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Global Fire Safety Equipment Market to cross a value of USD 60000 Million by 2026: Bonafide Research
Oct, 23
2021

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Global Fire Safety Equipment Market to cross a value of USD 60000 Million by 2026: Bonafide Research

 

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Even though fire is one of the five natural elements and is worshipped in many countries & traditions, it is still one of the major reasons for causalities. Whether man-made or natural, it is important to curb the fire to safeguard human lives and properties from damages. While it is obvious that a huge fire outburst needs professional handling, the small and early detection of fire can be managed by an untrained layman. This brings the huge market of fire safety equipment market into the picture. According to the latest publication of Bonafide Research, titled Global Fire Safety Equipment Market Outlook, 2026, the market is likely to be growing to a value of USD 60000 Million by the end of the forecasted period. For a better understanding, the market is classified into five major regions and 19 prominent countries, along with the sub-divisions based on application & the product type. The report covers the major top companies like Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halma plc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies.

The market growth is backed by the incline in the construction industry and the stringent regulations laid by the various governments. However, fire safety is often overlooked in under developing economies. The first few minutes of the fire bursting out is most crucial because if curbed within the short time span, the loss can be minimized. This is where the fire detection system becomes handy as they aid in spotting fire in its earliest form and also alters the occupants for evacuation. Evidently, the fire alarm segment is to be the fastest-growing segment in the forecasted period, with an anticipated CAGR of 6.06%. For a smaller coverage area, it is advisable to prefer a smoke detector over a fire detector, for early detection.

Internationally, the laws regarding fire safety protocols differ, hampering the market growth. 46 European countries have established their specific regulations for themselves. On the other hand, the 43 nations/ republics in the American region have their fire protection legislation specifically based on NFPA. The Latin American countries like Mexico & Peru have extensive regional regulation, while the others follow the NFPA codes directly. Similarly, the countries of Australia and New Zealand have extensive legislation covering different construction as well as the equipment system and installation individually. Among these, Australia has a high ratio of research facilities, and this is one of the most advanced research in fire protection. In the region of Asia, Japan is the leader in fire safety regulation.

This is because it covers all particular characteristics of the nation’s infrastructure, ranging from the large commercial headquarters to small business premises to residential constructions. It was in the much recent times when the Philippines and China made changes towards the improvement of the fire safety regulations in particular with the building characteristics. This happened due to the immense pressure from the public as a reaction to numerous fatal fire accidents. Even though there are several fire prevention codes in the African continent, only certain countries abide by them, and thus the region is far behind in fire protection. Since the long past, the US has been the leader in the fire prevention equipment market, yet it doesn’t come close to the legislation of Japan and European countries. Contradicting to this, the USA has one of the highest fire fatality rates in the developed world, out of which the residential fires accounted for three quarters.

With the rise in the construction of smart cities, and the sprung in new industrial zones in many regions, fire safety remains to be one of the major concerns. Fire safety equipment has also become very important to reduce the intensity of loss. In many cases, the inadequate infrastructure plan is the major cause of major fire breakout in the commercial setup. This generated revenue of USD 16209 Million in 2020, from the commercial segment. On the other hand, residential fires can be avoided easily if proper care & precautions are carried out. The residential fire is majorly caused by gas cylinder leaks, appliances overheating, inadequate wiring, and many a time due to careless negligence such as candles, holiday lightings, smoking, etc. The residential fire can be small yet fatal due to the epicenter is usually surrounded by highly flammable items. Thus, the residential application of fire safety equipment is expected to grow at a CAGR of 5.57%, the highest anticipated rate, through the forecasted period.