As urbanization and concerns about safety widen, the demand for fire protection equipment is expected to surge. Fire equipment consists of various devices ranging from escape and rescue equipment to firefighting gear and fire extinguishers. Fire extinguisher cabinets, dry hydrants, fire extinguisher alarms, fire hoses, fire probing tools, wheeled fire extinguishers, fire blankets, fire extinguisher brackets, escape ladders, hydrant wrenches, and hydrant valves are some common fire protection equipment.
Global Fire Protection Equipment Market: Drivers and Restraints
Growing concerns about safety, implementation of building safety codes, and renovation conducts have been propelling the growth of the global fire protection equipment market. In China, for instance, the Code of Design for Building Fire Protection and Prevention needs to be adhered to. State agencies have developed these standards in collaboration with municipal agencies, designers, and industrial experts. The public security ministry governs these regulations via local fire services.
As the industrial sector in emerging economies flourishes, the number of casualties caused by fire accidents have been escalating. Loss of life and property caused by fire accidents is not uncommon. As an attempt to reduce the number of casualties caused by fire accidents worldwide, the installation of fire protection has been increasingly acknowledged. All these factors have stoked the growth of the market.
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On the other hand, the perception that fire protection equipment is an unproductive outlay will continue to check the growth of the market. The lack of awareness about the benefits of these equipment will also restrict growth. Absence of rigorous ground-level monitoring in every geographical region has been another key bottleneck for the global fire protection equipment market. However, significant opportunities are likely to emerge on account of rising demand for personal protective equipment. Personal protective equipment includes protective footwear, protective clothing, hand protection, head protection, fall protection, and respiratory protection, and so on.
Global Fire Protection Equipment Market: Regional Outlook
Based on geography, the global market for fire protection equipment has been segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW). Stringent regulations and government policies have been promoting the installation of fire protection systems in European countries. Europe is expected to emerge as a leading market during the forecast period.
Asia Pacific is likely to emerge with significant opportunities. The growth in this region is chiefly driven by extensive industrial and urbanization activities in countries such as Japan, India, and China. Growing awareness about ensuring safety of people, in public places in particular, has been leading to increasing installation of fire protection equipment. The expanding retail and IT sector in India is exhibiting growing demand for fire protection equipment. Moreover, the growth in this region will be backed by large oil refineries, biotechnology ventures, automobile, petrochemical complexes, steel, food and beverages, and oil and gas sectors.
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Companies Mentioned in the Report
Some of the major companies operating in the global market for fire protection equipment are Napco Security Company, Inc., Honeywell Security & Communications, Cooper Wheelock, Panasonic Corporation, Siemens Building Technologies Group, SimplexGrinnell LP, Gentex Corporation, Bosch Security System Inc., Nohmi Bosai Ltd, ADT Security Services Inc., Spectronics Corporation, and Fenwal Controls Japan Ltd.
As the demand for this equipment is price elastic, manufacturers are forced to produce good quality fire protection equipment at low prices. Leading and well-established market players are able to counterbalance the losses thus suffered by earning profit margins from higher range products. However, small and new market players might have to find an efficient solution to this problem.