Fire Safety Equipment Market Is Predicted To Expand At USD 43.60 Billion By 2022: Grand View Research, Inc.

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According to report published by Grand View Research, The global fire safety equipment market is expected to reach USD 43.60 billion by 2022. Stringent enforcement of building and safety codes are expected to increase penetration of these devices in infrastructure and construction segment.

The global fire safety equipment market size is anticipated to touch USD 43.60 billion by 2022, according to a report by Grand View Research, Inc. Stringent fire safety standards imposed by governments to protect citizens in case of fires are expected to drive market growth over the forecast period (2012 to 2022). Adoption of wireless sensors and advanced detection technologies are projected to augment market demand over the forecast period.

Rapid industrialization, booming real estate sector, and the expanding commercial sector can positively impact the market in the forthcoming years. Demand for fire detectors in smart homes can further boost expansion of the market. High demand for fire safety devices from airports and intelligent transportation systems are expected to open up new growth opportunities in near future. Introduction of fire prevention equipment such as wireless alarm systems, voice evacuation announcements, water mist technology, infrared/laser optical smoke detectors, and hypoxic air technology are anticipated to boost market growth.

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U.S. fire safety equipment market by solution, 2012 - 2022 (USD Billion)

Stringent testing procedures for the latest equipment and use of building information modeling (BIM) to predict accurate scenarios to prevent fires in industrial sectors can stimulate market expansion through 2022. The increasing use of Internet of Things (IoT) to remotely monitor and manage devices can be a trendsetter in the forthcoming years. However, frequent need for maintenance and replacement of fire safety equipment can hamper market growth.

The fire safety equipment market is segmented by solution, product, application, and region. By solution, the market is bifurcated into fire suppression and detection. Products in the market are distinguished by suppression and detection into fire detectors, fire alarms, fire sprinklers, and fire extinguishers. Major applications include commercial, industrial, and residential.

Regions covered in the market report include North America, Latin America (LATAM), Middle East and Africa (MEA), Europe, and Asia Pacific (APAC). The North America market accounted for 43% market revenue in 2014 due to presence of major manufacturers such as Emerson. Campaigns by such companies to spread fire safety and prevention awareness are expected to contribute to market demand. The mandatory installation of carbon monoxide (CO) alarms in buildings in the U.S. and Canada are projected to bode well for the market. The LATAM market is expected to flourish owing to availability of cheap labor and land. Decision of manufacturers to set up shop in the region and stringent fire safety regulations can augur market.

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Global fire suppression equipment market by application, 2015 (%)

The APAC market is expected to exhibit a stellar CAGR from 2015 to 2022 due to the expanding construction sector and growing economies. Rise in incidence of fires across industrial sectors in India and China are projected to further the need for better fire safety standards. The rise of small and medium enterprises (SMEs) and large corporations are projected to impel the market in near future. The surge in the manufacturing sector is also predicted to propel the demand for fire suppression equipment over the forecast period.

The Europe market has latent potential for growth in the forthcoming years owing to lack of fire safety standards and a common regulatory framework. Presence of hazardous chemicals in life sciences and oil and gas sectors are expected to prompt industry veterans to adopt fire prevention equipment to quell fires.

The MEA market has high potential owing to rising cases of fires, stern government mandates, and strict laws regarding fire safety. Punitive action against non-adherence of these laws is expected to bode well for the fire safety equipment market. The oil and gas sector housed in Qatar and Oman are projected to contribute to market revenues. Increasing investments in retail, hospitality, industrial, and healthcare sectors are expected to culminate in high adoption of fire prevention systems. In addition, construction projects such as the much-awaited stadium for FIFA 2022 World Cup are anticipated to bolster demand.

Prolific names in the market include Honeywell International, Inc.; United Technologies Corporation (UTC); Gentex Corporation; Robert Bosch GmbH; and Johnson Controls International Plc. Development of products and constant innovations of fire prevention systems are strategies adopted by these players to gain a larger share of the market. For instance, Johnson Controls launched a smart thermostat, GLAS, in January 2018, which can be controlled via voice instructions or a mobile application.

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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.

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