Date : August 31, 2022
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South America Fire Safety Equipment Market is expected to grow at more than 6% during the forecast period: Bonafide Research

South America Fire Safety Equipment Market is expected to grow at more than 6% during the forecast period: Bonafide Research

Globally, the region of South 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 South America Fire Safety Equipment Market Outlook, 2027, the market is likely to be growing with an anticipated CAGR of  more than 6%. 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., Halmaplc, 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.

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.     

Due to the necessity for experienced professionals to handle the installation and testing of such fire safety equipment, the market is constrained by a scarcity of qualified labour. Despite the fact that the fire detection sector dominates the market. On the other hand, the profitability of the market is also impacted by the shifting price of raw materials. The focus on preventing fatalities and infrastructure damage from fire outbreaks is supporting market expansion.

The industrial use of fire safety equipment dominates the market, and this is true of all the sub-segments as well. The requirement to include fire safety practises in production facilities has accelerated market expansion across several business verticals. The use of sophisticated technology and sensors is anticipated to present marketers with a chance for future growth. The smoke detection sector is the market leader in the fire detection subcategory. Recently, the insurance companies have made the installation of fire protection devices a requirement before insuring an apartment or structure.

Increased fire outbreaks in risky industries including manufacturing, oil & gas, and energy are also significantly fuelling market expansion. The governments are placing greater focus on the upgrading of fire safety regulations as a result of the rising number of fire outbreaks in several production sites and warehouses as well as the growing public knowledge of the advantages of fire sprinklers. As a result, there have been more fire sprinkler systems installed around the area. Additionally, thanks to technical development, fire sprinkler systems with HI-FOG technology have been introduced by manufacturers. These technologies permit little water loss, offer faster activation rates, and improved oxygen displacement capacities.

The relevance of fire safety systems has increased due to an increase in the number of property and human casualties from fire-related catastrophes in many sectors. Government workplace safety laws and regulations that are strictly enforced, as well as the expansion of automation brought on by smart houses and other construction projects, are further reasons driving the adoption of fire safety equipment. Furthermore, stringent attention to construction safety rules is required due to safety concerns. Additionally, escaSouthg demand from sectors like mining and the oil and gas industries has further fuelled market expansion. Significant development potential in this market are provided by the emergence of new technologies like wireless sensor networks and scada systems. However, in other instances, the high initial costs associated with installing fire safety devices may restrain market expansion.
 


 

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South America Fire Safety Equipment Market is expected to grow at more than 6% during the forecast period: Bonafide Research

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