Urban population growth drives global fire safety market

New Delhi, India

Increasing fire hazards, growing awareness towards loss from fire incidents and huge spending in construction activities globally are some of the key factors that could drive the fire safety systems and equipment market globally during 2017-23 according to 6wresearch. Rising urban population is spurring the infrastructure development and with strict monitoring and implementation of fire safety codes for buildings the market is set to grow globally, especially across the Middle East, Africa and Asia-Pacific regions.

According to 6wresearch, the Global Fire Safety Systems and Equipment market is projected to grow at a CAGR of 7.4% during 2017-23.

North America is the largest market for fire safety systems and equipment due to huge construction spending and strict implementation of fire safety codes across all sectors. Technological advancement and integration of fire safety systems is a growing trend in the global fire safety systems and equipment market. However, high initial investment and inconsistent fire safety regulations across different regions are expected to pose threat to the market.

According to Ravi Bhandari, Assistant Manager, 6wresearch, “Fire sprinkler systems are the major revenue generating segment in the global firefighting systems and equipment market in which wet pipe sprinkler systems are used across the majority of applications such as residential buildings, retail stores, hotels, storage facilities and high rise buildings. Countries such as India, South Africa, China and USA are expected to grow at a faster pace on account of industrial and commercial developments.

“A large number of companies are present in the market and thus the market is highly competitive. The top 3 companies hold 15% of the market share and many organised and disorganised players are present in the market”, Ravi further added.

According to Akash Jain, Research Associate, Research and Consulting at 6wresearch, “Firefighting systems and equipment such as fire extinguishers and sprinkler systems captured the majority of the share followed by fire detection & alarm systems. Dry type fire extinguishers and clean agent fire suppression systems are popular equipment in active firefighting systems. The African region is expected to grow at the highest pace followed by the Asia-Pacific region due to economic development measures in these areas.”

“Commercial, hospitality and industrial verticals are the major application areas for fire safety systems and equipment market globally”, Akash Concluded.

Some of the major companies cited in the report as being important players in the Global Fire Safety Systems and Equipment market include- Tyco, UTC, Honeywell, Bosch, Hochiki, Fike, Minimax Viking and Siemens.

The "Global Fire Safety Systems and Equipment Market (2017–2023)” provides insights, in-depth analysis and estimates forecasts for the overall Global Fire Safety Systems and Equipment market by revenues, types, components, verticals such as residential, commercial, industrial and regions.


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