The global fire safety equipment market is segmented based on Solution, application, and region.Fire safety equipment is required in buildings and industrial facilities for the safety of people and the prevention of significant loss due to fire. Growing demand for advanced fire safety systems for industries, such as mining, oil & gas exploration, energy & power, automotive, and construction, is expected to drive the market.Reconstruction activities and implementation of building safety codes against fire protection will further positively impact market growth. For instance, the Fire Services Law and Building Standards Law in Japan and the Code of Design for Building Fire Protection & Prevention in China.

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The global Fire Safety Equipment market growth is driven by modernization and technological advancements in the construction industry and a rise in deaths and loss of property due to fire breakouts. Rising urbanization in developing countries such as Brazil, China, India, and Indonesia is expected to accelerate infrastructure spending on building safety standards, therefore, propelling growth in the global fire safety equipment market. For instance, The Brazilian government announced at the end of 2017 an investment of approximately US$36 billion to resume 7,000 construction projects.

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Segment Analysis

By Product Type, the global Fire Safety Equipment Market is segmented into Fire detection(Fire detectors(flame, smoke, and heat) and Fire alarms) and fire suppression(fire extinguisher(gas, water, dry chemical, and others) and sprinklers). In 2019, the fire detection segment is dominated the global market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs. Increasing accidents and loss of property owing to fire breakouts have alarmed the need for the installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors.

Competitive Landscape

The global Fire Safety Equipment Market is fragmented with the presence of both international and regional players in the market. Since all vendors equally compete to gain a considerable share of the market, the industry appears to be highly competitive. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across channels are other steps taken by market participants to generate demand.Due to price elasticity in demand for fire equipment, manufacturers are forced to produce good quality fire protection equipment at low prices. However, Leading and well-established market players can balance the losses thus suffered by earning profit margins from higher range products.

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