Outlook for the Global Fire Safety Equipment Market to 2026: Commercial Segment Holds Highest Share With a Value of $16209 Million
DUBLIN, Dec. 30, 2021 /PRNewswire/ -- The "Global Fire Safety Equipment Market Outlook, 2026" report has been added to ResearchAndMarkets.com's offering.
Global Fire Safety Equipment Market Outlook, 2026 provides an in-depth market analysis of the global fire safety equipment industry.
This report covers equipment based on product category- Fire Detection, Fire Alarm & Fire Suppression. It also included insights along with the value analysis of the fire safety equipment.
The report also mentions the leading companies that are involved in the manufacturing of fire safety equipment.
The report is classified into 5 regions and 19 countries, along with their local rules & trends.
The increasing awareness about the safety precautions against fire and the rising fire accidents due to carelessness and electricity short circuits have been major drivers of the industry.
The market grew to a value difference of more than USD 24000 Million from 2015 to 2026. Apart from this, the increasing construction activities are likely to be a major support for the market growth in the coming years.
The need for fire safety precaution in other sectors like the manufacturing industry, petrochemical, power & energy, mining, etc is also to be aiding the market to grow with an anticipated CAGR of 5.25%.
Categorized into three segments of Fire Detection, Fire Alarm, and Fire Suppression based on product type, the global market is led by the fire detection segment which held more than half of the market share in the year 2020. The fire alarm is expected to be the fastest-growing segment with an anticipated CAGR of 6.06% through the forecasted period.
In terms of end-user application, the market is divided into Industrial, Commercial, and Residential segments, in which the commercial segment held the highest share contributing to a value of USD 16209 Million in the year 2020.
The major reason for this can be attributed to the increasing regulations and policies of the different governments which have made the use of fire safety appliances mandatory. The top reasons for the residential fire accidents are gas cylinders, overheated appliances, and inadequate wirings.
Due to the proximity of the residential units and the presence of highly flammable items, the risk associated with the fire break out is also very high. Thus, through the forecasted period, the residential application segment is expected to be growing at a CAGR of 5.57%, the highest anticipated rate.
The market is led by the North America market while the Asia Pacific & Europe regions held nearly 50% of the market share in 2020.
In Europe, the National Fire Protection Act, along with the other rules has mandated to equip the infrastructure with adequate fire safety equipment systems. On the other hand, the Asia Pacific is growing with the aid of China and India, which is on the path of rapid urbanization and industrialization.
Also, the presence of several local manufacturing companies is likely to be driving the market in the forecasted period.
The prominent players in the global market are targeting more towards their expansion in Asia and Latin America.
Local players focus on launching newer products to meet the growing local consumer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.
Major companies mentioned in the report: Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halma plc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies
CONSIDERED IN THE REPORT
- Geography: Global
- Base year: 2020
- Historical year: 2015
- Forecasted year: 2026
REGIONS COVERED:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
ASPECTS COVERED IN THE REPORT
- Market Size by Value for the period (2015-2026F)
- Market Share by Product Type (Fire Detection, Fire Alarm, Fire Suppression)
- Market Share by Application (Commercial, Industrial, Residential)
- Market Share by Region
- Market Share by Country
This report would help you answer the following questions:
1. What is the market size and forecast of the Global Fire Safety Equipment Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Fire Safety Equipment Market during the forecast period?
3. Which region outstands in the Global Fire Safety Equipment Market?
4. Which are the segments to invest in over the forecast period in the Global Fire Safety Equipment Market?
5. What is the competitive strategic window for opportunities in the Global Fire Safety Equipment Market?
6. What are the technology trends and regulatory frameworks in the Global Fire Safety Equipment Market?
7. What are the major companies in the Global Fire Safety Equipment Market?
Companies Mentioned
- Gentex Corporation
- HOCHIKI Corporation
- Napco Security Technologies Inc.
- Nittan Company Ltd.
- Halma plc
- Robert Bosch GmbH
- Honeywell International Inc.
- Siemens Building Technologies
For more information about this report visit https://www.researchandmarkets.com/r/7je99o
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SOURCE Research and Markets
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