PUBLISHER: Allied Market Research | PRODUCT CODE: 1344358
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344358
The Smoke and Fire Damper Market is likely to experience a significant growth rate of 5.5% from 2022-2032 owing to increasing market demand from Commercial and Industrial - Allied Market Research
The usage of fire safety systems is gaining popularity amongst building owners, facility managers, and residents. The significance of fire safety measures has also been highlighted through high profile fire events and instructional efforts. Thus, there is a greater need for a complete fire safety system that includes smoke and fire dampers, owing to the growth in awareness. In addition, fire safety regulations and building codes require installation of smoke and fire dampers in commercial, residential and industrial buildings. Furthermore, such regulations are enforced by government authorities that aim to protect lives and property in case of fire. Hence, such compliances with the regulations drive the demand for smoke and fire damper systems.
However, lack of skilled labor and infrastructure is the major factor that hampers the growth of the market. In addition, most people in underdeveloped nations believe that investing in infrastructure and buildings that provide fire and smoke protection is a waste of money. Moreover, smoke and damper increase the overall cost of construction projects. Budget limitations or cost-conscious decision-making builders, contractors, or building owners can lead to reduced spending on fire safety measures and systems, including dampers. Hence, such lack of knowledge and skill regarding smoke and fire damper restrain the growth of the market.
On the contrary, there is growth in infrastructural development in developing economies, due to rise in urbanization. As per the trends, government in different regionsspent close to $50 trillion on building infrastructure between 2014 and 2023. In addition, after the global financial crisis, infrastructure investment has recovered and is projected to grow by more than $5 trillion by 2025. Further, it is projected that rise in infrastructural spending, including spending on homes and businesses, will result from fast urbanization of developing nations like Indonesia, Nigeria, and China. The usage of smoke and fire dampers for new buildings makes it easier for building occupants to leave, thus, reducing property damage. All such instances are anticipated to provide lucrative opportunities for the growth of the smoke and fire damper market.
The smoke and fire damper market is segmented on the basis of type, distribution channel, application and region. On the basis of type, the market is bifurcated into manual and motorized. The motorized segment dominated the market in 2022. On the basis of distribution channel, the market is classified into online and offline. The offline segment generated the highest revenue in 2022. On the basis of application, the market is divided into residential, commercial, and industrial. The commercial segment generated the highest revenue in 2022.
By region, the smoke and fire dampers market are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).