Fire Safety Systems Market worth USD 10.89 billion by 2027

 The Market Statsville Group (MSG) publishes the new report on the "Fire Safety Systems Market by Product Type (Fire Detectors, and Fire Suppression), by Technology (Passive, and Active), and by Region - Global Trends, Market Share, and Forecast to 2027". The global fire safety systems market was valued at USD 10.89 billion in 2020 to USD 18.06 billion by 2027, at a CAGR of 7.5% from 2021 to 2027. The fire safety systems are installed during the time of construction of the buildings or industries. These are generally installed once in a lifetime of the building or during the renovation, considering its functionality states. The shelf life of fire safety equipment is high. For instance, the shelf life of the fire safety extinguisher is 3-12 years, which varies from manufacturer to manufacturer. According to the National Fire Protection Association (NFPA), rechargeable fire extinguishers must be hydrostatically tested and recharged every six years. The non-rechargeable fire extinguishers should be replaced every 12 years unless the manufacturer states an earlier expiration date.

Moreover, as these fire safety systems require high investments for being replaced by new systems, the commercial buildings and industries opt for fire safety systems with a longer life span. This factor is affecting the growth low life systems, especially battery run detectors and sensors. End-users, especially in the commercial sector, are more inclined towards hybrid systems where the products use alternate battery power if the major electric grid fails to function as expected at the time of emergency.

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Global Fire Safety Systems Market Segmentation

The overall fire safety systems market has been segmented into product type, technology, and region.

• By Product Type (Fire Detectors and Fire Suppression)
• By Technology (Passive and Active)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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Fire detectors, by component, is estimated to hold the largest market share during the forecast period

Based on the component, the global fire safety systems market has been segmented into fire detectors and fire suppression. In 2020, Fire detectors accounted for the largest market share of 71.32% in the global fire safety systems market and had a CAGR of 7.3% during the forecast period.

Ionization and photoelectric smoke detectors are the most commonly recognized fire detectors. An ionization type of detector is more responsive to flaming fire incidences. Whereas, photoelectric fire detectors are more sensitive to fires that begin with a long period of smoldering. The continuous development of sensor technology is creating opportunities for expanding company offerings for intelligent buildings. These can learn about the building's circumstances and its occupants’ needs and change the behavior of its control systems accordingly to avoid false detections. The incorporation of Artificial Intelligence for security solutions has increased the accuracy rate of fire detection. Intel has developed an AI-based fire detection solution, allowing standard cameras to detect fire quickly and predict the possible fire intensity.

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North America accounts for the largest market share during the forecast period in the fire safety systems market

Based on the regions, the global fire safety systems market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 29.28% in the global fire safety systems market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

The United States is the largest market for fire safety systems in North America. Stringent government regulations and higher penetration levels of advanced fire safety technology among commercial and residential users are some of the major drivers enabling new sales growth in the country. The country also has some of the best emergency response infrastructure globally. Several local and central authorities mandate fire alarms and smoke detectors directly connected to a national grid to rapidly detect emergencies. According to National Fire Protection Association (NFPA), it is estimated that a fire department in the United States responds to a fire every 24 seconds, owing to well-established hardware and integration to a connected network. Despite such infrastructural advantage, NFPA indicates that a fire occurs in a structure at the rate of one every 63 seconds, and a home fire takes place every 88 seconds. This is one of the major drivers for installing advanced solutions based on IoT technologies and sensor fusion concepts.

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Some of the major companies that operate in the global fire safety systems market are Johnson Controls International PLC, Honeywell International Inc., Gentex Corporation, United Technologies Corporation, Siemens AG, Robert Bosch GmbH, Halma PLC, Hochiki Corporation, Viking Group Inc., Victaulic Co., Fike Corporation, and Securiton AG.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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