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According to the new research report titled “Fire Safety Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 13,562.9 million by 2027, registering a CAGR of 4.3% from 2020 to 2027.
The construction industry holds a remarkable position across the globe. In buildings, the owners are using advanced fire safety products to prevent any fire related incidents. The construction companies, contractors, and building owners, as well as government employees are including fire safety in their respective buildings. There are codes and standards developed which states that buildings must have sprinklers, extinguishers, fire alarms, and other fire safety products for protecting people. The hotels, dwellings, high-rise buildings, malls, office buildings, and more are having built-in fire safety equipment to prevent loss during fire. For instance, NFPA 13, a Standard for installing sprinkler systems. The NFPA 13 gives high degree of protection for property and life from fire via standardization of design, installation, and testing requirements for sprinkler systems. In addition to buildings, there are many legal standards and codes for construction sites also to promote workers’ safety. There is a significant necessity to enhance fire safety in the construction sites to safeguard construction workers and other occupants of buildings. Factors such as increasing number of construction projects in residential, commercial, and industrial sector are contributing towards the growth of fire safety products, and thereby influencing the market growth. In addition, presence of fire safety related associations such as National Fire Protection Association (NFPA), Underwriters Laboratories (UL), Fire Protection Association Of India (FPAI), and Fire Protection Association (FPA) is another factor that contributes in ensuring safety of buildings and occupants in case of any fire related incident. Moreover, conceptualization of smart cities and use of integrated fire safety because of booming IoT technology are other factors contributing towards the market growth. However, due to high installation and maintenance cost of fire safety equipment, the market growth might get interrupted.
The COVID-19 virus outbreak has been affecting every business globally since December 2019. However, after 6-7 months of lockdown, now the businesses are getting resumed including construction industry. With construction projects getting commenced, the procurement of new fire safety products will rise gradually with ease of supply chain. It is important to note that imposition regarding travel ban and closure of businesses on temporary basis are made to control spread of COVID-19 and therefore, need to consider Fire Risk Assessment is necessary as movement of people was limited.
Key Findings of Study:
The global fire safety equipment market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). North America held the largest share of the fire safety equipment market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on January 2020, Gentex Corporation would demonstrate its new features and technology concepts at CES 2020 that dramatically expand its digital vision, car connectivity & sensing, and dimmable glass product lines. Gentex Corporation is a supplier of electro-optical products for the automotive, aerospace, and fire protection sectors. They would also showcase their new in-vehicle smoke detector for autonomous vehicles and rideshare operators. Moreover, in August, 2018, Napco Security Technologies, Inc. introduced a new FireLink integrated 8 to 32Pt fire alarm control panel in an LTE sole path model. FireLink offers the most extended cellular lifespan, over ten years, and has greater range and reliability.
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