire safety equipment globally.

Market Analysis by Technology, Solution, Application, and Region:

  • Based of technology, the market is divided into passive fire safety systems and active fire safety systems. 
  • On the basis of solution, the industry segmentations are detection and suppression. 
  • The various applications of fire safety equipment are in commercial, residential, and industrial uses. 
  • The major regional markets for fire safety equipment are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa. 

Key Findings of the Report:

  • Rapid industrialisation and urbanisation projects in developing countries of the Asia Pacific region to incorporate fire safety devices in construction activities are augmenting the market growth.
  • Government regulations in countries like Japan and China, mandating the adoption of fire safety equipment, are enhancing the industry growth.
  • Integration of advanced technology like the Internet of Things (IoT) in fire safety equipment is anticipated to boost the market over the forecast period.
  • Fire safety equipment is designed to control the impact of fires on the environment, which is generating growth opportunities, hence bolstering the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the fire safety equipment industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for technologies, solutions, applications, and major regions of fire safety equipment.
  • It assesses regional price trends for the (2016-2020) and (2021-2026) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global fire safety equipment market are Robert Bosch GmbH, Eaton Corporation Inc, Hochiki Corporation, Halma PLC, Honeywell International Inc., Gentex Corporation, and Napco Security Technologies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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