Fire Safety Equipment Market Size, Share & Trend Analysis Reports by Application, By Product, By Type, By Solution (Detection, Suppression), By Region (APAC, MEA, North America, Europe), And Segment Forecasts, 2019 – 2025
The global fire safety equipment market size was estimated at USD 58.43 billion in 2018 and is anticipated to expand at a CAGR of 8.8% from 2019 to 2025. Growing demand for advanced fire safety systems for industries, such as manufacturing, utilities, petrochemical, mining, oil & gas exploration, energy & power, automotive, and construction, is anticipated to drive the market. A number of developed, as well as developing, regions like North America, Asia Pacific, and Europe have implemented stringent regulations, which mandate the installation of fire safety systems at industrial, residential, and commercial places.
This factor is also contributing to the market growth. Reconstruction activities and implementation of building safety codes against fire protection are assessed to positively influence market growth. For instance, the Fire Services Law and Building Standards Law in Japan and the Code of Design for Building Fire Protection & Prevention in China. Technological advancements including water mist technology, wireless alarm system, smoke detectors, and an addition of integrating detection devices into building management are augmenting the demand further.
Emerging economies witnessing increasing construction of commercial spaces, such as supermarkets, multiplexes, shopping malls, hypermarkets, real estate, and office buildings, have also triggered the demand for detection and suppression systems to support the government norms and regulations. Enterprises across the globe are progressively spending on fire safety and security of infrastructure, thus reducing the damage caused by fire accidents. However, high initial investment for the installation of these systems coupled with costly maintenance and replacement services is anticipated to curb the market growth.
The European Norm, National Fire Protection Act, and many other local regulations as well as listings, building codes, and approvals by nationally recognized testing laboratories have mandated the construction authorities to equip the infrastructures with adequate fire suppression and detection systems. Moreover, insurance companies provide incentives to infrastructure owners for installing such equipment, which is expected to drive the fire safety equipment market further.
Fire Suppression Product Insights
The fire suppression market can be categorized by product into extinguishers and sprinklers. The extinguishers segment accounted for 60.1% of the overall revenue share of the suppression market in 2018. Rise in the number of fire accidents and hazards subject to unsuitable housekeeping standards, poorly maintained electrical circuits, and availability of stock combustible materials including inflammable gases or liquids will drive the segment. Strict government regulations mandating the installation of extinguishers in residential, industrial, commercial, and public areas will further boost the demand.
The extinguishers segment has been further categorized by type into gas, water, dry chemical powder extinguisher. Dry chemical powder extinguishers led the segment in 2018 owing to their relatively low price and high versatility. The ability of dry chemical powder to extinguish fire across different application is anticipated to support segment growth. Increasing popularity and demand for lightweight extinguishers is also expected to drive the segment in the years to come.
Based on application, the market is segmented into residential, commercial, and industrial. Commercial application includes hospitality, government, healthcare, telecom & IT, BFSI, retail, and institutional sectors. The segment led the fire detection market in 2018 and is estimated to continue the trend over the forecast period. Over the past few years, the product demand has increased significantly across the retail sector owing to rapid infrastructural development, especially in urban areas.
However, Asia Pacific is poised to expand at the maximum CAGR of 12.5% from 2019 to 2025 due to significant growth opportunities in the region as a result of rapid urbanization and industrialization in emerging nations, such as India, Japan, and China. Moreover, strong presence of sensor manufacturing companies and high level of fire safety equipment production will contribute to the growth. Rapidly growing commercial and residential construction sectors in the region is also expected to drive the market.