Fire Safety Equipment Market: Key Insights
According to our market study on “Fire Safety Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Solution (Detection, Suppression); Technology (Active Fire Protection Systems, Passive Fire Protection Systems); Application (Commercial, Industrial, and Residential),” the market was valued at US$ 10,362.1 million in 2019 and is projected to reach US$ 13,562.9 million by 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027.
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The fire safety equipment market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In terms of market share, the North America region dominated the fire safety equipment market in 2019. The North American countries, especially the US and Canada, are technologically advanced and house numerous industries, including automotive, pharmaceutical, semiconductor, and chemicals. The industry players in North American countries are increasingly emphasizing the adoption of advanced technologies, including fire safety products, to protect people during case of fire. Along with industrial growth, the region, especially the US, has a large number of multistory and high rise buildings that require fire protection systems and stringent fire & safety codes to mitigate loss caused by fire. Canada is another country witnessing infrastructural developments due to high population growth rate.
Provision Environment Standards for Environment Safety
In an event of a fire in buildings, the fire resistance time of the products and materials is the most critical variable. During last two decades, a vibrant growth in construction industry has been witnessed, majorly in high rise buildings. Fire in residential buildings, especially in high rise buildings, becomes more complex and rescuing task becomes difficult. With rapid modernization of construction industry, the government bodies of various countries have levied regulations for combating potential fire hazards. The US, Canada, Australia, Mexico, UK, Germany, Spain, Italy, China, and India have laid down stringent regulations.
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Fire Safety Equipment Market: Competitive Landscape and Key Developments
Bosch Sicherheitssysteme GmbH; Eaton Corporation plc; Gentex Corporation; Halma plc; HOCHIKI Corporation; Honeywell International Inc.; Johnson Controls, Inc.; Napco Security Technologies, Inc.; NITTAN COMPANY, LTD.; and Siemens AG are among the few major companies operating in the fire safety equipment market.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, NITTAN COMPANY, LTD. updated a new conventional beam type smoke detector (CKLD-KPT2), which comprises an infra-red transmitter and a receiver.
- In 2019, Halma plc had acquired Ampac to support its strategy of growing geographical footprint and increasing fire system offerings. Ampac is a leading fire and evacuation systems supplier in the Australian and New Zealand markets.
- In 2018, HOCHIKI Corporation had modified its fire protection systems with UL test laboratory’s approval that today’s single-sensor technology would not be able to comply with the new standards. Substantial changes have been made to the detector construction both from inside and outside, including airflow, sensing technology, and smoke chamber size & shape.
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