Rapid Advancements in Fire Safety Equipment Market to Fuel Revenues Through 2025
Safeguarding human life and property are key concerns that drive the fire safety equipment market. Aside from the aforementioned, the cost associated with the loss of man hours due to fire hazards is a vital concern worldwide, which in turn encourages industries to deploy fire safety equipment wherever relevant. Fire safety equipment can be bifurcated on the basis of two key elements i.e. fire detection and fire suppression.
It is forecasted that advancements in technology such as wireless sensor networks will drive the fire safety equipment market in the near future. These advancements are also expected to contribute in reducing manufacturing costs involved in fire safety equipment, thereby increasing its future market potential. Also, strict regulations are imposed by various regulatory bodies for the implementation of fire safety procedures, thereby making it mandatory for organizations to use fire safety equipment at workplaces; which consequently increases the demand for fire safety equipment. These factors are expected to rapidly develop the global fire safety equipment market.
Fire Safety Equipment: Market Segmentation
The global fire safety equipment market can be segmented on the basis of technology, solution, and application.
On the basis of technology type, the fire safety equipment market is segmented as follows:Active fire protection systems,Passive fire protection systems;On the basis of solution type, the fire safety equipment market is segmented as follows:Fire detection,Fire suppression;On the basis of application type, the fire detection (fire safety) equipment market is segmented as follows:Commercial,Industrial,Residential
Fire Safety Equipment: Market Dynamics
In the near future, advanced technologies such as nanotechnology, human machine interface solutions and smart building are anticipated to enter the fire safety equipment market. Recent innovation has produced advanced sensors which help in relaying accurate data to control units. The advancement of technology through the use of intelligent sensors and detectors and their connectivity with distant users through WAN/LAN networks has been driving demand for fire safety and protection equipment worldwide.
As a result of stringent building and safety codes by regulatory bodies, industries worldwide have been taking cognizance of the fact that fire accidents not only pose threat to human life and assets, but also render sustainable businesses uneconomical to such an extent that investing in fire safety and protection equipment is a more viable option.
However, it should also be noted that there is inconsistency in the implementation of fire safety codes in certain regions of the world hamper the overall growth fire safety equipment market. Furthermore, increasing maintenance and replacement costs of fire safety and protection equipment discourages potential buyers to a certain extent; thereby making it imperative for producers to offer their products at an attractive price point while maintaining acceptable quality standards. Small manufacturers worldwide find this a major challenge since they need to sustain business in a highly competitive environment.
End-users face a different challenge due to the complexity in integration of fire detection systems with other fire detection or suppression systems, thereby making it mandatory for them to learn using multiple interfaces.
Portability of fire extinguishing equipment enhances product usage. Advanced fire alarm systems offer added advantages and additional features such as photoelectric detectors, etc. Both these factors are expected to encourage potential users to invest in fire safety and protection equipment in industrial, commercial as well as residential applications.
Fire Safety Equipment: Market Participants
Examples of some market participants in the fire safety equipment market are as follows:Honeywell Security & Communications,Tyco International,Bosch Security System Inc.,Siemens Building Technologies,United Technologies,Cooper Wheelock,Gentex Corporation,Panasonic Corporation,ADT Security Services Inc.,WSA Fire Systems