India Fire & Safety Equipment Market to Grow at 8% Until 2021: TechSci Research Report
NEW YORK, August 9, 2016 /PRNewswire/ --
Increasingly stringent fire & safety regulations coupled with growth in manufacturing and infrastructure sectors to drive fire & safety equipment market in India until 2021
According to TechSci Research report, "India Fire and Safety Equipment Market By Type, By End User, Competition Forecast & Opportunities, 2011 - 2021'’, fire & safety equipment market in India is forecast to grow at a CAGR of more than 8% during 2016 - 2021 owing to increasingly stringent fire & safety regulations, 'Make in India' initiatives and upcoming 'Smart City' projects. Demand for fire & safety equipment is expected to be boosted by increasing government focus towards improving safety standards coupled with rising new as well as replacement demand from industrial, commercial and residential sectors. Retail market in India crossed US$ 600 billion in 2015, and it is projected to grow at a CAGR of 16.7% during 2015 - 2020 due to changing demographic profile and consumer preference coupled with rising disposable income. This is expected to positively influence the country's fire & safety equipment market through 2021.
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Browse 22 market data Tables and 49 Figures spread through 153 Pages and an in-depth TOC on
"India Fire & Safety Equipment Market"
Government of India is investing heavily on infrastructure and manufacturing sectors under its 'Make in India' initiative. These initiatives involve developing and upgrading existing airports and setting up new airports and metro projects in various cities across India. Anticipated growth in infrastructure and manufacturing is expected to boost demand for fire & safety equipment in the country over the next five years. Production in automotive sector has grown at a CAGR of 6% during FY2011-FY2016, and it is expected to grow further due to rising income levels and expanding middle class, which is likely to propel demand for fire & safety equipment in the coming years.
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"With increasingly stringent compliance requirements for manufacturing and service sector companies as well as real estate developers to install fire & safety equipment, coupled with increasing frequency of consumer awareness programs and safety audits, demand for fire & safety equipment in India is expected to continue growing over the next five years. Moreover, with favorable macroeconomic indicators, fire & safety equipment market in the country is expected to witness healthy growth in medium to long term.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Fire & Safety Equipment Market Forecast and Opportunities, 2021" has evaluated the future growth potential of India fire & safety equipment market and provides statistics and information on market size, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in fire & safety equipment market in India.
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