The fire safety equipment market size is projected to reach US$ 100.18 billion by 2031 from US$ 54.68 billion in 2023. The market is expected to register a CAGR of 7.9 % in 2023–2031. The growing demand for advanced fire safety technologies is likely to remain key fire safety equipment market trends.
The implementation of safety regulations for both fire safety and rehabilitation projects will benefit market growth. Technological advancements like water mist technologies, smoke detectors, and wireless alarm systems will help to further enhance this number. It is projected that growing awareness of fire safety equipment and the possibly catastrophic outcomes will drive market growth. However, the high replacement costs of traditional fire gear will prevent the market from expanding.
Improvements in wireless sensor networks and the growing use of wireless fire-sensing devices are also anticipated to have a positive impact on the market. The market is anticipated to be impacted by rising building infrastructure development activities as well as rising awareness of fire hazards. In an effort to lower the number of fatalities, organizations all around the world are investing more money in the safety and security of infrastructure. The global need for fire safety equipment is anticipated to increase as building and remodeling activities are subject to fire safety rules. The employment of electronic components in fire safety equipment has grown dramatically with the advancement of sensor technologies and the subsequent launch of smart wireless systems. These upgraded devices react faster to emergencies and have increased sensitivity. These parts and systems are expensive because they are made using superior materials and great precision.
To lower risks and lower insurance costs, businesses are being urged to invest in fire safety equipment. This is because of the rules and rewards set forth by the insurance sector for installing appropriate fire safety measures.
The integration of fire prevention systems in automobiles, particularly in electric vehicles, is emerging as a significant driver for the fire protection equipment market. This is due to safety concerns regarding high-voltage batteries. Thus, the adoption of fire prevention equipment in automobiles is anticipated to present new opportunities for the fire safety equipment market players during the forecast period.
Key segments that contributed to the derivation of the fire safety equipment market analysis are solution, technology, and application.
The geographic scope of the fire safety equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest fire safety equipment market share. This is due to the high level of awareness about fire safety in the region as well as the strict fire safety regulations that are enforced in the region.
The regional trends and factors influencing the Fire Safety Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fire Safety Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 54.68 billion |
| Market Size by 2031 | US$ 100.18 billion |
| Global CAGR (2023 - 2031) | 7.9 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Solution
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Fire Safety Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fire Safety Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The fire safety equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Fire Safety Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global fire safety equipment market was estimated to be US$ 54.68 billion in 2023 and is expected to grow at a CAGR of 7.9 % during the forecast period 2023 - 2031.
The impact of the insurance industry and the adoption of fire prevention equipment in automobiles are the major factors that propel the global fire safety equipment market.
The growing demand for advanced fire safety technologies is anticipated to play a significant role in the global fire safety equipment market in the coming years.
The key players holding majority shares in the global fire safety equipment market are Bosch Sicherheitssysteme GmbH, Eaton Corporation plc, Gentex Corporation, Halma plc, and Hochiki Corporation.
The global fire safety equipment market is expected to reach US$ 100.18 billion by 2031.