(EMAILWIRE.COM, November 17, 2018 ) The increasing loss of life and property due to fire accidents drives the growth of fire safety equipment market. Stringent government regulations regarding workplace safety, and growing automation in smart homes and buildings further accelerate the adoption of fire safety equipment.
Increasing safety concerns, strict implementation of building safety codes, and growing demand from industries such as oil and gas, and mining among others further augment market growth. However, high costs of fire safety equipment limit the growth of the fire safety equipment market. New emerging markets, technological advancements, innovation in Scada solutions and advancements in wireless sensor networks would provide growth opportunities for fire safety equipment market in the coming years.
The global fire safety equipment market is anticipated to reach around $114.1 billion by 2026 according to a new research report. In 2017, the industrial segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global fire safety equipment market.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:-
Honeywell International
Nittan Company Ltd.
United Technologies Corporation
Bosch Security Systems Inc.
Johnson Controls Inc.
Siemens Building Technologies
Hochiki Corporation
Minimax Viking GmbH
Tyco International PLC
Gentex Corporation.
In 2017, North America accounted for the highest share in the global fire safety equipment market. Introduction of stringent government regarding safety at workplace majorly drives the market growth in this region. Additionally, the increasing demand from the manufacturing and mining industries has accelerated the adoption of fire safety equipment in North America. The increasing automation in homes and buildings and mandates regarding implementation of building safety codes further supports market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing industrialization and growth in manufacturing industries. Rising demand from healthcare, mining, and commercial sectors would supplement the market growth in this region.
Segment Analysis: –
The global fire safety equipment market is segmented on the basis of product type, technology, end-user, and geography. Based on product type, the market is segmented into Fire Detection, Fire Suppression, Fire Analysis, Fire Response, and others. In 2017, the fire suppression segment accounted for the highest market share owing to increasing demand for fire extinguishers and fire sprinklers from the commercial and industrial sectors.
The technology segment is categorized into Active Fire Safety, and Passive Fire Safety. Active fire safety dominated the global market in 2017. Active fire safety systems are devices which require manual or automatic fire detection and fire suppression.
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The end-users of the fire safety equipment market is segmented into commercial, residential, industrial, and others. In 2017, industrial segment accounted for the highest market share owing to stringent regulations regarding workplace safety from manufacturing, oil and gas, and mining industries.
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