Global Fire Safety Equipment Market Report and Forecast 2024-2032

Global Fire Safety Equipment Market Outlook

The global fire safety equipment market attained a value of about USD 51.86 billion in 2023 and expected to grow at a CAGR of 6.7% during the forecast period of 2024-2032 to reach nearly USD 92.80 billion by 2032.         

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Expansion Of the IT and Retail Sector to Boost the Market Growth of Fire Safety Equipment

Safeguarding human life and property from natural or man-made disasters like fires are the primary factors that invigorate the demand for fire safety equipment in various applications. In addition, the massive industrialisation and urbanisation in the developing countries of the Asia Pacific region like India and China are necessitating the requirement of an established system to detect and prevent fires. The dynamic expansion of the IT and retail sector in India, owing to favourable policies and foreign investments, is surging the demand for fire prevention systems like fire alarms and extinguishers to ensure the safety of people.

Further, the favourable government policies like Japan’s Fire Services Law and Building Standards Law, and China’s Code of Design for Building Fire Protection and Prevention mandate the implementation of fire safety equipment in new constructions, and reconstruction and renovation projects, further influencing the growth of the industry. In addition to this, due to the rising awareness programmes, which could be through the elementary education or/and the digital and print media, the demand from the residential sector is expected to boost the industry growth.

Fire Safety Equipment: Market Segmentation

Fire safety equipment includes devices designed to provide protection and safety to users in case of fire accidents. These are specifically manufactured to provide protection and assistance by capturing early signs of potential fires. These devices broadly include alarms and fire extinguishers and find applications in residential, commercial, and industrial use.

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On the basis of technology, the market can be segmented into:

• Passive Fire Safety Systems
• Active Fire Safety Systems

Based on solution, the market can be broadly categorised into:

• Detection
  • The different types of products are:
    • Detectors 
    • Alarms
  • The types of detectors in the market are:
    • Flame
    • Smoke
    • Heat
• Suppression
  • Fire Extinguishers 
    • Gas
    • Water
    • Dry Chemical Powder
  • Sprinklers

On the basis of application, the market can be classified into:

• Commercial
• Industrial
• Residential

The EMR report looks into the regional markets of fire safety equipment like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

Technological Integration in Fire Safety Equipment to Bolster the Market Growth

Integration of advanced technology in fire safety equipment is anticipated to boost the market over the forecast period. The risk of life and property associated with fires are encouraging manufacturers to include cutting-edge technologies in fire safety equipment. With smart cities emerging as future-ready infrastructures, Internet of Things (IoT) driven Smart Connected Things (Scot) is deployed in the construction of smart buildings. These systems use sensors to read a building’s temperature with precision and are designed to detect the potential presence of fire before the traditional smoke detectors. This is expected to strengthen the market growth over the forecast period.

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Furthermore, smoke detectors equipped with advanced sensor technology that distinguish cooking-induced smoke from smoke born out of the fire and detect the source of fire are emerging as promising technologies, especially in the residential and hospitality sector. Furthermore, visual image detection (VID) software programmed to recognise pixels indicative of fire smoke and that can alert the residents and the fire safety department is anticipated to invigorate market growth in the coming years. Such developments in the industry are expected to propel market growth over the forecast period.

Key Industry Players in the Global Fire Safety Equipment Market

The report presents a detailed analysis of the following key players in the global fire safety equipment market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Robert Bosch GmbH
• Eaton Corporation Inc
• Hochiki Corporation
• Halma PLC
• Honeywell International Inc.
• Gentex Corporation
• Napco Security Technologies, Inc.
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter's Five Forces Model.

Key Highlights of the Report