The equipment designed to protect human life/ property from fire accidents by extinguishing the fire is categorized as firefighting equipment. It can be used by the trained firefighters as well as the untrained layman during the fire breaks out or the mechanisms are built within the infrastructure itself. The recent publication of Bonafide Research under the title – South America Fire Safety Equipment Market Outlook, 2027 provides an in-depth market analysis of the regional fire safety equipment industry. In the forecast period, it is expected to grow at CAGR value of 6.17%. In 2021, the market value was calculated to be USD 2.7 billion. This report covers the detailed insights of the equipment based on product category- Fire Detection, Fire Alarm & Fire Suppression. It also included insights along with the value analysis of the fire safety equipment. The report also mentions the competition of leading companies that are involved in the manufacturing of fire safety equipment. Globally, South America is the lowest contributing region in the fire safety equipment market. However, the region holds immense potential as the governments have been focusing on the implementation of various fire safety regulations. Coupled with this, the increase in the number of new constructions and the fast urbanization in the region is also to be aiding the market to an anticipated growth rate of 6.21% in the forecasted period. This regional market is dominated by companies like Bosch Security Systems, Tyco, Honeywell, Edwards-United Technologies Corporation, and Siemens. 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 now owns the majority of the market share, the fire detection equipment segment is predicted to have the largest market share and the fastest growth. On the other hand, the profitability of the market is also impacted by the shifting price of raw materials. One of the most crucial systems implemented in the infrastructure is the fire suppression section. The focus on preventing fatalities and infrastructure damage from fire outbreaks is supporting market expansion. The installation and the testing of such fire safety equipment need to be managed by a trained professional, thus the market is hampered by the lack of skilled workers. Even though the fire detection segment holds the major market share, the fire alarm equipment segment is to record the highest anticipated growth rate of 7.41%. On the other hand, the fluctuating price of raw materials also affects the profitability of the market. The fire suppression segment which is one of the most critical systems installed in the infrastructure is likely to cross a value difference of USD 630 Million between the years 2016 to 2027. The growth in the market is backed by the emphasis on the prevention of casualties and infrastructure damage to fire breakouts.The market for fire alarm and detection equipment has expanded as a result of the expanding construction sector and the quickening development of infrastructure in emerging nations. Better safety ratings for various structures are the result of the implementation of fire safety devices. With advancements in technology, the advent of wireless and addressable systems has been the key driver of reaction time improvement. It has also decreased the number of false alarm incidents. The adoption of new technologies would be greatly aided by the development of water mist technology, hypoxic air technology, voice evacuation announcements, infrared laser optical smoke detectors, wireless fire alarm systems, and increased integration of fire protection across building management systems. The market is dominated by the industrial application of fire safety equipment which holds for all the sub-segments too. The mandatory rule to incorporate the fire safety protocols in the manufacturing units has pushed the market growth in the different industry verticals. The advanced technologies and sensors are likely to give a potential growth opportunity to the marketers. In the fire detection subcategory, the smoke detection segment dominates the market which is 44% of the share in 2021. Much recently, the insurance agencies also have it mandatory to have fire safety systems installed before insuring the apartment/building. The regional market is led by Brazil, which in 2019 reported over 80000 fires out of which more than half were in Brazil’s Legal Amazon. Columbia which accounted for the lowest share in the market recorded 0.08% of total deaths due to fire, in 2018. In the first quarters of 2021, the COVID-19 pandemic breakout had a negative effect on the fire safety market. As a result, fewer pieces of new fire safety equipment are being installed in industrial and commercial settings. On the other hand, rising spending on new building projects and the replacement of out-of-date fire alarms, sprinklers, and detectors are anticipated to drive the market for fire safety equipment in the next years. Major companies mentioned in the report: Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halmaplc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies CONSIDERED IN THE REPORT • Geography: South America • Base year: 2021 • Historical year: 2016 • Forecasted year: 2027 COUNTRIES COVERED: • Argentina • Brazil • Columbia ASPECTS COVERED IN THE REPORT • Market Size by Value for the period (2016-2027F) • Market Share by Product Type (Fire Detection, Fire Alarm, Fire Suppression) • Market Share by Application (Commercial, Industrial, Residential) • Market Share by Region • Market Share by Country The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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