Fire Safety Equipment Market is Thriving $82.02 Billion Revenue by 2030: Grand View Research Inc.

 

Fire Safety Equipment Market Growth & Trends

The global fire safety equipment market size is expected to reach USD 82.02 billion by 2030, expanding at a CAGR 6.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Fire safety equipment plays an important role in safeguarding and alerting residents or occupants in a facility from potential fire hazards. Additionally, fire safety equipment helps save from the potential damages fire can inflict on property and life. The increased awareness regarding the vast benefits of fire safety equipment has led to a notable rise in the adoption of a variety of fire safety solutions in residential as well as commercial settings. Initially, the adoption in developing countries was low as compared to developed countries, owing chiefly to monetary constraints and a general lack of awareness among consumers. However, conscious efforts from various systems manufacturers, integrators, and dealers have helped improve the level of awareness.

By launching numerous fire safety programs and enlightening consumers about the vast benefits of fire safety equipment such as fire alarm and detection systems, fire safety equipment companies have drawn the attention of small & medium enterprises (SMEs) as well as large enterprise. This has paved the path for the market to grow steadily over the past few years. The ubiquity of high-cost advanced electronics systems in commercial and industrial facilities has further increased the need to be equipped with fire safety equipment.

Stringent fire safety regulations and standards mandating the installation of fire safety equipment in residential as well as commercial areas in several countries is also likely to boost market growth. For instance, In-duct smoke detection NFPA Standard 90A and the three model Mechanical Codes developed by the model building code groups BOCA, ICBO, and SBCCI, all require smoke detectors to be installed in certain ducts of building HVAC systems so these systems can automatically shut down during fires.

The market is also likely to benefit from advancements in wireless sensor networks and the increased adoption of wireless fire sensing devices. Growing awareness about combating fire hazards along with a substantial rise in building infrastructure development activities are also expected to be high-impact drivers for the market. Organizations across the globe are increasingly spending on the safety and security of infrastructure to reduce human losses. Implementation of fire safety codes for building and renovation activities is further expected to stimulate the demand for fire safety equipment across the globe.

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Fire Safety Equipment Market Report Highlights

• Reconstruction activities along with the implementation of safety codes against fire protection will positively impact market growth
• Advancements in technology, including wireless alarm systems, smoke detectors, and water mist technology, will further boost growth
• The rise in awareness regarding fire safety equipment and the dangerous outcomes is expected to propel market growth. However, high replacement costs of traditional fire equipment would hamper the market growth
• The European Norm, National Fire Protection Act, among many other local regulations as well as listings, building codes, and approvals by nationally recognized testing laboratories have mandated the construction authorities to equip the infrastructures with adequate fire suppression and detection systems

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Fire Safety Equipment Market Segmentation

Grand View Research has segmented the global fire safety equipment market based on solution, application, and region:

Fire Safety Equipment Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Detection
  • Detector
  • Alarm
• Suppression
  • Extinguisher
  • Sprinkler

Fire Safety Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)

• Commercial
• Industrial
• Residential

Fire Safety Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa

List of Key Players of Fire Safety Equipment Market

• Eaton
• Gentex Corp.
• Halma plc
• Hochiki Corp.
• Honeywell International, Inc.
• Johnson Controls
• Napco Security Technologies, Inc.
• Nittan Company Ltd.
• Robert Bosch GmbH
• Siemens Building Technologies
• Space Age Electronics
• United Technologies Corp

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.