United States, Rockville MD, July 25, 2022 (GLOBE NEWSWIRE) -- The global fire safety equipment market is anticipated to secure a market value of USD 91.11 Bn by 2032 while expanding at a CAGR of 6.4% from 2022 to 2032. The increasing fatalities due to accidental fire is anticipated to be the most significant factor driving the market in the forecast period. Rapid industrialization and urbanization across the globe are expected to boost the market significantly during the forecast period.
From 2015 to 2021, the industry flourished at a CAGR of 6%. The COVID-19 pandemic led to heightened demand for fire safety equipment, especially in the residential and healthcare sectors. Mandatory lockdowns compelled residents to stay indoors, augmenting the need for equipment such as hoses and extinguishers. Also, rapid hospitalization rates prompted healthcare authorities to beef up fire safety arrangements.
During the COVID-19 pandemic, the need for fire safety equipment became highly pronounced, especially across the residential and healthcare industries. The imposition of mandatory lockdowns compelled residents to stay indoors, leading to heightened demand for home grade fire extinguishers and other equipment to combat any incident. Also, the rising hospitalization rates prompted hospitals and clinics to install robust firefighting and fire detection systems to prevent any accidents.
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APAC and North America have imposed stringent rules which have mandated the application of fire safety equipment in the commercial, industrial, and residential sectors, which is expected to provide a significant boost to the market in the forecast period. The rapid urbanization and industrialization in developing countries such as; India, China, and Japan are predicted to bolster the industry significantly in forthcoming years.
Key Takeaways from the Market Study
"Imposition of stringent rules regarding the mandated installation of fire safety equipment is likely to play a crucial role in driving the market growth notably." – says an analyst at Fact. MR.
Fact. MR reveals that the fire detection segment is anticipated to secure the largest market share during the forecast period. The segment is likely to have procured nearly 60% of the global market share in 2022. The fire detection segment is projected to expand at the highest CAGR of 7% during the forecast period.
The increasing number of smart city projects and the robust development in the commercial sector are anticipated to boost the industry during the evaluation period. Moreover, the increasing government intervention and imposition of stringent policies are some other salient factors attributed to the expansion of the segment in the coming time.
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Players of the global fire safety equipment adopt strategies such as; acquisition, partnership, and collaborations. The market competitors also make a significant investment in R&D to innovate their products to expand their footprint in the global market. Some of the recent developments among the key players are:
Key Segments Covered in the Fire Safety Equipment Industry Report
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Fact.MR, in its new offering, presents an unbiased analysis of the global fire safety equipment market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of application (residential, commercial and industrial) and solution (suppression and detection), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Fact.MR's Domain Knowledge in Industrial Goods
Our consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the industrial goods sector. Our expertise in recognizing the challenges and trends impacting the global industrial goods market provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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