India's growing economy, rapid urbanization, increasing construction activities, implementation of fire safety legislation, growing consumer's emphasis on safety measures, and availability of technologically advanced fire safety equipments have laid down a good ground for growth the India fire safety equipment market.
India fire safety equipment market comprises three major segments: Fire Fighting Equipments, Fire Alarm & Detection Equipments, and Firefighter Personal Protection Equipments. Fire fighting equipments market includes fire extinguisher, fire sprinkler, and other fire fighting apparatus such as fire hydrant, fire hose reel, fire bucket, etc. Fire alarm, control panel, call point, smoke detector, heat detector, flame detector, etc devices are the part of fire detection system. Firefighter personal protection apparatus consist of fire resistance suit, fire blanket, and others such as fire helmet, fire gloves, fire shoes, fire harness, etc.
India has emerged as one of the fastest growing economies in the world. India’s growth, particularly in manufacturing and services, has boosted the sentiments, both within country and abroad. India has been witnessing a most prominent infrastructure development in the world from the past recent years. India has showcased impressive improvements in power, bridges, dams, roads and urban infrastructure development. Besides, India is also set to witness the huge developments in infrastructure. As an initiative, the Government of India has earmarked Rs 50,000 Crore in order to develop 100 smart cities across the country. The Government has announced the list of 98 cities for the smart cities project in August 2015. As a result, with rising urbanisation and growing infrastructure across the country tends to increasing demand for fire safety measures in public and private buildings, manufacturing and industrial sector.
According to recently published report of Bonafide Research "India Fire Safety Equipment Market Outlook, 2021", the fire safety equipment market is anticipated to register the CAGR of over 19% during the forecast period. The market is expanding with the radical growth rate, which is attributed to the increasing demand from developing construction and infrastructure sector in order to maintain the fire safety and security in each and every sector. India is also rapidly adopting the latest technology in manufacturing fire safety equipments. For example, the leading companies have come up with lightweight fire extinguishers. The continuous efforts of leading manufacturers in R&D activities and subsequent product development will accelerate the sales of fire safety equipments.
According to the market research report, fire alarm and detection market is amplifying with the highest growth rate amongst all segments. The market for fire alarm and detection has showcased over 21% of CAGR during the analysis period. The strict government regulation to install fire alarm, smoke detector, flame detector, gas detector devices in oil and gas industry has boosted the demand for fire detection system.
Major manufacturers include Nitin Fire Protection Industries Limited, Tyco Fire And Security India Private Limited, UTC Fire and Security India Limited, Safex Fire Services Limited, and Ceasefire Industries Limited.