Industrial fire safety equipment: Key market research findings
- Safety codes and regulations boosts market growth
- Fire alarm systems account for a majority of the market’s revenue
- Key vendors – Honeywell, Johnson Controls, Robert Bosch, Siemens, and Tyco
The market research analysts at Technavio predict the global industrial fire safety equipment market to grow at a CAGR of over 7% between 2016 and 2020. The growth of the market can be accredited to the need to comply with redefined industrial safety codes and regulations. The development of new codes is in the process of initiation in many industries which will ensure the safety of the work environment. One of the most initial steps taken by industries is to conduct rigorous fire protection and operational analysis. During 2015, the global industrial fire safety equipment market was dominated by the Americas with a market share of around 42%. Stringent regulations and safety codes, especially in the US and Canada, will fuel further growth in the global industry fire safety equipment market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the industrial fire safety equipment segments based on the product.
“With growing exploration activities, safety has become a top priority in the oil and gas sector, especially in deep-water facilities. As a result, the fire deluge system is fast becoming one of the most crucial aspects of the fire safety system employed in deep-water exploration rigs. These deluge systems are used to protect sectors where the possibility of a rapidly spreading fire always exists and hence, has a high catastrophe potential. Though the installation and design are simple, their uninterrupted functioning is essential for the safety of the personnel and assets on board the oil platform,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
In 2015, the fire alarm systems segment accounted for almost 76% of the overall market share to become the key revenue generating vertical in the global market. A fire alarm system is an amalgamation of devices, which are connected to warn people about the presence of smoke as a precursor to a fire or a fire itself. The major parts or devices of a fire alarm system are sensors, detectors, and alarms. Fire alarm systems initially detect the source of fire through automatic or manual methods and issue a warning to the people inside the building. Their other primary functions include automatically informing emergency contact administrators such as the local fire departments and hospitals about the hazard and to shut down other sources of fire like electrical connections and gas supply, besides activating installed fire suppressants like sprinklers and extinguishers.
The key vendors in the global industrial fire safety equipment market include Honeywell, Johnson Controls, Robert Bosch, Siemens, and Tyco. Industrial fire safety equipment manufacturers find significant prospective market potential from other major market segments like the commercial and residential sectors. Although the developed nations present a mature industrial fire safety equipment market, Asian countries like China, India, Indonesia, and Vietnam provide huge potential markets as they are expected to invest significantly in the manufacturing sector; the existing industrial sector in Asia also will require the installation of upgraded firefighting systems in light of the increasing government regulations.
A more detailed analysis is available in the Technavio report, Global Industrial Fire Safety Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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