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.