Report : Fire Safety Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Solution (Detection, Suppression); Technology (Active Fire Protection Systems, Passive Fire Protection Systems); Application (Commercial, Industrial, and Residential)
Increase in Conceptualization of Smart Cities and Buildings to Provide Growth Opportunities for Fire Safety Equipment Market
According to our latest market study on “Fire Safety Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Solution, Technology, and Application,” the market was valued at US$ 10,362.1 million in 2019 and is projected to reach US$ 13,562.9 million by 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027.
With the developing economy, innovative technologies have been initiated to transform the urban landscape. The World Bank outlines a technology-intensive smart city which would be having interconnected networks and sensing technologies. Most of upcoming cities would be having high-rise buildings as well as dense concentration of buildings, which would make it mandatory to address fire situation to mitigate any loss of property and life. With the help of emerging technologies such as IoT, the effectiveness of fire response can be increased. An IoT-enabled sensing technology with gateways connected to a backbone cloud-based software & apps is an important requirement for smart cities and buildings to enable fire safety. IoT-based systems for fire safety, such as centralized fire monitoring platform, significantly help in enhancing the effectiveness and speed of response. Advancement of wireless technologies, majorly for IoT enabled sensors, and easy access to internet connectivity and bandwidth is another aspect which would contribute toward the adoption of fire safety. IoT sensors are installed to monitor electrical systems and identify active heat sources on a continuous basis. Once a temperature spike is identified, a notification is sent immediately to take necessary inspections to prevent potential catastrophes. The IoT temperature sensors overcome challenges of old smoke detectors by identifying ignited fires much faster before they emit smoke. Therefore, with increasing conceptualization of smart cities, smart offices, and smart buildings across the world, the scope of integration of IoT-based fire safety system would also expand, thereby influencing the market growth.
Geographically, North America held the largest share of the fire safety equipment market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The fire safety equipment market is segmented into solution, technology, and application, and geography. Based on solution, the market is further bifurcated into detection and suppression. The detection segment represented a larger share of the overall market during the forecast period. Based on technology, the market is further segmented into active fire protection systems and passive fire protection systems. In 2019, the passive fire protection systems segment accounted for a substantial share in the global fire safety equipment market. Based on application, the market is segmented into commercial, industrial, and residential. The commercial segment represented the largest share of the overall market during the forecast period.
Impact of COVID-19 Pandemic on Fire Safety Equipment Market
The COVID-19 virus outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has governments to put a bar on transportation of humans and goods. The manufacturing and construction industries, academic institutes, shopping complexes, office premises has experienced temporary shutdown in their activities to curb the spread of virus. The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries and thus stopping the production of safety products and their adoption in buildings. However, after 6-7 months of lockdown, now the businesses are getting resumed including construction industry. With construction projects getting commenced, the procurement of new fire safety products will rise gradually with ease of supply chain. It is important to note that imposition regarding travel ban and closure of businesses on temporary basis are made to control spread of COVID-19 and therefore, need to consider fire risk assessment is necessary as movement of people was limited.
Bosch Sicherheitssysteme GmbH; Eaton Corporation plc; Gentex Corporation; Halma plc; HOCHIKI Corporation; Honeywell International Inc.; Johnson Controls, Inc.; Napco Security Technologies, Inc.; NITTAN COMPANY, LTD.; and Siemens AG are among the few major companies operating in the fire safety equipment market.
The report segments the global fire safety equipment market as follows: