New Fire Safety Product Development to Focus on Sustainability and Adoption of IoT and AI
In 2020, the global fire safety equipment revenue declined by 28.7% due to the pandemic. Cancellation and postponement of construction and inauguration of new buildings drastically reduced the revenue from new fire safety equipment installations. Nonetheless, building construction projects largely resumed in 2021, and global economic recovery led to a moderate 2.5% growth in the fire safety equipment market in 2021. By 2027, fire safety equipment revenue is expected to exceed $10 billion.
Fire safety equipment includes fire detection and fire suppression systems. These systems help prevent personal and material damage from fire. They are installed as part of buildings to detect combustion or any unwanted presence of fire byproducts, such as heat and smoke, alert building occupants in an emergency, and prevent the spread of fire in the event of a fire incident in a facility. The fire detection segment includes sensors that detect and alarms that warn against fire, while the fire suppression segment includes water-based, gas-based, and foam fire extinguishing systems. This study categorizes end-users as commercial, industrial, government, education, and others. It excludes portable fire extinguishers of all types, fire hydrants, hose reels, hoses, piping systems, fire doors, fire curtains, personal protective equipment, emergency lighting, and all other ancillary fire safety equipment.
Revenue includes the sale of fire safety products only for new installations and retrofits/replacements. The study excludes revenue from design/consulting, project management, installation, commissioning, audit, and maintenance.
Fire detection was the largest equipment segment in 2021 and will remain the same throughout the study period. However, fire suppression equipment revenue will grow the fastest from 2022 to 2027. The top 2 end-users are commercial and industrial, cumulatively accounting for 63.5% of revenue in 2021. The fastest-growing end-user segment is education, which will grow at a CAGR of 7.5% from 2021 to 2027. Education facility expansion, such as higher education institutions and vocational and training centers, is the reason behind this growth. Nonetheless, the commercial sector will remain the largest end-user throughout the forecast period.
Asia-Pacific is the largest region in fire safety equipment revenue. It accounted for a 28.7% share of revenue in 2021 and will remain the leading region in revenue till 2027. The analyst notes that the Middle East & Africa, and Latin America have the fastest growing fire safety equipment revenue. Robust economic growth, development of fire safety regulations, and upcoming construction activities in these regions will lead to a CAGR of 7.6% and 8.1%, respectively. North America and Europe are relatively mature regions in the fire safety equipment market, but these are hubs for innovation in fire safety advancement. The analyst identifies the growth opportunities in fire safety equipment to integrate sustainability, digital applications and solutions, and robotics themes.
