The global fire safety equipment market is anticipated to reach around $114.1 billion by 2026 according to a new research published by Polaris Market Research. 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.
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.
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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.
The major companies operating in fire safety equipment market include 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, and Gentex Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.