PUBLISHER: Grand View Research | PRODUCT CODE: 1301199
PUBLISHER: Grand View Research | PRODUCT CODE: 1301199
The global fire safety equipment market size is expected to reach USD 82.02 billion by 2030, expanding at a CAGR 6.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Fire safety equipment plays an important role in safeguarding and alerting residents or occupants in a facility from potential fire hazards. Additionally, fire safety equipment helps save from the potential damages fire can inflict on property and life. The increased awareness regarding the vast benefits of fire safety equipment has led to a notable rise in the adoption of a variety of fire safety solutions in residential as well as commercial settings. Initially, the adoption in developing countries was low as compared to developed countries, owing chiefly to monetary constraints and a general lack of awareness among consumers. However, conscious efforts from various systems manufacturers, integrators, and dealers have helped improve the level of awareness.
By launching numerous fire safety programs and enlightening consumers about the vast benefits of fire safety equipment such as fire alarm and detection systems, fire safety equipment companies have drawn the attention of small & medium enterprises (SMEs) as well as large enterprise. This has paved the path for the market to grow steadily over the past few years. The ubiquity of high-cost advanced electronics systems in commercial and industrial facilities has further increased the need to be equipped with fire safety equipment.
Stringent fire safety regulations and standards mandating the installation of fire safety equipment in residential as well as commercial areas in several countries is also likely to boost market growth. For instance, In-duct smoke detection NFPA Standard 90A and the three model Mechanical Codes developed by the model building code groups BOCA, ICBO, and SBCCI, all require smoke detectors to be installed in certain ducts of building HVAC systems so these systems can automatically shut down during fires.
The market is also likely to benefit from advancements in wireless sensor networks and the increased adoption of wireless fire sensing devices. Growing awareness about combating fire hazards along with a substantial rise in building infrastructure development activities are also expected to be high-impact drivers for the market. Organizations across the globe are increasingly spending on the safety and security of infrastructure to reduce human losses. Implementation of fire safety codes for building and renovation activities is further expected to stimulate the demand for fire safety equipment across the globe.