USD 50 billion
Fire Safety Equipment Market Size, Share, Growth Analysis, By Solution(Detection, Detector, Alarm, Suppression), By Application(Commercial, Industrial, Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20H2030 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
66
|Figures:
65
Fire Safety Equipment Market Insights
Global Fire Safety Equipment Market size was valued at USD 50 billion in 2022 and is poised to grow from USD 53.20 billion in 2023 to USD 87.39 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).
Anticipated progress in the market stems from strides made in wireless sensor networks and the heightened uptake of wireless fire sensing devices. A growing consciousness concerning fire hazard mitigation, coupled with a noteworthy surge in infrastructure development endeavors, augments the influential drivers for the market. Globally, entities are allocating increased resources towards fortifying infrastructure safety and security to mitigate human losses. The establishment and enforcement of fire safety codes governing construction and renovation projects further catalyze demand for fire safety equipment on a global scale. Both the enforcement of safety protocols for fire protection and the revitalization of reconstruction undertakings promise favorable implications for market expansion.
Enhancing this trajectory are technological leaps, encompassing wireless alarm systems, smoke detectors, and cutting-edge water mist technology. A heightened understanding of fire safety apparatus and its potential dire consequences is poised to further stock market growth. Nevertheless, the market's expansion is challenged by the considerable replacement costs associated with conventional fire equipment.
This relatively mature market is propelled by an escalating number of regulatory mandates mandating fire safety equipment installation spanning diverse industries and sectors throughout the forecast period. Furthermore, the ready availability of technologically advanced equipment and the augmentation of networking capabilities facilitating seamless communication between fire detection solutions and fire suppression systems are anticipated to steer market growth.
US Fire Safety Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Industrial
Growth Rate
6.4% CAGR
Global Fire Safety Equipment Market ($ Bn)
Country Share for North America Region (%)
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Fire Safety Equipment Market Segmental Analysis
The global fire safety equipment market is segmented on the basis of solution, application, region. By solution, the market is segmented into detection, detector, alarm, suppression, extinguisher, sprinkler. By application, the market is segmented into commercial, industrial, residential. By Region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Fire Safety Equipment Market Analysis By Solution
In 2022, fire detection emerged as the dominant sector, capturing a market share exceeding 64.0% of the global revenue. This ascendancy is attributed to the escalating implementation of policies, regulations, and governmental mandates, complemented by the integration of advanced technologies within detection devices. Additionally, the surge in fire incidents on a global scale has heightened the imperative for fire safety equipment installation.
Forecasts indicate that the fire detection segment is poised to witness the most rapid CAGR throughout the forecast duration. This projection is propelled by the swift strides in commercial construction and the burgeoning proliferation of smart city initiatives. These factors collectively augment the demand for fire detection equipment in the foreseeable future. Furthermore, elevated consumer expenditure on construction ventures, buoyed by disposable income availability, coupled with heightened awareness regarding fire detectors, is anticipated to substantiate market expansion in the coming years.
Fire Safety Equipment Market Analysis By Application
In 2022, the industrial application category asserted its market dominance, commanding a revenue share exceeding 40%. This sector encompasses vital domains such as oil and gas, transportation, energy and power, as well as manufacturing. Within these sectors, the imperative of fire safety equipment installation is underscored by the substantial risk involved. Particularly in industries dealing with flammable materials, such as oil and gas, the susceptibility to fire incidents is notably pronounced. The impetus for adopting fire safety equipment is further bolstered by governmental regulations aimed at safeguarding workers from potential fire accidents.
Segmented by application, the market is categorized into industrial, residential, and commercial spheres. Forecasts predict that the residential segment will exhibit the highest CAGR during the projected period. This projection is underpinned by a notable surge in demand for fire safety equipment within residential settings, attributed to the heightened awareness regarding fire safety equipment and its associated advantages. Additionally, the ongoing surge in infrastructure development, observed across both developed and developing nations, is poised to augment growth within this domain.
Global Fire Safety Equipment Market By Application
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Fire Safety Equipment Market Regional Insights
In 2022, North America asserted its dominance in the market, commanding a market share that exceeded 37.0%. The substantial contributions of the U.S. and Canada played a pivotal role in this growth, driven by the rapid expansion of commercial and industrial construction endeavors. This surge is further propelled by stringent fire safety regulations and standards, which serve as catalysts for regional advancement. Notably, in the U.S., the adoption and enforcement of the Fire Code by local and state jurisdictions, overseen by fire prevention officers within municipal fire departments, underscore the commitment to robust fire safety measures.
Rising apprehensions concerning fire safety and security, coupled with the swift integration of cutting-edge technologies, also fuel the region's growth trajectory. On a parallel note, the Asia Pacific region is poised to achieve the most noteworthy CAGR of 9.2% throughout the forecast period. The Asia Pacific, in its developmental phase, is prominently steered by nations such as India, China, and Japan, which are primed to spearhead regional market expansion.
Driving this momentum are factors like rapid urbanization, burgeoning industrialization within emerging economies, and an ever-increasing demand for fire safety equipment. A robust presence of sensor manufacturing firms and a prolific production output of fire safety equipment further contribute to the segment's promising outlook in the near future.
Global Fire Safety Equipment Market By Region
- Largest
- Fastest
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Fire Safety Equipment Market Dynamics
Fire Safety Equipment Market Drivers
Urbanization and Industrialization
- Rapid urbanization and industrial growth are boosting the demand for fire safety equipment across residential, commercial, and industrial sectors.
Natural Disasters and Climate Change
- The heightened risk of wildfires and other fire-related incidents due to climate change is prompting governments and industries to invest in advanced fire safety equipment and technologies.
Fire Safety Equipment Market Restraints
Lack of Awareness and Training
- Inadequate knowledge about proper usage and maintenance of fire safety equipment, as well as limited training, can hinder effective implementation and reduce the equipment's impact.
High Initial Costs
- The substantial investment required for purchasing and installing advanced fire safety equipment can pose a challenge, especially for smaller businesses and budget-constrained sectors.
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Fire Safety Equipment Market Competitive Landscape
The competitive landscape of the global fire safety equipment market is characterized by intense rivalry and a diverse array of players striving for prominence. Established industry giants leverage their extensive experience, widespread distribution networks, and brand recognition to maintain substantial market shares. Their comprehensive portfolios encompass fire alarms, extinguishers, and suppression systems, bolstering their competitive edge.
Simultaneously, innovative entrants such as infuse the market with fresh perspectives, focusing on cutting-edge technologies like smart fire detection and AI-driven solutions. These disruptors often excel in niche segments, capitalizing on evolving customer preferences and regulatory mandates.
Strategic collaborations and acquisitions are prevalent, enabling companies to broaden their product offerings and geographical presence. Additionally, partnerships with construction and industrial sectors amplify market penetration.
Fire Safety Equipment Market Top Player’s Company Profiles
- Honeywell International Inc. (United States)
- Johnson Controls International plc (Ireland)
- Siemens AG (Germany)
- Tyco International plc (Ireland)
- United Technologies Corporation (United States)
- Hochiki Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Gentex Corporation (United States)
- Kidde (United Kingdom)
- Minimax Viking Group (Germany)
Fire Safety Equipment Market Recent Developments
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In January 2024, business stakeholders featured the developing homegrown market for fire well-being and security equipment, introducing valuable open doors for nearby assembly and expected sendings out. Following the 9th International Fire, Safety, and Security Expo-2024 organized by ESSAB at the Bangabandhu International Conference Centre in Dhaka, two local firms have started the creation of heat-proof entryways, demonstrating the business' extension and neighborhood-producing capacities.
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In December 2023, Accenture declared a collaboration with Unilever, a multinational consumer goods company known for its 400+ brands utilized by 3.4 billion individuals day-to-day. This strategic partnership means using Unilever's skill in computer-based intelligence exploration and innovation execution to further develop efficiency and effectiveness, and cultivate troublesome artificial intelligence-controlled advancements for enormous scope.
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In November 2023, KKR, a conspicuous global investment firm, uncovered that investment funds overseen by KKR have bought Potter Global Technologies ("Potter"), a top producer of fire and life security gear, from Gryphon Investors. KKR means helping the organization in its continuous development through both natural extension and extra acquisitions. Financial details of the exchange were not unveiled.
Fire Safety Equipment Key Market Trends
- Green and Sustainable Solutions: Growing emphasis on environmental sustainability is fostering the development of eco-friendly fire safety equipment that minimizes the use of harmful chemicals and reduces environmental impact.
- Rising Awareness and Stringent Regulations: Increasing awareness of fire hazards, coupled with stringent safety regulations across industries and regions, is driving the demand for advanced fire safety equipment.
Fire Safety Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fire safety equipment market analysis, the global fire safety equipment market concludes with a resolute emphasis on enhanced safety measures across diverse sectors. A growing awareness of fire hazards and stringent regulatory standards fuel demand for cutting-edge fire safety solutions. The market witness robust growth driven by expanding construction activities, industrialization, and urbanization. Technological advancements, such as smart detection systems and integration with IoT, further elevate market progression. Established players and innovative entrants vie for market share, fostering competitive dynamism. Increasing investments in R&D to develop efficient and eco-friendly fire safety equipment showcase the market's commitment to sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 50 billion |
| Market size value in 2031 | USD 87.39 billion |
| Growth Rate | 6.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fire Safety Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fire Safety Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fire Safety Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fire Safety Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fire Safety Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fire Safety Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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