The research suggests that the market is gaining prominence, more so amidst the Covid-19 pandemic that hit the world economy in 2020, with businesses shifting to remote working models. The demand for residential fire safety witnessed a rise, with people spending extended hours working from home.

The global demand surpassed USD 40 billion in 2020 and will continue to witness growth over the next seven years according to the analysts at Grand View. While the pandemic created a few lucrative opportunities for the OEMs, awareness about the safety and security of assets in the commercial sector also increased. As businesses resume, the need to safeguard facilities with guidelines and installations promoting fire safety will encourage building owners to either replace old equipment or install new safety devices.

In addition, the findings suggest that the advancements in fire safety products by leveraging the latest wireless technologies will help OEMs keep up with the competitive rivalry in the industry. Advancements followed by cost-effective products and service & maintenance post installations will go a long way in favouring sales. Vendors aim to launch new products and leverage opportunities in emerging markets by developing a local sales network and closing new business deals.

All such efforts by OEMs will drive market growth over the next few years. Apart from new equipment sales, the demand for the replacement market is also on the rise. Aging infrastructure with outdated fire safety devices will pave the way for new business opportunities over the next seven years. The replacement scenario is likely to create opportunities in the North American and European markets, where the market has hit the ceiling in terms of growth.

Key players mentioned by Grand View Research and mentioned in the report include Johnson Controls, Honeywell, Napco, Nittan, Siemens, Halma, United Technologies, Bosch and Eaton.