PUBLISHER: Bonafide Research | PRODUCT CODE: 1123796
PUBLISHER: Bonafide Research | PRODUCT CODE: 1123796
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. Heat, flame, and smoke detectors are examples. A smoke detector detects smoke and serves as a fire indicator. Residential smoke detectors send out a local, audible or visible alarm, whereas commercial security equipment sends a signal to a fire alarm control panel. The market is divided into Fire Detection Equipment and Fire Suppression Equipment in the market study based on Solution. Fire Extinguishers and Fire Sprinklers are two examples of fire suppression equipment. The three other categories of fire extinguishers are gas-based, water-based, and dry chemical powder & others. The market for fire safety equipment is divided into three categories based on vertical: commercial, industrial, and residential.
The recent publication of Bonafide Research under the title - Europe Fire Safety Equipment Market Outlook, 2027 provides an in-depth market analysis of the global fire safety equipment industry. In the forecast period, it is expected to grow at CAGR value of 4.72%. In 2021, the market value of was expected to be worth of USD 1.7 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.
Working towards fire safety for a decade, Europe has been successful in bringing in some considerable changes and improvements in the fire safety regulations. Appreciably, the overall fire fatalities have declined by 65% in the region over the span of 30 years. However, more steps are needed to be taken towards the residential fire accidents, which are preventable in many instances. The major driver in the market in the region is the establishment of strict safety codes. These regulations include a certain number of fire safety equipment to be installed and checked at a regular interval. The stringent rules and norms in the region have forced the manufactures in the region towards the development of robust systems.
Classified in terms of products, the regional market is led by the fire detection system, which held to more than 50% of the market share. All the infrastructures including recognized laboratories are mandated to be equipped with the fire safety system, according to the National Fire Protection Act. In order to push awareness about the need for well-executed fire safety protocols, many insurance companies in the region do aid with incentives to the building owners. This much likely boosts up the sales of the fore safety equipment in the coming period.
While the overall market is dominated by the industrial application of fire safety equipment in 2021, the sub-segment of the fire detection system and fire alarm system is dominated by commercial applications. However, the region has been much successful in avoiding industrial damages due to wildfires, but they are not away from it. More actions have been taken with the increased danger of catastrophes due to wildfire that could occur in the nearby industrial sites. The concerned bodies have sensed the urgency involved with the prescribed situation and thus understood the need for coming up with an action plan, which gave rise to a disaster plan named, "Wildness Industrial Interfaces". According to the reliable sources of European Fire Safety Alliances, it can be estimated that every year over 5000 deaths are registered due to residential fires, while the injuries are estimated about 10 times more. By the end of the forecasted period, the residential segment is likely to be growing with the highest CAGR and yet contributing to the lowest of the market share in the region.
Among the major countries studied in the region, the highest market share is held by Germany, which is said to be suffering at least 400 lives losses and around 6000 injuries due to fire every year. The residential fire loss accounts for more than a billion Euro, in the country. Only 13 German states have mandatory laws regarding smoke detector installation. However, the country holds low records of wildfires caused naturally. The sole reason for wildfires in the country is lightning strikes, which are usually followed by rain and thus minimizing the possible damage otherwise. Following Germany, UK & France together hold a little more than 30% of the market share in 2027.
Future market growth for fire safety equipment is anticipated to be fuelled by the construction industry's explosive rise. Building, modifying, repairing, renovating, enhancing, or destroying any constructions is referred to as construction. To protect users from fire, fire safety equipment is frequently utilised at construction sites. The market for fire safety equipment is thus driven by the building industry's increasing expansion.
In the market for fire safety equipment, strategic alliances have become a prominent trend that is growing in popularity. Major players in the market for fire safety equipment are concentrating on forming new alliances to improve their position. Through this alliance, the businesses collaborate to improve local and distant situational awareness at fire scenes. The American University of Sharjah, a UAE-based university, also teamed with Emirates Fire Fighting Equipment Factory LLC, a UAE-based manufacturer of fire fighting gear, in November 2021. These two businesses will collaborate on research projects, student internship programmes, fire prevention engineering projects, and community awareness campaigns through this relationship.
One of the key restraints in the market is the user interface integration with multiple solutions. The major marketers are trying to launch a more cost-effective fire safety system that can be centralized and this makes the follow-up measures automatic.
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.