Driven by Advancements in Smart Technologies such as AI and IOT and an increase in fire safety regulations for Building and Construction, the Global Fire Safety Equipment market is forecasted to cross US$65 Bn by 2028 says Ken Research Study
The fire safety equipment market
consists of equipment such as water sprinklers, smoke detector, fire
extinguishers, fireproof gloves, fire dampers, exhaust windows, and more which
is used to prevent a fire outbreak. The fire safety equipment finds
applications for commercial, industrial, residential, and transport &
logistics purposes. Ken Research shares 5 key insights on this high opportunity
market from its latest research study.
1. The
Global Fire Safety Equipment Market is forecasted to grow at a CAGR of ~7% by
2028 due to advancements in smart technologies in the fire detection segment
Global Fire
Safety Equipment Market is expected
to show steady growth during the forecast period, owing to recent advancements
in smart technologies such as AI and IoT for fire analysis and fire detection.
For instance, fire alarms are connected to the cloud and are able to notify
users through mobile phones and show the best escape routes during a fire
outbreak. The market is forecasted to reach ~US$ 65 Bn by 2028 from ~ US$ 45 Bn
in 2022, witnessing a CAGR of ~7% during this period.
2. The
Fire Safety Equipment Market Is Showing Growth Due to An Increase in Fire
Safety Norms in Schools, Housing Societies, And Construction Industries
According to National Fire
Protection Association (NFPA), there have been an average of 3,840 construction
fires in USA for years 2013-2017, which occurred during construction,
renovation, and demolition of buildings.
- In USA, construction fires for the years
2013-2017 caused 49 civilian injuries and US$ 304 million in property
damage annually.
- During the years 2014–2018, the U.S. fire
departments have responded to average cases of 3,230 structural fires in
schools each year, which has caused US$ 37 million in property damage.
- Fire Services Rules and National Building Code
of India clearly mentioned that there should be minimum fire safety
equipment in schools, high-rise buildings, and shopping complexes to deal
with possible fire outbreaks, as well as an exit plan, must be
pre-defined.
3. Corrosion
In Fire Suppression System Is The Major Challenge Faced By The Fire Safety
Equipment Market
Corrosion in the Fire suppression
system is the major challenge for the global fire safety equipment market.
- According to the National Fire Protection
Association (NFPA), 73% of dry systems have corrosion issues (a dry system
is a sprinkler system in which water is released with help of air thus
ensuring that water doesn’t freeze in the system).
- To deal with the corrosion problem in dry
systems companies are now offering systems with 98% nitrogen gas over
Compressed air and use black steel over galvanized which will increase the
life expectancy of dry sprinkler systems up to 5.3 times.
4. Passive
Fire Protection System in Technology Segment Is Likely To Dominate the Fire
Safety Equipment Market During the Forecast Period
The passive fire protection
system holds the largest market share during the forecast period, due to its
ability of passive fire protection system to slow down or prevent fire and
smoke from spreading from one room to another. Several accidental cases were
recorded due to the spreading of carbon monoxide smoke during a fire.
- According to the Centers for Disease Control
and Prevention (CDC) National Center for Health Statistics shows that 399
people died of unintentional non-fire carbon monoxide poisoning in 2017.
- In 2016, local fire departments of the US
responded to an estimated 79,600 carbon monoxide incidents.
5. North America Region Dominated the Fire
Safety Equipment Market in 2021
North America accounted for the
largest market share in 2021, due to its strict rules regarding fire safety and
continuous structural developments.
The US alone accounts for the
3,761 fire safety equipment companies which include manufacturers, installers,
distributors, integrators, and consultants for the US as well as global market.
For More
Information, refer to below link:-
Global
Fire Safety Equipment Market Demand
Related Report
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-9015378249
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