Growing Construction Activities and Stringent Fire Safety Regulations Would Drive the Global Fire Safety Systems and Equipment Market – 6Wresearch
Increasing fire hazards, growing awareness towards loss from fire incidents and huge spending in construction activities globally are some of the key factors that would drive fire safety systems and equipment market globally during 2017-23. Rising urban population is spurring the infrastructure development and with strict monitoring and implementation of fire safety codes for buildings the market is set to grow globally, especially across the Middle East, Africa and Asia-Pacific regions.
According to 6Wresearch, Global Fire Safety Systems and Equipment market is projected to grow at a CAGR of 7.4% during 2017-23. North America is the largest market for fire safety systems and equipment due to huge construction spending and strict implementation of fire safety codes across all sectors. Technological advancement and integration of fire safety systems is a growing trend in global fire safety systems and equipment market. However, high initial investment and inconsistent fire safety regulations across different regions are expected to pose threat to the market.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, “Fire sprinkler systems are the major revenue generating segment in global firefighting systems and equipment market in which wet pipe sprinkler systems are used across majority of applications such as residential buildings, retail stores, hotels, storage facilities and high rise buildings. Countries such as India, South Africa, China and USA are expected to grow at a faster pace on account of industrial and commercial developments.
“Large number of companies are present in the market and thus the market is highly competitive. Top 3 companies holds 15% market share and many organized and unorganized players are present in the market”, Ravi further added.
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, “Firefighting systems and equipment such as fire extinguishers and sprinkler systems captured majority of the share followed by fire detection & alarm systems. Dry type fire extinguishers and clean agent fire suppression systems are popular equipment in active firefighting systems. Africa region is expected to grow at highest pace followed by Asia-Pacific due to economic development measures in these regions.”
“Commercial, hospitality and industrial verticals are the major application areas for fire safety systems and equipment market globally”, Akash Concluded.
Some of the major companies in Global Fire Safety Systems and Equipment market include- Tyco, UTC, Honeywell, Bosch, Hochiki, Fike, Minimax Viking and Siemens.
“Global Fire Safety Systems and Equipment Market (2017–2023)” provides in-depth analysis with 531 figures and 31 tables covered in more than 600 pages. The report estimates and forecast the overall Global Fire Safety Systems and Equipment market by revenues, types, components, verticals such as residential, commercial, industrial and regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
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