DUBLIN, Dec. 9, 2022 /PRNewswire/ -- The "Global Fire Safety Equipment Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
This study categorizes end-users as commercial, industrial, government, education, and others.
In 2020, the global fire safety equipment revenue declined by 28.7% due to the pandemic. Cancellation and postponement of construction and inauguration of new buildings drastically reduced the revenue from new fire safety equipment installations.
Nonetheless, building construction projects largely resumed in 2021, and global economic recovery led to a moderate 2.5% growth in the fire safety equipment market in 2021. By 2027, fire safety equipment revenue is expected to exceed $10 billion.
Fire safety equipment includes fire detection and fire suppression systems. These systems help prevent personal and material damage from fire. They are installed as part of buildings to detect combustion or any unwanted presence of fire byproducts, such as heat and smoke, alert building occupants in an emergency, and prevent the spread of fire in the event of a fire incident in a facility.
The fire detection segment includes sensors that detect and alarms that warn against fire, while the fire suppression segment includes water-based, gas-based, and foam fire extinguishing systems.
Revenue includes the sale of fire safety products only for new installations and retrofits/replacements. The study excludes revenue from design/consulting, project management, installation, commissioning, audit, and maintenance.
Fire detection was the largest equipment segment in 2021 and will remain the same throughout the study period. However, fire suppression equipment revenue will grow the fastest from 2022 to 2027. The top 2 end-users are commercial and industrial, cumulatively accounting for 63.5% of revenue in 2021.
The fastest-growing end-user segment is education, which will grow at a CAGR of 7.5% from 2021 to 2027. Education facility expansion, such as higher education institutions and vocational and training centers, is the reason behind this growth. Nonetheless, the commercial sector will remain the largest end-user throughout the forecast period.
Asia-Pacific is the largest region in fire safety equipment revenue. It accounted for a 28.7% share of revenue in 2021 and will remain the leading region in revenue till 2027. The analyst notes that the Middle East & Africa, and Latin America have the fastest growing fire safety equipment revenue. Robust economic growth, development of fire safety regulations, and upcoming construction activities in these regions will lead to a CAGR of 7.6% and 8.1%, respectively.
North America and Europe are relatively mature regions in the fire safety equipment market, but these are hubs for innovation in fire safety advancement. The analyst identifies the growth opportunities in fire safety equipment to integrate sustainability, digital applications and solutions, and robotics themes.
Key Topics Covered:
1. Strategic Imperatives
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative
The Impact of the Top 3 Strategic Imperatives on Fire Safety Equipment
Growth Opportunities Fuel the Growth Pipeline Engine
2. Growth Opportunity Analysis
Scope of Analysis
Overview of Fire Safety Industry
Fire Safety Ecosystem
Fire Safety Codes
Revenue Forecast, Total Market
Revenue Forecast by Application, Total Market
Revenue Forecast by Region, Total Market
Revenue Forecast by End-user, Total Market
Revenue Forecast Analysis, Total Market
Supplier Capability Matrix
Technology Trends: Fire Detection
Technology Trends: Fire Suppression
Sustainability Trends in Fire Safety
3. Regional Outlook: Europe
Region Snapshot: Europe
Market Snapshot: Germany
Market Snapshot: UK
Market Snapshot: France
Market Snapshot: Italy
Market Snapshot: Spain and Portugal
Market Snapshot: Benelux
Market Snapshot: Nordics
4. Regional Outlook: North America
Region Snapshot: North America
Market Snapshot: US
Market Snapshot: Canada
5. Regional Outlook: APAC
Region Snapshot: APAC
Market Snapshot: China
Market Snapshot: India
Market Snapshot: Japan and South Korea
Market Snapshot: ANZ
Market Snapshot: Southeast Asia
6. Regional Outlook: MEA
Region Snapshot: MEA
Market Snapshot: UAE
Market Snapshot: Saudi Arabia
Market Snapshot: Qatar
Market Snapshot: South Africa
Market Snapshot: Egypt
7. Regional Outlook: Latin America
Region Snapshot: Latin America
Market Snapshot: Brazil
Market Snapshot: Mexico
Market Snapshot: Argentina
8. Growth Opportunity Universe
Growth Opportunity 1: Integration of Fire Safety with BIM
Growth Opportunity 2: Smart and Connected Fire Safety
Growth Opportunity 3: Sustainable Fire Safety
Growth Opportunity 4: Robotics in Fire Safety
For more information about this report visit https://www.researchandmarkets.com/r/s9w4zd
Research and Markets
Laura Wood, Senior Manager
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