Fire Safety Equipment Market Size, Share & Trends Analysis Report By Solution (Detection, Suppression), By Application (Commercial, Industrial, Residential), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global fire safety equipment market size was estimated at USD 43,487.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Rising demand for fire safety equipment for industries, such as utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining, and construction is anticipated to drive the market growth. Several developed and developing regions like Europe, North America, and the Asia Pacific have implemented stringent regulations, which mandated the installation of fire safety equipment in the residential, industrial, and commercial sectors. These factors are driving the demand for the fire safety equipment.

The outbreak of the COVID-19 pandemic impacted the fire safety market adversely in the early quarters of 2020. This has resulted in a reduction in the installation of new fire safety equipment in industrial and commercial applications. However, increased spending in new construction activities and replacement of obsolete fire alarms, sprinklers and detectors are expected to witness the overall market growth.

Reconstruction activities along with the implementation of safety codes against fire protection will positively impact market growth. Advancements in technology, including wireless alarm systems, smoke detectors, and water mist technology, will boost the demand for the market. The rise in awareness regarding fire safety equipment and the dangerous outcomes is expected to propel market growth. However, high replacement costs from traditional fire equipment to advanced fire safety equipment would hamper the market's growth.

The European Norm, National Fire Protection Act, among many other local regulations as well as listings, building codes, and approvals by nationally recognized testing laboratories have mandated the construction authorities to equip the infrastructures with adequate fire suppression and detection systems. Moreover, insurance companies provide incentives to infrastructure owners for installing such equipment, which is expected to further drive the growth of the fire safety equipment market.

Application Insights

Based on the application, the market is segmented into residential, commercial, and industrial. The industrial application segment dominated the market with a revenue share of over 44% in 2020. This segment includes oil and gas, transportation sectors, energy and power, and manufacturing. These sectors emphasize the installation of fire safety equipment due to the high risk involved in this sector. The oil and gas sectors are highly prone to fire accidents due to flammable materials' involvement. Furthermore, government regulations to safeguard workers from fire accident are propelling the demand for fire safety equipment.

The residential segment is expected to register the highest CAGR over the forecast period. In the past couple of years, the demand for fire safety equipment has increased significantly across this sector owing to rising awareness about fire safety equipment & its benefits and growing infrastructure development in developed and developing countries.

Solution Insights

Based on solution, the market is segmented into fire suppression and fire detection. Fire detection dominated the market and accounted for more than 60% share of the global revenue in 2020, attributed to increasing policies, regulations, and government mandates, along with the use of advanced technology in detection devices. Furthermore, the growing number of fire accidents globally has compelled the need to install fire safety equipment.

The fire detection segment is anticipated to register the highest CAGR of 7.4 % from 2021 to 2028. The rapid development in commercial construction and growing smart city projects will boost the demand for the market in the forecast period. Furthermore, increased consumer spending on construction activities owing to the availability of disposable income and growing awareness about the fire detectors will drive the market growth.

Regional Insights

North America dominated the market for fire safety equipment in 2020 and was valued at USD 17,163.8 million. Various countries in this region, specifically the U.S. and Canada, have significantly contributed to the market growth due to the rapid commercial and industrial construction development. Furthermore, stringent fire safety regulations and norms are propelling the growth of the regional market. For instance, across the U.S., the Fire Code, a model code, is adopted by local and state jurisdictions and is enforced by fire prevention officers belonging to municipal fire departments. Rising concerns related to fire safety & security and the quick adoption of advanced technologies are also driving the growth of this region.

However, Asia Pacific is expected to register the highest CAGR of more than 9% over the forecast period. Asia Pacific is a developing region, and countries such as India, China, and Japan are expected to drive the growth of the market. Rapid urbanization and industrialization in emerging nations are expected to boost the demand for the fire safety equipment. Furthermore, the strong presence of sensor manufacturing companies and a high level of fire safety equipment production would contribute to the growth in the forecast period.

Key Companies & Market Share Insights

Prominent industry participants include Eaton Corp., Inc.; Robert Bosch GmbH; Nittan Company, Ltd.; Gentex Corp.; Siemens Building Technologies; Hochiki Corp.; United Technologies Corp.; Space Age Electronics; Johnson Controls; Honeywell International, Inc.; Napco Security Technologies, Inc. and Halma plc. Most companies are focusing on expanding their business and are adopting strategic initiatives and undertaking measures to gain benefits from the opportunities in the emerging market. For instance, in 2019, Halma PLC acquired Ampac (Australia), a fire safety and evacuation system provider company. Amapc has its presence in Australia, New Zealand, and the U.K. This acquisition is expected to generate revenue for Halma Plc in these countries and increase its presence in these countries.

Additionally, the prominent players invest in research and development to build a simplified solution that reduces installation time and overall costs. These factors are expected to boost the growth of the market. Some of the prominent players operating in the global fire safety equipment market are:

• Robert Bosch GmbH

• Eaton Corp., Inc.

• Gentex Corp.

• United Technologies Corp

• Space Age Electronics

• Halma plc

• Siemens Building Technologies

• Hochiki Corp.

• Nittan Company, Ltd.

• Honeywell International, Inc.

• Napco Security Technologies, Inc.

• Johnson Controls

Fire Safety Equipment Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the global fire safety equipment market report based on solution, application, and region:

• Solution Outlook (Revenue, USD Million, 2018 - 2028)

  • Detection

    • Detector

    • Alarm

  • Suppression

    • Extinguisher

    • Sprinkler

• Application Outlook (Revenue, USD Million, 2018 - 2028)

  • Commercial

  • Industrial

  • Residential

• Regional Outlook (Revenue, USD Million; 2018 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa