Fire safety segment will get back to growth path

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Post the pandemic a lot of things will change radically, starting from our day-to-day activities to industrial functioning. Among the changes will be the growth in significance of industrial safety in general and fire safety in particular. As a result, the size of the international market for the fire protection system is estimated to reach $ 95.4 billion by 2025 from $ 67.7 billion in 2020, growing at a CAGR in excess of seven per cent. This has been stated in a market research report released recently.

Primarily, the market growth is driven by the development of the construction industry, a spike in the loss of human lives and property due to fire breakouts, stringent regulatory compliances, and a growth in the adoption of wireless technology in fire detection systems. market growth is driven by the development of the construction industry, a spike in the loss of human lives and property due to fire breakouts, stringent regulatory compliances, and a growth in the adoption of wireless technology in fire detection systems.

It’s also expected that fire suppression segment will hold the largest size of the fire protection system market from 2020 to 2025. The fire suppression system begins operating when it receives fire alerts from different sensors and detectors.

This segment includes fire sprinklers, nozzles, caps, and control heads; fire suppressors; and fire detectors and control panels. As from the name it is evident that fire suppressors are used to prevent the spread of fire and put it off. They spray water, foam, carbon dioxide (CO2), and other fire-resistant materials to control fire. Primarily, the growth of this market is driven by technological advancements

and innovations in the construction industry; rise in the number of policies, regulations, and government mandates; and hike in damages for harm to life and property due to fire breakouts.

Fire maintenance service is estimated to grow at the highest CAGR during the period of 2020 to 2025. This service includes proper servicing and auditing of fire protection systems so that the systems meet all the required fire safety standards and function appropriately during an emergency. Moreover, the services also cover inspection, testing, servicing, and repair of components, and monitoring of fire protection systems and their components. Apart from equipment supply, system testing and commissioning, the services also include regular preventative maintenance.

Meanwhile, according to another research report, the global fire protection systems market size is expected to reach USD 155.03 billion by 2027, expanding at a CAGR of 7.5 per cent. Rapid shifting to wireless technology, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are likely to fuel the market growth.

Apart from the above reasons, an increase in implementation of building safety codes and renovation projects is also anticipated to be a major factor positively influencing the market growth. Cutting edge scientific developments like extinguishing technology based on mist and products such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems are expected to witness greater demand in the market globally. However, in 2020, the market will be hampered due to the COVID-19 outbreak, which has interrupted production, impacted demand, and caused supply chain disruption.

Fire detection, which functions as the curtain raiser of the entire fire problem, is expected to dominate the product segment and the trend is expected to reach $ 71.21 billion by 2027

All said and done, we can safely conclude that the maintenance services market is likely to witness the fastest growth in the next few years. Naturally, the commercial application segment is expected to dominate over the next five to seven years. It will be safe to say that the demand for these services is often driven by new building construction activities, modernization activities, and demand for system upgrades

Significant increase in investment to reduce loss of property and life, and safeguarding the infrastructure across several applications is also expected to propel the demand.

Not surprisingly, North America is expected to consume the majority share of the market during the next few years. The growing demand for smart buildings and intelligent houses which deliver maximum safety and security is expected to propel the growth. The region is anticipated to reach business of about $ 46.64 billion by 2027

The growing inclination of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to grow. Inter-connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial, and residential applications. Basically, such integration allows for the development of systems capable of sharing and gathering data, which can help in alerting individuals about fire safety issues in the premises. Significant rise in investments in smart building automation technologies across several regions is expected to lead to new opportunities for building automation systems both in the industrial and commercial sectors.

Prior to the Covid-19 pandemic, customers in the developed parts of the world such as Europe and North America have been witnessing a steady rise in demand over the past few years. It’s expected that as the pandemic comes under control, the growth trend will again pick up to continue over the next few years. However, a lack of stringent regulations and high cost of advanced fire protection systems have hampered the markets in emerging countries. Nevertheless, improving economic conditions in countries, including Brazil and India, should boost the demand.

Infrastructural development activities across the Asia Pacific region owing to increasing demand for new transport and utilities are expected to drive demand. Moreover, rapid urbanisation is putting increased new pressure on under-invested, weak city infrastructure in this region. However, the consecutive rise in focus on residential and infrastructural development projects is expected to propel the demand across this region; thus, fueling market growth.

Article by Arijit Nag
Arijit Nag is a freelance journalist who writes on various aspects of the economy and current affairs.
Read more article of Arijit Nag


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