Global Fire Safety Equipment Market - 2024 - 2031

Report Overview

Global Fire Safety Equipment Market reached US$ 50.76 billion in 2023 and is expected to reach US$ 80.74 billion by 2031, growing with a CAGR of 5.97% during the forecast period 2024-2031.

Fire safety equipment is mandatory in buildings and industrial facilities to ensure the safety of individuals and minimize the damage caused by fires. The market is anticipated to be driven by the increasing need for sophisticated fire safety systems in various industries, including mining, oil & gas exploration, energy & power, automotive, and construction.

The market growth will be further enhanced by the application of building safety rules for fire protection and the execution of reconstruction operations. Examples include the Fire Services Law and Building Standards Law in Japan, as well as the Code of Design for Building Fire Protection & Prevention in China.

Implementing safety regulations for fire prevention and reconstruction endeavors would positively impact market growth. The rise will be additionally enhanced by technical advancements such as wireless alarm systems, smoke detectors, and water mist technology. The growing awareness of fire safety equipment and the potentially catastrophic consequences is expected to drive market growth. Nevertheless, the growth of the business will be hindered by the exorbitant expenses associated with replacing traditional fire equipment.

Market Dynamics

Regulatory Mandates and Technological Advancements Drive Growth in the Fire Safety Equipment Market.

The market, which has reached a comparatively advanced stage, is expected to be influenced by the increasing number of rules and regulations that require the installation of fire safety equipment in various industries and sectors over the projected period. The market is likely to be driven by factors such as the widespread availability of technologically advanced equipment and efficient networking capabilities that enable effective communication between fire detection and fire suppression systems.

The market is expected to gain advantages from the progress made in wireless sensor networks and the growing use of wireless fire-sensing devices. The market is anticipated to be strongly influenced by increasing awareness of fire danger prevention and significant growth in building infrastructure development activities. Organizations worldwide are progressively investing in infrastructure safety and security measures to minimize human casualties. The enforcement of fire safety rules for construction and remodeling projects is anticipated to boost the global demand for fire safety equipment.

Cost-Pressure Challenges: Balancing Affordability and Quality in the Fire Safety Equipment Market:

The fierce competition gives rise to price difficulties as customers want cost-efficient solutions that maintain high quality and reliability. Manufacturers face the challenge of striking a precise balance between cost-efficiency and maintaining strict product standards and safety features. Furthermore, the increasing costs of raw materials, labor, and compliance place further financial strain on the companies in the industry.

The exorbitant expenses may deter the adoption of these items in numerous cost-conscious enterprises, organizations, and governments. Therefore, ensuring that advanced technologies are reasonably priced is essential for manufacturers to achieve consistent growth during the projected timeframe. The widespread use of economical systems and components is expected to be facilitated by their easy availability, particularly among small and medium firms. This trend is anticipated to contribute to the fire safety equipment market's optimal growth prospects.

Market Segment Analysis

The global fire safety equipment market is segmented based on sensor Solution and Application and region.

Based on solution, the fire detection segment dominated the market:

The growth can be ascribed to the rising implementation of rules, regulations, and government mandates, coupled with the utilization of cutting-edge technology in detecting equipment. Moreover, the increasing incidence of fire incidents worldwide has necessitated the installation of fire safety devices.

The swift advancement in commercial construction and the increasing number of smart city initiatives will enhance the need for fire detection equipment over the projected timeframe. Moreover, the market is anticipated to experience development in the coming years due to higher consumer expenditure on construction projects as a result of increased disposable income and greater knowledge regarding fire detectors.

Market Geographical Share

The fire safety equipment market in North America is estimated to account for the largest share:

The tremendous commercial and industrial construction development led to major contributions to the expansion by the U.S. and Canada. The regional growth is being driven by strict fire safety requirements and standards. In the United States, the Fire Code, which is a standardized code, is established by local and state authorities and implemented by fire prevention officers in municipal fire departments. The regional expansion is being driven by increasing concerns regarding fire safety and security, as well as the rapid use of modern technologies.

Fire safety has gained significant importance in the United States in recent years due to tragedies like the Station nightclub fire in West Warwick and the Ghost Ship warehouse fire in Oakland. In recent year, the National Fire Protection Association (NFPA) reported around 1,291,500 fire incidents in the United States. These fires resulted in 3,420 human fatalities, 16,720 civilian injuries, and property damage amounting to US$ 14.8 billion. The rising occurrence of fires is leading to the installation of fire alarms and detectors in commercial and industrial areas, which is a significant factor projected to stimulate the expansion of the U.S. fire safety equipment market.

The predicted beneficial impact on the growth of the target market is due to strict government laws on the installation of fire safety equipment, such as fire alarms and sprinkler systems, in residential and commercial areas. These requirements are aimed at enhancing protection against fire threats. As an example, the NFPA has created around 300 codes and standards for the installation and upkeep of fire safety equipment. These regulations are utilized by insurance companies and local governments to enforce fire safety measures. These standards outline precise fire safety protocols, which encompass the installation, inspection, and upkeep of fire alarm systems. Adherence to these requirements is obligatory, guaranteeing that buildings give priority to fire safety.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine has significantly increased the likelihood of fires in Ukraine, especially in environmentally protected areas like the Polesia region. Climate change has made forests and grasslands more susceptible to wildfires. The conflict has worsened the problem by inflicting extensive damage, such as forest fires and assaults on energy infrastructure such as oil depots and gas pipelines. Consequently, there has been a significant increase in the need for fire safety equipment due to the escalated risk during the conflict, requiring additional resources to handle the situation.

In addition, the war's influence on Ukraine's energy infrastructure has resulted in a greater dependence on less effective and more polluting fuels, hence causing a rise in carbon and methane emissions. The restoration of impaired infrastructure and the extensive displacement of individuals and resources impose further pressure on fire safety endeavors. Manufacturers are facing challenges in meeting the increasing demand due to supply chain interruptions, elevated equipment prices, and the necessity to innovate in a market affected by war.

By Solution

Fire Detection

Detector

Alarm

Suppression

Extinguisher

Sprinkler

Others

By Application

Commercial

Industrial

Residential

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Russia

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

In January 2024, TIO FIRE Safety established a pioneering collaboration with HAES in the UK. HAES specializes in manufacturing addressable, conventional, and marine fire alarm control panels. This partnership represents a notable progress in the fire safety sector, as it integrates Tio's application with each HAES fire alarm panel to provide a comprehensive safety and adherence solution.

In October 2023, NBC Bearings and FOGTEC announced a partnership to offer advanced fire detection and suppression systems to the Indian Railways. NEI will have the responsibility of supervising FOGTEC's product promotion, delivery, installation, commissioning, and after-sales service for the Indian Railways.

Dubai-based Naffco revealed its intention to establish a manufacturing facility in Telangana in September 2023. Furthermore, Naffco will form a partnership with the National Academy of Construction (NAC) in Telangana to establish a Fire Safety Training Academy.

In October 2023, NBC Bearings established a partnership with FOGTEC to provide state-of-the-art fire detection and suppression equipment to the Indian Railways. NEI will oversee the management of FOGTEC's product promotion, delivery, installation, commissioning, and post-sales servicing for the Indian Railways.

Naffco, a company located in Dubai, declared its intention to build a manufacturing facility in Telangana in September 2023. Furthermore, Naffco will collaborate with the National Academy of Construction (NAC) in Telangana to develop a Fire Safety Training Academy.

Market Competitive Landscape

The key global players in the market include Eaton, Gentex Corp., Halma plc, Hochiki Corp., Honeywell International, Inc., Johnson Controls, Napco Security Technologies, Inc., Nittan Company Ltd., Robert Bosch GmbH, Siemens Building Technologies, Space Age Electronics, United Technologies Corp.

Why Purchase the Report?

To visualize the global fire safety equipment market segmentation based on solution, application, and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of fire safety equipment market with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The global fire safety equipment market report would provide approximately 86 tables, 85 figures, and 224 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies