Global fire safety equipment market was valued at USD 22.4 billion in 2014 and is expected to reach over USD 44 billion by 2024. Government guidelines persuading use of fire safety devices are projected to boost the demand over the forecast period. Implementation of rigorous safety guidelines worldwide coupled with emerging technologies such as wireless sensor networks is likely to play a dynamic role in enhancing demand over the forecast period.
Employment of structured safety codes and restoration accomplishments against fire protection is likely to influence industry growth positively. In China, code of design towards Building Fire Protection & Prevention forms a chunk of national building standards. These standards are settled by state authorities by taking the assistance of designers and municipal agencies. Such aspects are likely to play a crucial part in enhancing market growth in this region.
Factors such as increasing cognizance towards fire hazards, enhanced human machine interface solutions, etc. are anticipated to contribute towards significant market growth. There is an exponential increase in organizational expenditure in order to safeguard human lives as well as infrastructure from fire hazards.
Fire safety equipment industry is considered to have low penetration scope in future as the market is highly mature. The existence of numerous ongoing projects and mandatory applications in the industrial and commercial sector being a major reason. Government regulations stating strict requirements of firefighting equipment in various public places such as shopping complex, movie theater, airports, railway stations, cabs, public transport, etc. is expected to spur the market growth over the forecast period.
High capital investments towards installing fire safety equipment and increasing maintenance & replacement costs are likely to restrain market growth. Also, manufacturers worldwide find it difficult to manufacture products conforming to ever changing industrial safety standards.
With increasing infrastructure there is a great need for keeping them safe. Real estate growth coupled with rising commercial sector in developing nations is expected to create new opportunities for market growth. Many incidents and mishaps happened due to lack of proper firefighting equipment have made consumers understand the need for the same. This is also expected to be one of the reasons driving market demand.
Growing manufacturing activities in developing regions including Asia Pacific and the Middle East & Africa is expected to boost demand towards suppression solutions during the forecast period. Advancements in technology including smoke detectors, wireless alarm system, and water mist technology along with rising integration of fire detection in building management are likely to create new opportunities for the market in future.
Fire safety equipment is being increasingly used in critical mass transportation systems including intelligent transportation systems and airports. This is likely to create new opportunities in near future.
On the basis of the solution, the market is segmented into suppression and detection. Detection devices contributed over 60% of global revenue in 2014. It is expected to maintain its dominance over the forecast period. Fire detection market is further segmented into alarms and detectors. Detectors include flame, smoke and heat detectors. Smoke detectors comprised of 50% of total market share in 2014.
Global fire suppression equipment market is segmented as sprinklers and extinguishers. Global Fire extinguisher safety equipment contributed to over 60% of global fire suppression revenue in 2014. It includes dry chemical powder extinguishers, water, and gas.
Strict regulations by various government authorities across the world demands a particular number of fire extinguishers be used or present in residential, industrial and commercial sectors. These regulations by government and safety authorities are likely to influence the global fire security market growth.
Judicial necessities in various nations along with National Protection Association of the U.S. and Australia’s building Code made installation of detection devices compulsory, supporting to market growth.
On the basis of application, fire safety equipment market is classified as residential, commercial and industrial sectors. The industrial sector is further classified as power & energy, transportation, manufacturing, and oil & gas sectors. Industrial sector contributes over 45% of revenue share globally in 2014
North America dominates the global market, accounting for over 40% of global revenue in 2014. Rigorous government regulations coupled with increasing awareness in various industries is expected to fuel market growth.
Fire safety equipment market in Asia Pacific region was estimated to be over USD 3 billion in 2014. The market is projected to foresee exponential growth in this region backed by increasing demand towards building infrastructures mainly in Australia, China, and South Korea.
Asset management, fire safety, and security have gained high awareness among people in recent years in Asia Pacific region which is boosting market growth. Increased privatization of construction business, safety & health regulations along with the need for efficient financial performance of state-owned enterprises are likely to boost market growth in China.
Key players in global fire safety equipment market include United Technologies Corporation (UTC), Siemens AG, TYCO, RobertBosch GMBH, Johnson Controls, Honeywell International, Inc., Hochiki Corporation, Gentex Corporation and Halma PLC.
Research Support Specialist, USA