DUBLIN--(BUSINESS WIRE)--The "Fire Safety Systems Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The fire safety systems market is expected to register a CAGR of over 8% during the forecast period (2019-2024).
- Increasing awareness about fire protection systems and the advantages of better innovation for fire prevention are driving the development of the market. customers are searching for the most recent innovative items, and the market is seeing growing investment.
- In developed nations, such as the United States and Germany, investments tend to be associated with modernization, retrofits, or replacement projects, whereas China, India, and other developing countries are undergoing rapid growth, spurring investments in grassroots projects.
- The inaccuracy of the old fire and safety systems create demand for new or improved systems. This provides an opportunity for fire system distributors or the system integrator and the manufacturers to educate the public or the customer on more effective protection.
Major Market Trends
Industrial Segment to Have Significant Growth
- Due to the increasing adoption of safety standards, the safety systems are demanded in several process industries such as power generation, water and wastewater, food manufacturing, metal and mining, paper & pulp industries, and textile manufacturing and processing industry.
- The number of industrial accidents has increased over the years globally. According to the Japan Industrial Safety and Health Association (JISHA), there were more than 150 incidences of industrial fire, bursts, and explosions in 2017.
- The stringent government regulations are making the industries mandatory to install the fire safety systems in the plants and factories. Moreover, awareness campaigns have driven the consumers to buy products from companies which are looking forward towards human health and safety in the manufacturing plants.
Asia-Pacific Estimated to Emerge as the Fastest Growing Region
- Asia-Pacific has major developing countries like India and China, where significant expansions of industries and manufacturing factories are taking place. The revenue is expected to grow for the Fire and Safety System Market.
- For instance, in India the formation of the new textile park taking place which will have eight major textile units including Major players like Raymond. Raymond is investing Rs.1400 crores for this expansion.
- The Government has mandated the fire safety systems for the kitchens in all the restaurants in India, and at present, very few restaurants are equipped with fire safety systems. Also, Mumbai High Court ordered BMC (Brihanmumbai Municipal Corporation) to build an app to check whether the restaurant has fire safety provided. Such actions are expected to drive the adoption in the market for a better solution.
The fire safety system market is dominated by a few players and as high setup cost is required, there is a moderately strong barrier for entry for new players. Also, the companies are required to have an in-depth understanding of the end-user industries as major customization in the offerings are required.
- Feb 2018 - Underwriters Laboratories, released two new smoke alarm and detector standards in its seventh edition (UL 217 & UL 268). The seventh edition of this standard is set to take effect in May 2020. It is focused on minimizing false alarms, also known as nuisance alarms, and at detecting different smoke characteristics. Hence, the new smoke detectors in 2020 will now be able to differentiate between smoke from burning food or cooking and other non-lethal sources from actual life-threatening smoke.
- Oct 2018 - Halma PLC acquired Limotec, a leading fire control panel designer and manufacturer and fire system seller in the Belgian market. This move will strengthen its offerings in continental Europe.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Stringent Government Regulations & Mandates
4.3.2 Rise in Deaths and Loss of Property Due to Fire Breakouts
4.4 Market Restraints
4.4.1 High Installation and Maintenance Costs of Fire Safety Systems
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 COMPETITIVE LANDSCAPE
5.1 Company Profiles
5.1.1 Johnson Controls International PLC
5.1.2 Honeywell International Inc.
5.1.3 Gentex Corporation
5.1.4 United Technologies Corporation
5.1.5 Siemens AG
5.1.6 Robert Bosch GmbH
5.1.7 Halma PLC
5.1.8 Hochiki Corporation
5.1.9 Viking Group Inc.
5.1.10 Victaulic Co.
5.1.11 Fike Corporation
5.1.12 Securiton AG
6 MARKET SEGMENTATION
6.1 By Technology
6.1.1 Passive Fire Safety Systems
6.1.2 Active Fire Safety Systems
6.2 By Product
6.2.1 Fire Detector
6.2.4 Other Products
6.3 By End User
6.3.4 Other End-users
6.4.1 North America
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
6.4.4 Latin America
6.4.5 Middle East & Africa
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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