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Latin America Fire Safety Equipment Market is expected to grow at 6.21% in the forecasted period: Bonafide Research
Oct, 23
2021

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Latin America Fire Safety Equipment Market is expected to grow at 6.21% in the forecasted period: Bonafide Research

 

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Globally, the region of Latin America is the lowest contributor, yet holds an immense growth possibility with the implementation of higher safety rules & regulations from the different governments. According to the latest publication of Bonafide Research, titled Latin America Fire Safety Equipment Market Outlook, 2026, the market is likely to be growing with an anticipated CAGR of 6.21%. The increase in the demand for fire control systems is also backed by the quick urbanization in the region. For a better understanding, the market is classified into 3 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.

With the increasing developments in the industry verticals of oil, gas, energy, power & mining, the need for fire protection and detection equipment have become significant in the region. As in the latter half of the year 2019, there were 80000 fires across & around Brazil, which was a nearly 77% increase in comparison on yearly basis. Given this, the region has a high demand for the detection equipment segment, which is expected to show a growth of 7.41%.

On the other hand, Colombia encountered a loss of 197 lives to fire in the year 2018, where the fire detection equipment segment held to more than half of the market share. The regional market is hurdled with the fluctuation in the raw material price which affects the profitability of the manufacturers. However, the improving economic conditions and the imposing of stringent fire safety laws emphasizing fire prevention are to allow considerable market growth.

The mandatory installation of the fire safety equipment in the industry plan is the major reason for the dominance of this segment in the region. Along with this, the advancement in technologies and user-friendly applications are likely to gain more popularity in the residential application of the fire safety equipment market.

To spread more awareness and to create more market space, various conferences and exhibitions are held continuously across the region. Even though forest fire remains one of the serious problems in the region, it not only destroys the natural resources but also the proximity of residential setup is also in danger.