PUBLISHER: Bonafide Research & Marketing Pvt. Ltd. | PRODUCT CODE: 1123795
PUBLISHER: Bonafide Research & Marketing Pvt. Ltd. | PRODUCT CODE: 1123795
The equipment designed to protect human life/ property from fire accidents by extinguishing the fire is categorized as fire fighting equipment. It can be used by the trained fire-fighters as well as the untrained layman during the fire breaks out or the mechanisms are built within the infrastructure itself.
The recent publication of Bonafide Research under the title - "North America Fire Safety Equipment Market Outlook, 2027" provides an in-depth market analysis of the regional fire safety equipment industry. In the forecast period it is expected to grow at CAGR value of 4.18%. In 2021, the market value of for Fire safety equipment was USD 1.6 Billion. This report covers the detailed insights of the equipment based on product category- Fire Detection, Fire Alarm & Fire Suppression. It also included insights along with the value analysis of the fire safety equipment. The report also mentions the competition of leading companies that are involved in the manufacturing of fire safety equipment.
The leading North America fire safety equipment accounted for more than 35% of the market share in the global market in 2016. The advancement in construction technologies, which gave rise to smart building and residential automation, has been a boon to the fire safety equipment market in the region. The region is now moving towards intelligent fire sensors and detectors which have better efficiency in fire protection.
The market for fire prevention systems is seeing the introduction of cutting-edge technologies including smart buildings, building automation, the Internet of Things (IoT), wireless sensory networks, nanotechnology, and solutions for human-machine interfaces. The efficiency of the fire prevention systems is boosted by intelligent sensors with networking capabilities, as well as sensors and detectors that can readily interact with one another through control units.
Since there is a higher risk of fire danger in the industrial sector owing to the existence of various flammables like oil and gas and operations like mining, fuel, manufacturing, and others, it has become necessary in many different sectors. Industrial is especially in need of fire protection systems. Fire hazard reduction is achieved via fire protection systems, which also provide safety and lessen potential damage and loss. The need for fire protection systems in this region is driven by an increase in fire incidents as well as government regulations for workplace safety.
The strict government norms in the region are the main market driver to the region's growth. As sky-reaching high rise buildings are a common sight in the region, they are in dire need to safeguard them from fire risk. In line with the global trend, the North American market is also dominated by the fire detection segment which accounted for more than 60% of the market share. Within the fire detection segment, the smoke detector equipment holds clear dominance. However, through the forecasted period, the flame detector segment is expected to be growing with the highest CAGR among the major categories. The lowest contributing segment of fire detection in the region is likely to have market share more than around 60% in the forecast period.
To prevent or minimise loss during a fire danger, integration of fire and safety systems with automated buildings is essential. In the event of a fire, high-level coordination between the active fire system, building-wide communications, and interactive smoke control systems is provided by a fire safety system.
Some of the challenges which has been found are because they include a number of extra parts, particularly the fire detection system, fire prevention systems are more complicated. The entire cost of the safety system goes up as a result, increasing system costs. A trained and knowledgeable specialist must install the system because of its intricacy. Furthermore, these systems' upkeep expenses are a worry. To guarantee the system's stability and operation, these systems require routine maintenance inspections.
With a high population, the US and Canada are the leading countries in the region. In terms of application, the commercial segment leads the regional market with a share of nearly 40%. On the other hand, the industrial segmental application of the fire safety equipment is to register the lowest anticipated growth rate in the forecasted period. In the USA, cooking is the number one cause of house fires. Out of this also, Thanksgiving Day witnesses a peak of cooking fires. Since the year 2013-2017, 49% of the residential fires were caused due to cooking fires.
The USA is the leading market in the region, which held an unbeatable share of 84% in the year 2020. In the very same year, the country recorded an approx. of 1.4 Million fires, which became the reason for the death of 3500 civilians, and a loss of USD 21.9 Billion. The leading companies in the region are now focusing on their expansion by adopting various strategies and are also establishing hold over other regions with mergers and acquisitions.
Major companies mentioned in the report: Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halma plc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies
The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.