Market Overview

The fire safety systems market was valued at USD 10.26 billion in 2022 and is expected to reach USD 15.71 billion by 2031, at a CAGR of 7.5% over the forecast period. Knowing all, future fire alarm systems will be software-based, where one need to find a way to train one or two programmers to avoid being dependent on the equipment supplier. This can also help the supplier and should lead to better pricing. Also with the improvement of the sensors’ capabilities and communication channel technology, IoT devices present in industries and residential spaces have boosted the adoption of new-tech fire safety solutions.

• The increase in the number of deaths and property loss has increased the awareness of fire safety system which is driving the market. The countries with low infrastructure development investments are showing an interest in the installation of fire safety systems. Factors, such as poor-handling of burning lamps and cooking gas leakage, alternating voltage and electric spark, and overheating of electronic equipment, were identified as the prime causes for fire outbreaks in the incidents.

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Scope of the Report

The scope of the fire safety systems market includes the type of safety system with fire detectors and suppressors, such as gas, foam, and detectors. The increasing focus of the government bodies on implementing fire safety equipment across various industries, such as chemical and petrochemical, oil and gas, pharmaceutical, aerospace, and defense, has led to the growth of the market studied.

Residential Segment to Register Significant Growth

• Fire safety systems find applications in homes. Single station residential smoke alarms are installed in most homes, as they are the simplest system for detecting a fire and warning the building occupants. Embedded system is applied for the development of smart residential fire detection and extinguishing system. Due to rapid urbanization in Asia-Pacific, the market is propelling with applications in the residential sector.
• Every year, residential fires occur practically around the world. For example, in the United States, recent estimates showed an average yearly of 371,700 residential structures fires causing 2,590 civilian deaths, 12,910 civilian injuries, and USD 7.2 billion in direct property damage.

Asia-Pacific is Estimated to Emerge as the Fastest Growing Region

• Major countries in the Asia-Pacific region, like India and China, are witnessing significant expansions of industries and manufacturing factories. The revenue is expected to grow for the fire and safety systems market.
• For instance, the GoI is increasing the investment in infrastructure-related projects over the past few years. In the recent union budget for 2019-20, the GoI has allocated around USD 63.20 billion for the infrastructure sector. Also, the infrastructure sector in India witnessed investments worth USD 1.97 billion from private equity and venture capitals, in 2018.

Competitive Landscape

The fire safety systems market is fragmenting as the intensity of competitive rivalry in the market studied is moderate and growing, due to the presence of electrical product manufacturers. In order to gain a competitive market share, the companies operating in the market are involved in active innovation, by providing advanced fire detection systems. Key players are Johnson Controls International PLC, Honeywell International Inc., Gentex Corporation, etc.

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