The fire safety systems market is expected to register a CAGR of over 7.5 % during the forecast period (2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The fire safety systems market is expected to register a CAGR of over 7.5 % during the forecast period (2019-2024). Knowing all, future fire alarm systems will be software-based, where one need to find a way to train one or two programmers to avoid being dependent on the equipment supplier. This can also help the supplier and should lead to better pricing. Also with the improvement of the sensors' capabilities and communication channel technology, IoT devices present in industries and residential spaces have boosted the adoption of new-tech fire safety solutions.
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- The increase in the number of deaths and property loss has increased the awareness of fire safety system which is driving the market. The countries with low infrastructure development investments are showing an interest in the installation of fire safety systems. Factors, such as poor-handling of burning lamps and cooking gas leakage, alternating voltage and electric spark, and overheating of electronic equipment, were identified as the prime causes for fire outbreaks in the incidents.
- Stringent government regulations and mandates is driving the market. The implementation of unified building codes in various developed and developing countries across all end-user segments, mandated by local authorities, has pushed the demand for fire safety systems. For instance, UK government recommends that all fire alarm and detection systems should be installed and maintained under the relevant British Standard, i.e., BS 5839.
- High installation and maintenance cost is restraining the market to grow. The fire safety systems' costs vary, depending on the lifespan, size, use, and type of the building. In general, fire alarm systems are more expensive to install in older buildings than in the newly constructed ones.
Scope of the Report
The scope of the fire safety systems market includes the type of safety system with fire detectors and suppressors, such as gas, foam, and detectors. The increasing focus of the government bodies on implementing fire safety equipment across various industries, such as chemical and petrochemical, oil and gas, pharmaceutical, aerospace, and defense, has led to the growth of the market studied.
Key Market Trends
Residential Segment to Register Significant Growth
- Fire safety systems find applications in homes. Single station residential smoke alarms are installed in most homes, as they are the simplest system for detecting a fire and warning the building occupants. Embedded system is applied for the development of smart residential fire detection and extinguishing system. Due to rapid urbanization in Asia-Pacific, the market is propelling with applications in the residential sector.
- Every year, residential fires occur practically around the world. For example, in the United States, recent estimates showed an average yearly of 371,700 residential structures fires causing 2,590 civilian deaths, 12,910 civilian injuries, and USD 7.2 billion in direct property damage.
- Recently, a wireless system (ZigBee) has received attention for its application in the fire early detection system. This system is becoming more attractive to housing, as it accommodates elderly people who live alone, because it is perceived to be more secure.
- Recently on June 2019, Hassantuk, the centralized smart fire alarm system introduced in buildings and villas, helped prevent a fire in a villa in Dubai. This system is aimed at linking houses with the smart alarm system. The recent vila incident is an example of how the system helped prevent a fire.
- In England, every year the fire and rescue service is called to over 600,000 fires which result in over 800 deaths and over 17,000 injuries. About 50,000 (140 a day) of these are in the home and kill nearly 500 and injure over 11,000, many which could have been prevented if people had an early warning and were able to get out in time, by which the demand of fire safety systems will increase in coming period.
Asia-Pacific is Estimated to Emerge as the Fastest Growing Region
- Major countries in the Asia-Pacific region, like India and China, are witnessing significant expansions of industries and manufacturing factories. The revenue is expected to grow for the fire and safety systems market.
- For instance, the GoI is increasing the investment in infrastructure-related projects over the past few years. In the recent union budget for 2019-20, the GoI has allocated around USD 63.20 billion for the infrastructure sector. Also, the infrastructure sector in India witnessed investments worth USD 1.97 billion from private equity and venture capitals, in 2018.
- In addition to it, rapid urbanization in India is expected to accelerate the spending on infrastructure for vital sectors that include transportation, textile, water and wastewater treatment, power, etc. For instance, Raymond is investing around USD 14 billion to construct a new textile park with eight major textile units, in India.
- As China has also been witnessing significant expansions of industries and manufacturing factories. The country is anticipated to exhibit substantial growth, owing to the increased investments and spending on the development of the infrastructure for surveillance.
- Along with it, he incident alarmed by the fire accident that took place at Notre Dame Cathedral in central Paris, France, the Chinese government has vowed to strengthen firefighting measures to promote cultural relics preservation. National Cultural Heritage Administration (NCHA) reported about six fire accidents at heritage sites, in 2019. In order to prevent similar fire accidents at other heritage sites, the Chinese government is deploying firefighters and providing fire prevention measures.
Competitive Landscape
The fire safety systems market is fragmenting as the intensity of competitive rivalry in the market studied is moderate and growing, due to the presence of electrical product manufacturers. In order to gain a competitive market share, the companies operating in the market are involved in active innovation, by providing advanced fire detection systems. Key players are Johnson Controls International PLC, Honeywell International Inc., Gentex Corporation, etc. Recent developments in the market are -
- June 2019 - Halma announced acquisition of leading Australian fire and evacuation systems company Ampac. Ampac has a strong global presence, with businesses in Australia, New Zealand and the United Kingdom. The company will continue to operate under its current management team and will be part of Halma's Infrastructure Safety sector.
- Oct 2018 - Halma PLC acquired Limotec, a leading fire control panel designer and manufacturer and fire system seller in the Belgian market. This strategic move may strengthen its offerings in continental Europe.
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