Fire Safety Equipment Market To Reach $60 Billion With Rapidly Growing Construction Industry
The Business Research Company's Fire Safety Equipment research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 23, 2022 /PRNewswire/ -- The rapid growth of the construction industry is expected to propel the growth of the fire safety equipment market going forward. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structures. Fire safety equipment is widely used at the construction site to protect the user from fire. For instance, according to Invest India, an India-based investment promotion and facilitation agency, the construction industry is expected to reach $1.4 trillion by 2025. Furthermore, by 2030, India's real estate business would be worth $1 trillion, contributing 13% of the country's GDP. Therefore, the rapid growth of the construction industry drives the growth of the fire safety equipment market.
The global fire safety equipment market size is expected to grow from $39.03 billion in 2021 to $43.55 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The global fire safety market size is expected to grow to $60.13 billion in 2026 at a CAGR of 8.4%.
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Fire Safety Equipment Market Overview
The main types of products in fire safety equipment are extinguishers, fire hydrants, respirators, and other products. A fire extinguisher is a portable device used to put out a small fire by directing onto it a substance that cools the burning fire, deprives the flame of oxygen, or interferes with the chemical reactions occurring in the fire flame. The different solutions include fire detection, and fire suppression and involve various technologies such as active fire safety systems, and passive fire safety systems. These are used in commercial, industrial, and residential applications.
The fire safety equipment market consists of sales of fire safety equipment by entities (organizations, sole traders, and partnerships) that are used to protect the user from fire during any firebreak. Firefighting equipment is a collection of tools and appliances used to extinguish fires. It can be utilized by professional firefighters and untrained users on the site of a fire, or it can be integrated into the infrastructure of a building (such as a sprinkler system).
Key Players And Their Strategies In The Fire Safety Equipment Industry
Strategic partnerships have emerged as a key trend gaining popularity in the fire safety equipment market. Major companies operating in the fire safety equipment sector are focused on new partnerships to strengthen their position. For instance, in July 2021, MSA Safety Incorporated, a US-based manufacturer of safety products partnered with Perspective Robotics AG, a Switzerland-based aerial robotics design and manufacturing firm. Through this partnership, the two companies will work together to increase fire scene situational awareness, both locally and remotely. Further in November 2020, the American University of Sharjah, a UAE-based institution partnered with Emirates Fire Fighting Equipment Factory LLC, a UAE-based firefighting equipment factory. Through this partnership, these two companies will work together in areas of research, student internships, fire protection engineering, and community awareness initiatives.
Major players in the fire safety equipment industry are Bosch Security System Inc., Hamla PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc, Napco Security Technologies Inc, Siemens Building Technologies pvt. Ltd, Gentex Corporation, Eaton Corporation Inc, Nittan Company Ltd., Space Age Electronics, Lowa Fire Equipment Company, Hiren Industrial Corporation, Larsen Manufacturing, and NAFFCO.
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