According to the latest study by Fact.MR between 2021 and 2031, the demand for panic exit devices is predicted to grow gradually. While the market is expected to grow at a moderate pace from the crisis in the mid-term of the forecast period, long-term demand is expected to grow faster than in the past.
Panic situations can arise in any situation and at any time. Thus, most places where people would gather in large numbers need equipment that would work towards the safety of the people. In order to manage panic situations, panic exit devices are used on large scales.
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The main function of a panic device is that anyone should be able to use it easily without any prior learning. Thus, manufacturers of panic exit devices keep the device extremely simple and do not complicate its usability. Also, panic devices can be easily used by handicapped people as well. Thus, the panic device market will observe a boost in the market.
Key Panic Exit Device Trends
The building and construction industry is growing due to rapidly increasing population & growth in urbanization. The growing construction industry has escalated the panic exit devices market.
Changing government regulations & growing awareness about public safety have led to the installation of panic exit systems along with safety systems in institutional, residential, commercial & industrial buildings owing to which there is increasing demand for panic exit devices in the market.
Growing public transportation has also led to growing demand for public safety due to increase in the number of accidents due to which growth in demand for panic exit devices from automotive & aerospace industry is being witnessed. However, the high price of panic exit devices might decline the growth of the panic exit devices market.
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The global panic exit devices market can be segmented on the basis of material type, product type and end use application.
The global panic exit devices market is segmented on the basis of material type into:
- Stainless steel
The global panic exit devices market is segmented on the basis of product type into:
- Vertical Rod
- Lever Trim
- Removable Mullions
- Series Rim
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Some of the market participants in the global lining fabric market identified across the value chain include:
- ASSA ABLOY
- Allegion plc,
- Trudoor – Doors & Hardware
- Gretsch-Unitas Group
- Dormakaba Group
- Harney Hardware
- Stanley Black & Decker, Inc.
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