Transition towards the installation of technologically advanced fire detection systems, and eco-friendly fire suppression agents is also expected to support the market development over the forecast period. The advent of smart fire suppression and detection systems, and the proliferation of Internet of Things (IoT) for the wireless integration of such systems, along with the enforcement of various safety and building codes, and increasing fire safety expenditure by enterprises are several other factors responsible for market growth cited by Grand View.

Increasing accidents and loss of property owing to fire breakouts has alarmed the need for installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors. Therefore, regulatory bodies across various countries are framing new regulations focusing on mandating the installation of fire protection systems. For instance, in the U.S., fire sprinkler systems are mandatory for hostel premises. North America led the market in 2018 and is expected to continue the dominance over the forecast period. Rapid growth of the construction industry in Canada and the U.S. is driving the demand for fire safety equipment.

Increasing automation in buildings and preference for smart homes along with rising demand from the mining and manufacturing industries in the region is expected to bolster the demand further. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. The growing need for mass transportation, such as airport security, including intelligent transportation systems, due to rapid industrialisation and urbanisation in emerging economies like India, China, and Japan, is anticipated to offer lucrative growth opportunities for the market.