Fire Safety Equipment Market Size Worth $91 Billion by 2032
The global fire safety equipment market is anticipated to secure a market value of $91 billion by 2032 while expanding at a CAGR of six percent 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 six percent. 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.
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:
- Global fire safety equipment market to be valued at $49 billion in 2022
- By solution, fire detection equipment to capture 60 percent of revenue, growing at a seven percent CAGR
- Fire safety equipment for industrial applications to remain high, accumulating 40 percent revenue
- North America to procure nearly $18 billion by the end of 2022
- Asia Pacific to experience a CAGR of eight percent from 2022 to 2032
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.
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