Global Market Research Reports : Ken Research: Global Fire Safety Equipment Market Demand

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.