The increasing awareness toward employee safety is a crucial factor driving the global fire detection and suppression equipment market
The fire detection and suppression equipment market size to reach USD 15.22 billion by 2024, growing at a CAGR of over 5% during the forecast period. The market growth can be attributed to stringent safety regulations adopted by government agencies world over. The market witnessed high growth in the APAC region in 2018. While Europe dominates the global fire detection and suppression equipment market, the increased awareness related to safety is fueling market growth in developing economies.
The increasing awareness toward employee safety is a crucial factor driving the market. Workers in several industries sectors are prone to several threats and hazards. Hence, the employee’s safety becomes the foremost priority for organizations. Employee safety standards have become stringent and severe due to the implementation of safety regulations by government agencies. Moreover, rapid industrialization has put pressure on industries to adopt safety equipment. The involvement of heavy machinery and hazardous chemicals in industries such as thermal power plants, oil & gas, pharmaceutical, and steel has made the adoption of this safety equipment crucial. Further, the growth of the commercial realty sector is also fueling the demand. The booming IT industry, the ever-expanding footprint of shopping malls globally, and growing office complexes are expected to have a positive effect on the smart smoke detector market during the forecast period.
The penetration of artificial intelligence and the Internet of Things in the commodity and services markets has triggered a wave of disruption. The advent of these technologies has enabled transformations across a range of products such as sprinkler systems, home alarm systems, water leak detection devices, and smoke alarm/detectors.
Hence, smoke detectors are one of the most relevant products requiring inbuilt technology, making them more advanced in usage. Smart smoke detectors, combined with smart sprinkler systems, offer complete protection against all types of fire. Therefore, enhanced sprinkler systems with IoT-enabled functions can help reduce fire-related incidents significantly, thereby driving the market.
The global fire detection and suppression equipment market is expected to grow at a CAGR of over 5% during the period 2018−2024.
FIRE DETECTION AND SUPPRESSION EQUIPMENT MARKET SEGMENTATION
This market research report includes detailed market segmentation by
- Fire suppression
- Fire detection
FIRE DETECTION AND SUPPRESSION EQUIPMENT MARKET: FIRE DETECTION
The growth in commercial facilities, coupled with the rise in industrial and manufacturing sectors, is a major driving factor
Fire detectors dominate the global market, and the segment is expected to grow at a CAGR of 5.14% during the forecast period. The growing number of commercial facilities, coupled with the growth in the industrial and manufacturing sector, is one of the major driving factors for the high demand for this segment worldwide.
Alarms, which are the most critical devices, are likely to post an absolute growth of 50% by 2024. Europe was the largest market, with a market share of 31% in 2018. Stringent government initiatives and the growth in building automation in the region are major factors contributing to the installation of alarm systems in buildings. Governments across Europe follow strict safety regulations. For example, in Germany, industrial buildings are subjected to these safety regulations and go through performance-based testing. Qualified private experts review the fire protection concept in German industries and construction sites. Therefore, the presence of strict government regulations can help to improve the market.
FIRE DETECTION AND SUPPRESSION EQUIPMENT MARKET: FIRE SUPPRESSION
Fire sprinkler systems have witnessed tremendous growth due to increased home automation and high awareness toward safety measures
The portable extinguisher segment accounted for the largest share in 2018. Portable fire extinguishers are preferred as they are handy and can be used in all types of fire prominent zones, including residential, commercial, and industrial sectors.
The fire sprinkler system market has grown up in recent times due to the tremendous growth in home automation and heightened concerns toward safety and awareness. This, in turn, is driving the market growth for subsystems - sprinkler heads, which is a major determining component of the sprinkler system.
Water mist systems are increasing in demand as they offer increased cooling effect, immediate activation, and high efficiency. These systems can minimize water damage and are highly reactive in all types of fires with no toxic effects on the environment. The water mist system market in North America is expected to grow at a CAGR of over 7%. However, the APAC region is likely to grow at the fastest CAGR during the forecast period.
Gas suppression systems can be a vital alternative where water-related suppression systems may act as a threat to property and components. They are mainly utilized in IT and data communication systems. Tyco, Chemours company, American Pacific, UTC, DuPont are some of the major players in the segment.
FIRE DETECTION AND SUPPRESSION EQUIPMENT MARKET: END-USER
The rise in global industrial production is expected to boost safety equipment in the production process
Fire detectors, alarms, and control panels are major devices used in the industrial segment. As threats are high in marine and oil and gas industries, fire code compliance is strict. Furthermore, the growth of the oil and petroleum industry is expected to affect the market positively. The increase in oil and gas demand requires safety and security in infrastructural facilities. This, in turn, requires additional workspace and improved safety standards, which can provide growth opportunities for the fire detection and suppression equipment market. Manufacturing industries, such as automobiles and coal require efficient evacuation methods. Hence the implementation of video and voice evacuation techniques is highly endorsed. As the global fleet growth is expected to grow during the forecast period, it is likely to increase growth opportunities in the fire detection and suppression equipment market in new fleets and construction sites. Further, the increase in global industrial production is expected to trigger safety requirements in the production process, thereby increasing the share of safety equipment in the market.
FIRE DETECTION AND SUPPRESSION EQUIPMENT MARKET: GEOGRAPHY
The growth in residential and commercial construction worldwide is a major boost for the adoption of smart smoke detectors
Standardization and stringency of safety regulations worldwide is directly influencing the fire detection and suppression equipment market. Economic situations and the increasing penetration of IoT in the equipment are other factors affecting market growth. Increasing demand for photoelectric detectors, the growing popularity of hardwired with battery type smoke detectors, and the increasing need for asset protection are playing an important role in fueling the demand for the safety equipment.
Europe is the largest market and the region is known for its stringent safety regulations, including fire prevention. The combination of strict safety regulations with construction activities paves a growth path for the smoke detector market in Europe. Germany, France, and the UK are the market leaders in Europe.
North America is the second-largest market. The US and Canada are the major revenue contributors to the market as there is a surge in the adoption of safety equipment due to increased compliance of fire safety norms. Moreover, the rapid adoption of photoelectric and dual smoke detectors is expected to influence the market during the forecast period positively.
The MEA region is expected to witness a steady growth led by Saudi Arabia, the UAE, and South Africa. The strengthening of safety regulations across the region is expected to propel the fire detection and suppression equipment market during the forecast period. Due to the new safety regulations and the initiation of new mega infrastructure projects in Saudi and the UAE, the demand is expected to increase during the forecast period.
KEY VENDOR ANALYSIS
Strict regulations and increased fire code compliance are increasing the installation of fire detectors and suppressors. The market is a fragmented one due to the presence of a few global market leaders. Bosch, UTC, Siemens, Honeywell, and Johnson Controls dominate the market. Bosch is considered to be a forerunner in innovation and technology. The company’s implementation of IoT-based remote diagnostics is a benchmark for its market followers. The invention of the Bi-Directional Amplifier, which is used to reduce the response times in an emergency, is expected to revolutionize the market. The market is generally based on the red ocean strategy, where there is a fierce competition between existing manufacturers. Competitors are adopting expansion strategies, using intense distribution channels, implementing new price structures, developing new products to increase their competitive edge in the market.
The Fire Detection and Suppression Equipment market research report include in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Fire Detection
- Control Panels
- Fire Detectors
- Manual Call Points
- Video Smoke Detector Software
By Fire Suppression
- Portable Fire Extinguishers
- Sprinkler Heads
- Water Mist Systems
- Gaseous Suppression
- South Korea
- North America
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa