Global Fire Safety Equipment Market by geography
The Global Fire Safety Equipment market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
North America Region accounted for the largest market share in 2022, due to strict fire safety rules and continuous structural developments.
The rising demand for smart houses and buildings in the US which provide high security as well as new advanced fire system enabled with IoT and AI is acting as a driving factor for the North American market.
The major manufacturers like Gentex Corp., Space Age Electronics, Honeywell International Inc., Napco Security Technologies, Inc., and Johnson Controls are all headquartered in the US.
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Competition Scenario in Global Fire Safety Equipment Market
The Fire Safety Equipment market is highly competitive in nature with ~1,000 players in the market, which include globally diversified players, regional players as well as a large number of country-niche players having their niche in fire safety equipment for multiple applications.
Large global players hold the highest market share, while regional players hold the second largest share. Some of the major players in the market include Robert Bosch GmbH, Eaton Corp., Inc., Gentex Corp., Space Age Electronics, Halma plc, Siemens Building Technologies, Hochiki Corp., Nittan Company, Ltd., Honeywell International, Inc., Napco Security Technologies, Inc., and Johnson Controls among others.
The large number of competitors is providing buyers with high bargaining power whereas suppliers are struggling to survive in the market.
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What is the Expected Future Outlook for the Overall Global Fire Safety Equipment Market across the globe?
The Global Fire Safety Equipment market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Fire Safety Equipment market is driven by advancements of smart technologies in the fire safety industry such as Artificial intelligence, Internet of Things, and the increase in safety budgets in buildings and Transports Services. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Fire Safety Equipment Market is changing rapidly. For instance, In June 2022, Siemens launched the advanced IoT-enabled smart fire safety equipment, which is capable of accessing all alarm systems and cloud functioning as well as is easy to install, and has a low maintenance cost.
In May 2022, Robert Bosch GmbH launched the Smoke detector II which has a built-in Siren that is able to deliver notifications directly to the user’s Mobile phones and also send a signal to other connected alarms to alert every person around and avoid major mishappening.
Furthermore, In June 2019, Halma acquired Ampac, Ampac was one of the leading Australian fire & evacuation system companies. With this acquisition, Halma was able to use the well-established network of Ampac in Australia, New Zealand, and the UK.
The Fire Safety Equipment Market is expected to grow at a CAGR of ~7% for the forecasted period (2022-2028), which is slightly higher than what the market witnessed between 2017 and 2021. The new advancements in the fire safety equipment market such as Artificial intelligence and IoT are creating new opportunities in the market. Though the market is highly competitive in nature with over 1,000 participants, few global players and regional players hold the majority of share in the market.
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Global Fire Safety Equipment Market
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