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.
Fire Safety Equipment Market Analysis
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.
Fire Safety Equipment Market Overview
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.
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Fire Safety Equipment Market: Strategic Insights
Market Size Value in US$ 10,362.1 million in 2019 Market Size Value by US$ 13,562.9 Million by 2027 Growth rate CAGR of 4.3% from 2019 to 2027 Forecast Period 2019 - 2027 Base Year 2019
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Fire Safety Equipment Market: Strategic Insights
| Market Size Value in | US$ 10,362.1 million in 2019 |
| Market Size Value by | US$ 13,562.9 Million by 2027 |
| Growth rate | CAGR of 4.3% from 2019 to 2027 |
| Forecast Period | 2019 - 2027 |
| Base Year | 2019 |
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Fire Safety Equipment Market Drivers and Opportunities
Impact of the Insurance Industry
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.
Adoption of Fire Prevention Equipment in Automobiles
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.
Fire Safety Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the fire safety equipment market analysis are solution, technology, and application.
- Based on the solution, the fire safety equipment market is segmented into detection and suppression.
- By technology, the market is segmented into active fire protection systems and passive fire protection systems.
- By application, the market is segmented into commercial, industrial, and residential The commercial segment held the largest share of the market in 2023.
Fire Safety Equipment Market Share Analysis by Geography
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.
Fire Safety Equipment Market Report Scope
Fire Safety Equipment Market News and Recent Developments
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:
- In September 2022, Johnson Controls, the forerunner in the development of inventive, sustainable, and healthful buildings, provided an alternate method of fire detection with its FireClass line of open-protocol fire detection devices. In order to make areas safer and more secure in the case of a fire, FireClass offers a wide choice of solutions that the industry has authorized for use in commercial, residential, retail, corporate, leisure, care home, manufacturing, and warehouse environments. (Source: Johnson Controls, Press Release)
- In September 2022, Siemens unveiled its first-in-market portfolio of managed and digital fire safety services. These services link fire safety systems to the cloud, allowing businesses to transition from a reactive, compliance-led approach to complete protection through intelligent safety. By continuously monitoring detector soiling levels with Fire Safety Digital Services, you can be sure that every fire detector is operating as intended and that external risk factors or the environment does not compromise the performance of fire safety systems. (Source: Siemens, Press Release)
Fire Safety Equipment Market Report Coverage and Deliverables
The “Fire Safety Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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