LegalLaw247.com, September 05, 2019 ) Market Overview
• Fire safety equipment is required in buildings and industrial facilities for the safety of people and the prevention of significant loss due to fire. Growing demand for advanced fire safety systems for industries, such as mining, oil & gas exploration, energy & power, automotive, and construction, is expected to drive the market
• Reconstruction activities and implementation of building safety codes against fire protection will further positively impact market growth. For instance, the Fire Services Law and Building Standards Law in Japan and the Code of Design for Building Fire Protection & Prevention in China.
• The global Fire Safety Equipment market growth is driven by modernization and technological advancements in construction industry and rise in deaths and loss of property due to fire breakouts. Rising urbanization in developing countries such as Brazil, China, India, and Indonesia is expected to accelerate infrastructure spending on building safety standards, therefore, propelling growth in the global fire safety equipment market. For instance, The Brazilian government announced at the end of 2017 an investment of approximately US$36 billion to resume 7,000 construction projects.
• Moreover, the real estate sector in India is expected to contribute approximately 13% of the country’s GDP by 2025. Gross office absorption in top Indian cities has increased 26 percent year-on-year to 36.4 million square feet between January-September 2018.
• By Product Type, the global Fire Safety Equipment Market is segmented into Fire detection(Fire detectors(flame, smoke, and heat) and Fire alarms) and fire suppression(fire extinguisher(gas, water, dry chemical, and others) and sprinklers). In 2018, fire detection segment is dominated the global market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs. Increasing accidents and loss of property owing to fire breakouts has alarmed the need for installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors.
• By application, the global fire safety equipment market is segmented into residential and Non-Residential (Retail, oil & gas, hospitality, government, manufacturing, and others). In 2018, Non- residential segment accounted for the majority share in the global market. Growing awareness about ensuring the safety of people, in public places in particular, has been leading to increasing installation of fire protection equipment. For instance, In India Expansion in retail and IT is driving the growth in demand for fire protection equipment. Moreover, the growth in this region will be backed by growth in sectors like retail, manufacturing, and hospitality.
By geography, the global Fire Safety Equipment Market is segmented into
• North America,
• Asia-Pacific (APAC),
• South America,
• The Middle East
• Africa (MEA).
Some major players in the market are
• Gentex Corporation,
• Halma PLC,
• Hochiki Corporation,
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September 5, 2019 Posted By: admin
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