According to the new research report published by The Insight Partners, titled “Fire Safety Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Solution, Technology, and Application,” 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.
With the developing economy, innovative technologies have been initiated to transform the urban landscape. The World Bank outlines a technology-intensive smart city that would be having interconnected networks and sensing technologies. Most of the upcoming cities would be having high-rise buildings as well as dense concentrations of buildings, which would make it mandatory to address fire situations to mitigate any loss of property and life. With the help of emerging technologies such as IoT, the effectiveness of fire response can be increased. An IoT-enabled sensing technology with gateways connected to a backbone cloud-based software & apps is an important requirement for smart cities and buildings to enable fire safety. IoT-based systems for fire safety, such as centralized fire monitoring platforms, significantly help in enhancing the effectiveness and speed of response.
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Advancement of wireless technologies, majorly for IoT-enabled sensors, and easy access to internet connectivity and bandwidth is another aspect that would contribute toward the adoption of fire safety. IoT sensors are installed to monitor electrical systems and identify active heat sources on a continuous basis. Once a temperature spike is identified, a notification is sent immediately to take necessary inspections to prevent potential catastrophes. The IoT temperature sensors overcome the challenges of old smoke detectors by identifying ignited fires much faster before they emit smoke. Therefore, with an increasing conceptualization of smart cities, smart offices, and smart buildings across the world, the scope of integration of IoT-based fire safety systems would also expand, thereby influencing the market growth.
Geographically, North America held the largest share of the fire safety equipment market in 2019, followed by Europe and the Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The fire safety equipment market is segmented into solution, technology, application, and geography. Based on the solution, the market is further bifurcated into detection and suppression. The detection segment represented a larger share of the overall market during the forecast period. Based on technology, the market is further segmented into active fire protection systems and passive fire protection systems. In 2019, the passive fire protection systems segment accounted for a substantial share of the global fire safety equipment market. Based on application, the market is segmented into commercial, industrial, and residential. The commercial segment represented the largest share of the overall market during the forecast period.
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Provision of 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 the last two decades, a vibrant growth in the construction industry has been witnessed, majorly in high-rise buildings. Fire in residential buildings, especially in high-rise buildings, becomes more complex, and the rescuing task becomes difficult. With the rapid modernization of the 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.
Application Segment Insights
Based on application, the commercial segment is the leading segment in the global fire safety equipment market during the forecast period. With an increase in the construction of commercial buildings—such as shopping complexes, warehouses, and distribution centers, and office premises—across the world, the demand to integrate fire alarms, emergency lights & exit signs, fire extinguishers, and fire sprinklers is also booming.
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 key players in the global Fire Safety Equipment market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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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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