13 Jul Fire safety equipment market to be worth $114.1 billion by 2026
The global fire safety equipment market size is projected to reach $114.1 billion by 2026 according to the latest industry report from Polaris Market Research. The report also showed the market is growing at a CAGR of 9.1% from 2019 to 2026.
Increase in casualties of life and property due to fire related incidents has led to an increased importance of fire safety systems in multiple industries, leading to increased investment in the fire safety sector. Strict government enforcements and regulations related to workplace safety, and rise of automation due to smart homes and building projects are factors further contributing to the growth in adoption of fire safety equipment. Also, an increase in safety concerns have compelled strict adherence to building safety codes and regulations. Moreover, ever increasing demand from industries including oil and gas, mining has further enhanced the market growth. Emergence of new technologies such as scada solutions and wireless sensor networks have provided significant growth opportunities in this market. However, high initial investments required for installation of fire safety equipment has been noted as a factor that might limit the market growth in some cases.
The oil and gas, and mining sector involves high risk and is regularly exposed to fire accidents due to presence of highly inflammable and combustible material including oil, gasoline, etc. To tackle and avoid such accidents, proper fire detection and prevention equipment are mandatorily required and vendors are increasingly investing in developing new fire suppression systems to protect critical environment and investments across the sites. The industry report also observed that risk management strategies are increasingly becoming an integral part across in oil and gas facilities; as a part of these strategies high quality fire safety installations are gaining traction in the market.
During 2018, the North America region accounted for the highest share amongst all regions in the fire safety equipment market. This growth in this region attributed to introduction of stringent government regulations related to workplace safety and adoption of fire protection technology. Also, growing demand from manufacturing and mining industries has contributed to the rise in adoption of fire protection systems across North America. While, the increasing adherence to building safety codes along with the rise in automated systems in buildings further supports the market growth. Asia Pacific regional market is expected to grow at the highest CAGR during the forecast period majorly due to high growth in industrial and manufacturing sectors. Moreover, continual growth in demand from healthcare, mining, and commercial sectors is expected to provide further opportunities for market growth in this region.
Some of the key players profiled in the fire safety equipment market report include Honeywell, Hochiki Corporation, Minimax Viking, Gentex Corporation, United Technologies Corporation, Siemens Building Technologies, Johnson Controls, Halma, Securiton AG, Tyco International.