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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.
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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.
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