Global Fire Protection Equipment Market: Overview
As urbanization and concerns about safety widen, the demand for fire protection equipment is expected to surge. Fire equipment consists of various devices ranging from escape and rescue equipment to firefighting gear and fire extinguishers. Fire extinguisher cabinets, dry hydrants, fire extinguisher alarms, fire hoses, fire probing tools, wheeled fire extinguishers, fire blankets, fire extinguisher brackets, escape ladders, hydrant wrenches, and hydrant valves are some common fire protection equipment.
Global Fire Protection Equipment Market: Drivers and Restraints
Growing concerns about safety, implementation of building safety codes, and renovation conducts have been propelling the growth of the global fire protection equipment market. In China, for instance, the Code of Design for Building Fire Protection and Prevention needs to be adhered to. State agencies have developed these standards in collaboration with municipal agencies, designers, and industrial experts. The public security ministry governs these regulations via local fire services.
As the industrial sector in emerging economies flourishes, the number of casualties caused by fire accidents have been escalating. Loss of life and property caused by fire accidents is not uncommon. As an attempt to reduce the number of casualties caused by fire accidents worldwide, the installation of fire protection has been increasingly acknowledged. All these factors have stoked the growth of the market.
On the other hand, the perception that fire protection equipment is an unproductive outlay will continue to check the growth of the market. The lack of awareness about the benefits of these equipment will also restrict growth. Absence of rigorous ground-level monitoring in every geographical region has been another key bottleneck for the global fire protection equipment market. However, significant opportunities are likely to emerge on account of rising demand for personal protective equipment. Personal protective equipment includes protective footwear, protective clothing, hand protection, head protection, fall protection, and respiratory protection, and so on.
Global Fire Protection Equipment Market: Regional Outlook
Based on geography, the global market for fire protection equipment has been segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW). Stringent regulations and government policies have been promoting the installation of fire protection systems in European countries. Europe is expected to emerge as a leading market during the forecast period.
Asia Pacific is likely to emerge with significant opportunities. The growth in this region is chiefly driven by extensive industrial and urbanization activities in countries such as Japan, India, and China. Growing awareness about ensuring safety of people, in public places in particular, has been leading to increasing installation of fire protection equipment. The expanding retail and IT sector in India is exhibiting growing demand for fire protection equipment. Moreover, the growth in this region will be backed by large oil refineries, biotechnology ventures, automobile, petrochemical complexes, steel, food and beverages, and oil and gas sectors.
Companies Mentioned in the Report
Some of the major companies operating in the global market for fire protection equipment are Napco Security Company, Inc., Honeywell Security & Communications, Cooper Wheelock, Panasonic Corporation, Siemens Building Technologies Group, SimplexGrinnell LP, Gentex Corporation, Bosch Security System Inc., Nohmi Bosai Ltd, ADT Security Services Inc., Spectronics Corporation, and Fenwal Controls Japan Ltd.
As the demand for this equipment is price elastic, manufacturers are forced to produce good quality fire protection equipment at low prices. Leading and well-established market players are able to counterbalance the losses thus suffered by earning profit margins from higher range products. However, small and new market players might have to find an efficient solution to this problem.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.