The global fire safety equipment market is relatively matured. Both commercial and residential markets support the market.
Besides the market size, what are the major drivers and restraints for the global fire safety equipment market?
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The global fire safety equipment market size was around US$ 57 billion in 2018 and is anticipated to reach around US$ 90 billion by 2025.
Fire safety equipment refers to devices developed to avoid, protect and control fire accidents. The system offers warnings, safety, aid and medical assistance to secure the user from conditions that could otherwise result in injury. The equipment for fire safety includes fire extinguishers, signs, fire blankets, sprinkler systems, smoke detectors, first aid kits etc. The fire safety equipment is mostly required in residences, commercial buildings, hospitals, warehouses, and educational institutions.
The main drivers behind the growth of the fire safety equipment market are increasing concerns about safety and stringent government regulations. While most companies now have strict fire safety procedures in place. On the other hand, the rising incidents and property losses caused by fire breakouts are providing some floor to the market growth.
Meanwhile, the growing construction industry and rapid infrastructural growth in developing economies have helped to expand the fire safety equipment market.
The increased investment in R&D, modernisation and technical development in equipment or networking are also driving demand for fire safety equipment.
Moreover, the rapid development of smoke detectors, coupled with large data and IoT, is expected to provide the fire protection system industry with sufficient growth opportunities over time.
However, the high initial cost for the implementation of device interfaces and lack of integrity in some way limit the market growth. The increasing awareness in public also played a key role in the demand for personal fire safety services, including fire safety clothing, but there is still a lack of awareness.
The technological advance of wireless sensor networks along with nanotechnologies such as human-machine interface (HMI) solution and smart cities will provide more growth opportunities to the fire safety equipment. The advanced sensors have been developed recently to transfer precise data to control units.
The technological advancement through the use of smart sensors, detectors and their communication through WAN / LAN networks with remote users has supported the market growth of fires safety equipment globally.