Fire Safety Equipment Market Size Worth $72.6 Billion By 2028: Grand View Research, Inc.

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Aug 19, 2021, 05:05 ET

SAN FRANCISCO, Aug. 19, 2021 /PRNewswire/ -- The global fire safety equipment market size is expected to reach USD 72.6 billion by 2028, expanding at a CAGR of 6.6% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. Strict government regulations and mandates concerning workplace safety are expected to be the key factors driving the market growth. Increasing awareness about the benefits of installing fire safety and security equipment and demand for state-of-the-art fire protection equipment are also expected to fuel the growth.

Transition toward the installation of technologically advanced fire detection systems, and eco-friendly fire suppression agents is also expected to support the market development over the forecast period. Advent of smart fire suppression and detection systems, proliferation of Internet of Things (IoT) for the wireless integration of such systems, enforcement of various safety and building codes, and increasing fire safety expenditure by enterprises are several other factors responsible for market growth.

Key Insights & Findings:

Fire detection segment is expected to lead the market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs
Industrial segment dominated the market in 2020. Oil and gas and mining industries are highly prone to fire accidents due to involvement of flammable materials; thus, account for the maximum demand for suppression systems
North America led the global market in 2020 and is expected to continue the dominance over the forecast period due to stringent fire safety regulations and rapid infrastructural developments.

Read 140 page market research report, "Fire Safety Equipment Market Size, Share & Trends Analysis Report By Solution (Detection, Suppression), By Application (Commercial, Industrial, Residential), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Increasing accidents and loss of property owing to fire breakouts has alarmed the need for installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors. Therefore, regulatory bodies across various countries are framing new regulations focusing on mandating the installation of fire safety equipment. North America led the market in 2020 and is expected to continue the dominance over the forecast period. Rapid growth of the construction industry in Canada and the U.S. is driving the demand for fire safety equipment.

Increasing automation in buildings and preference for smart homes along with rising demand from the mining and manufacturing industries in the region is expected to bolster the demand further. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. Growing need for mass transportation, such as airport security, including intelligent transportation systems, due to rapid industrialization and urbanization in emerging economies like India, China, and Japan, is anticipated to offer lucrative growth opportunities for the market.

Grand View Research has segmented the global fire safety equipment market based on solution, application, and region:

Fire Safety Equipment Solution Outlook (Revenue, USD Million, 2018 - 2028)

Detection

Detector
Alarm

Suppression

Extinguisher
Sprinkler

Fire Safety Equipment Application Outlook (Revenue, USD Million, 2018 - 2028)

Commercial
Industrial
Residential

Fire Safety Equipment Regional Outlook (Revenue, USD Million, 2018 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

List of Key Players of Fire Safety Equipment Market

Robert Bosch GmbH
Eaton Corp., Inc.
Gentex Corp.
United Technologies Corp
Space Age Electronics
Halma plc
Siemens Building Technologies
Hochiki Corp.
Nittan Company, Ltd.
Honeywell International, Inc.
Napco Security Technologies, Inc.
Johnson Controls.

Check out more studies related to fire safety equipment, conducted by Grand View Research:

Fire Suppression System Market – The global fire suppression system market size was valued at USD 15.91 billion in 2020 and is expected to expand at a CAGR of 5.0% from 2021 to 2028. The growth can be attributed to the growing emphasis on preventing casualties and damage to infrastructure.
Fire Protection System Market– The global fire protection system market size was valued at USD 67.76 billion in 2020 & is expected to grow a CAGR of 6.8% from 2021 to 2028. Post the COVID-19 pandemic, market is expected to grow.
Fire Alarm And Detection Market – The global fire alarm and detection market size was valued at USD 42.24 billion in 2020 and is expected to expand at a CAGR of 4.1% from 2021 to 2028. Fire safety amidst the newly minted work-from-home model in light of the COVID-19 pandemic has gained prominence.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.
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