DUBLIN, April 6, 2023 /PRNewswire/ -- The "Global Fire Safety Equipment Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Technology, Service, Application and Region" report has been added to  ResearchAndMarkets.com's offering.

The Fire Safety Equipment Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and reach revenues of US$ 65 Bn by 2028.

The market's expected growth is due to the advancements of smart technologies in the fire safety industry such as Artificial intelligence, Internet of Things, and the increase in safety budgets in buildings and Transports Services i.e., to develop a fire safety plan for a possible fire outbreak such as fire exits, fire suppression, and detection tools and more.

The introduction of smart technologies in fire safety is gaining momentum with the concept of Smart Connected Things (ScoT), which provides an accurate and efficient system for fire detection and suppression. SCoT alert the users about faulty sprinklers in the building and notifies them about the maintenance of the system from time to time.

Corrosion in the fire suppression system is the major challenge that is derailing the growth of the fire safety equipment market. According to the National Fire Protection Association (NFPA), 73% of dry systems have corrosion issues. 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.

The complete shutdown of the manufacturing units, delay in supplies, and decrease in demand were the biggest challenges faced by the fire safety equipment market during the COVID-19 pandemic.

Scope of the Report

The fire safety equipment market is segmented by product type, technology, service, and application. In addition, the report also covers market size and forecasts for the four regions in the fire safety equipment market. The revenue used to size and forecast the market for each segment is USD Billion.

By Product

• Fire Detection
• Fire Response
• Fire Suppression
• Fire Analysis

By Technology

• Active Fire Protection Systems
• Passive Fire Protection Systems

By Service

• Installations & Replacements
• System Inspection & Maintenance
• Fire Alarms & Sprinklers Monitoring
• Fire Extinguisher Training

By Application

• Commercial
• Industrial
• Residential
• Transportation & Logistics
• Others

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy)
• Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia)
• Latin America, Middle East, and Africa (LAMEA)

Key Trends by Market Segment

By Product: The fire detection segment held the major market share in 2021, owing to the use of smart technologies in fire detection systems as well as the adoption of fire safety systems in buildings and houses

Fire Detection is further divided into detectors and alarms, which are used to detect and alert people regarding fire outbreaks

The advancements in the fire detection systems such as wireless alarms, new loudspeaker technologies, and new supervising station reporting technology i.e., wireless radio, cellular, and internet protocols are driving the growth.

The NFPA 72 (National Fire Alarm and Signaling Code of National Fire Protection Association) focuses on providing the most up-to-date safety measures with respect to fire detection, such as signaling, and emergency communications. All such factors will drive the growth of the market during the forecast period.

By Technology: Passive fire protection systems segment is expected to hold the largest market share, by technology during the forecast period, as it helps to slow down or prevent the spread of fire and smoke from one room to another.

Passive fire protection systems include floor ceilings, roof exhaust, fire doors, windows, wall assemblies, fire-resistant coatings, and other fire and smoke control assemblies as well as fire dampers that help to slow down and prevent fire.

In Europe, BS EN 1364-1:2015 is a European standard that specifies a method for determining the fire resistance of non-loadbearing walls.

In the US, ASTM E119 is the standard test method for fire tests of building construction and materials, such initiatives are likely to support the growth of fire safety equipment.

By Service: Installations & replacements segment is expected to hold the largest market share during the forecast period in the service segment, owing to the rise in installations of fire systems in the buildings.

Installations & replacement services are increasing as an increase in the budget for fire safety systems in buildings and a variety of government norms for the standard fire safety equipment to be available in the area is acting as a driver for the segment.

The system inspection & maintenance segment is expected to show the fastest growth during the forecast period as rapid installations of the fire safety system are making a way for maintenance of those earlier installed fire safety systems.

By Application: The industrial segment accounted for the largest market share in 2021, this is due to the use of fire safety systems in factories and manufacturing units to prevent the possible fire outbreak and minimize the damage to expensive machinery and workers.

According to National Fire Protection Association (NFPA) for the years 2011- 2015, there have been an average of 37,910 fires the in U.S for industrial or manufacturing properties each year, which accounted for the loss of US$1.2 billion in property damage and 16 Civilians deaths and making 273 other heavily injured.

The industrial segment comprises oil & gas refineries, mining, energy and power, and manufacturing units thus fire safety systems have to be installed to avoid major fires in the future.

By Geography: North America Region accounted for the largest market share in 2021, due to strict fire safety rules and continuous structural developments.

The rising demand for smart houses and buildings in the US which provide high security as well as new advanced fire system enabled with IoT and AI is acting as a driving factor for the North American market.

The major manufacturers like Gentex Corp., Space Age Electronics, Honeywell International Inc., Napco Security Technologies, Inc., and Johnson Controls are all headquartered in the US.

Frequently Asked Questions

What is the Study Period of this Market Report?

• The Fire Safety Equipment Market is covered from 2017 - 2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Fire Safety Equipment Market?

• The Fire Safety Equipment Market is expected to witness a CAGR of ~7% over the next 6 years

What are the Key Factors Driving the Fire Safety Equipment Market?

• The advancements of smart technologies in the fire safety industry and the increase in safety budgets in buildings are expected to be the primary drivers of this market

Which is the Largest Application Segment within the Fire Safety Equipment Market?

• Industrial applications held the largest market share of the fire safety equipment market in the application segment in 2021

Who are the Key Players in Fire Safety Equipment Market?

• Robert Bosch GmbH, Eaton Corp., Inc., Gentex Corp., Space Age Electronics, Halma plc, Siemens Building Technologies, Hochiki Corp., Nittan Company, Ltd., Honeywell International, Inc., Napco Security Technologies, Inc., and Johnson Controls among others are the major companies operating in Fire Safety Equipment Market.

For more information about this report visit https://www.researchandmarkets.com/r/jt9lgd

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