Fire Safety Equipment Market Growth & Forecast 2024-2031
The global Fire Safety Equipment Market is projected to grow at a CAGR of 7.0% during the forecast period (2024-2031).
This growth is driven by increasing construction activities, heightened awareness about fire safety, strict regulatory standards, and government initiatives. Fire safety equipment is essential in buildings and industrial facilities to ensure the safety of people and prevent significant losses due to fire. The market is segmented by solution, application, and region, with advanced fire safety systems being in high demand across various industries such as mining, oil & gas, energy & power, automotive, and construction.
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Market Trends
Technological Advancements and Urbanization Modernization and technological advancements in the construction industry are significant factors propelling market growth. The rise in fire-related incidents leading to property loss and fatalities has increased the demand for advanced fire safety systems. Urbanization in developing countries like Brazil, China, India, and Indonesia is accelerating infrastructure spending on building safety standards, thus driving the market. For example, Brazil announced a US$36 billion investment in construction projects
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Market Segmentation
By Product Type and Application
The market is segmented into fire detection and fire suppression by product type. The fire detection segment, which includes fire detectors (flame, smoke, and heat) and fire alarms
By Solution: Fire Detection, Fire Suppression, Sprinklers
By Application: Residential, Non-Residential, Retail, Oil & Gas, Hospitality, Government\
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Key player:
- Gentex Corporation
- Halma PLC
- Hochiki Corporation
- Honeywell International Inc
- Johnson Controls
- Bosch Siemens AG
- TYCO
- United Technologies
- Protec Fire Detection plc.
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