What is the Size of Global Fire Safety Equipment Industry?
Global Fire Safety Equipment market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Fire Safety Equipment Market is largely driven by advancements of smart technologies in the fire safety industry such as Artificial intelligence, Internet of Things, and the increase in safety budgets in buildings and Transports Services.
The introduction of smart technologies in fire safety is gaining momentum with the concept of Smart Connected Things (ScoT), which provides an accurate and efficient system for fire detection and suppression. SCoT alert the users about faulty sprinklers in the building and notifies them about the maintenance of the system from time to time.
Corrosion in the fire suppression system is the major challenge that is derailing the growth of the fire safety equipment market. According to the National Fire Protection Association (NFPA), 73% of dry systems have corrosion issues. Dry system is a sprinkler system in which water is released with help of air thus ensuring that water doesn’t freeze in the system.
Furthermore, the complete shutdown of the manufacturing units, delay in supplies, and decrease in demand were the biggest challenges faced by the fire safety equipment market during the COVID-19 pandemic.
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Global Fire Safety Equipment Market by product
The Global Fire Safety Equipment market is segmented by Product into Fire Detection, Fire Response, Fire Suppression and Fire Analysis.
The fire detection segment held the major market share in 2022, owing to the use of smart technologies in fire detection systems as well as the adoption of fire safety systems in buildings and houses.
Fire Detection is further divided into detectors and alarms, which are used to detect and alert people regarding fire outbreaks.
The advancements in the fire detection systems such as wireless alarms, new loudspeaker technologies, and new supervising station reporting technology i.e., wireless radio, cellular, and internet protocols are driving the growth.
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Global Fire Safety Equipment Market by technology
The Global Fire Safety Equipment Market is segmented by Technology into Active Fire Protection Systems and Passive Fire Protection Systems.
Passive fire protection systems segment is expected to hold the largest market share in 2022, by technology during the forecast period, as it helps to slow down or prevent the spread of fire and smoke from one room to another.
Passive fire protection systems include floor ceilings, roof exhaust, fire doors, windows, wall assemblies, fire-resistant coatings, and other fire and smoke control assemblies as well as fire dampers that help to slow down and prevent fire.
In Europe, BS EN 1364-1:2015 is a European standard that specifies a method for determining the fire resistance of non-loadbearing walls.
Global Fire Safety Equipment Market by Service
The Global Fire Safety Equipment market is segmented by Service into Installations & Replacements, System Inspection & Maintenance, Fire Alarms & Sprinklers Monitoring and Fire Extinguisher Training.
Installations & replacements segment is expected to hold the largest market share during the forecast period in the service segment, owing to the rise in installations of fire systems in the buildings.
Installations & replacement services are increasing as an increase in the budget for fire safety systems in buildings and a variety of government norms for the standard fire safety equipment to be available in the area is acting as a driver for the segment.
Global Fire Safety Equipment Market by application
The Global Fire Safety Equipment Market is segmented by Application into Commercial, Industrial, Residential, Transportation & Logistics and Others.
The industrial segment accounted for the largest market share in 2022, this is due to the use of fire safety systems in factories and manufacturing units to prevent the possible fire outbreak and minimize the damage to expensive machinery and workers.
According to National Fire Protection Association (NFPA) for the years 2011- 2015, there have been an average of 37,910 fires the in U.S for industrial or manufacturing properties each year, which accounted for the loss of US$1.2 billion in property damage and 16 Civilians deaths and making 273 other heavily injured.
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Global Fire Safety Equipment market
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