The global Fire Safety Equipment market accrued earnings worth approximately 53.1(USD Billion) in 2020 and is predicted to gain revenue of about 72.3(USD Billion) by 2028, is set to record a CAGR of nearly 9.2% over the period from 2021 to 2028. The report offers assessment and analysis of the Fire Safety Equipment market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).
Fire Safety Equipment Market: Overview
Fire safety equipment includes fire extinguishers and fire hoses along with fire resisting protective fabrics, respirators, fire alarm systems, communication devices, fire detecting systems, and fire resistant gloves. Apart from this, fire safety devices also include signage, sprinklers, fire blankets, and first aid kits. Reportedly, fire extinguishers are expected to be easily accessible, visible, charged properly, and inspected daily as they are first line of defense utilized for extinguishing fire. These devices offer safety to end-users in case of fire outbreaks by providing alarms and warnings to end-users. Fire safety equipment is utilized in households, clinics, hospitals, educational institutions, production units, and commercial constructions.
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Fire Safety Equipment Market: Growth Drivers
Strict enforcement of legislations pertaining to implementing of building safety codes in European countries and the U.S. & Canada will drive market trends. Surge in execution of strict government norms pertaining to workplace safety due to increase in fire accidents will supplement growth of fire safety equipment market in foreseeable future. With massive demand for fire safety devices in oil & gas, construction, and mining sectors, the fire safety equipment market is projected to gain traction in year ahead. Product innovations for launching more safe products in market will enhance penetration of fire safety equipment across myriad sectors in near future. Increase in demand for fire safety device across utilities, automotive, power & energy, petrochemicals, and manufacturing will drive business landscape.
Furthermore, large-scale use of fire safety equipment in residential, commercial, and industrial sectors will provide new growth avenues for fire safety equipment industry over upcoming years. Additionally, rise in refurbishment activities in construction will prompt market demand in forthcoming years. Moreover, insurance firms are offering incentives for real-estate owners to set up fire safety equipment in commercial as well as residential buildings and industrial ones and this is predicted to enhance market profitability.
North American Fire Safety Equipment Market To Reach Highest Threshold Of Growth By 2028
Expansion of fire safety equipment market in North America over forecast timeframe can be due to thriving real-estate sector in countries such as Canada and the U.S. Furthermore, strict fire safety laws in the region will enlarge market scope in North America over the years ahead. Presence of giant product manufacturers in Canada and the U.S. will succor expansion of fire safety equipment industry in North America over forecast timeline.
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Key players profiled in report include:
- Siemens Building Technologies
- Eaton Corp., Inc.
- Napco Security Technologies, Inc.
- Robert Bosch GmbH
- Nittan Company, Ltd.
- Space Age Electronics
- Gentex Corp.
- Honeywell International, Inc.
- Hochiki Corp.
- United Technologies Corp.
- Johnson Controls
- Halma plc.
The global Fire Safety Equipment Market is segmented as follows:
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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