The global fire safety equipment market is expected to reach USD 43.60 billion by 2022, according to a new report by Grand View Research, Inc. Emerging technologies such as wireless sensor networks coupled with stringent safety regulations across the globe resulting in extensive use of advanced devices is expected to play a vital role in augmenting demand over the next seven years.
Stringent enforcement of building and safety codes are expected to increase penetration of these devices in infrastructure and construction segment. Growing adoption of advanced detection technologies and environment-friendly suppression agents is projected to play a vital role in shaping market dynamics.
Growing use of fire safety equipment in critical mass transportation infrastructure such as airports and intelligent transportation systems is expected to open new avenues for industry growth. Radically growing commercial sector, rapid industrialization and growing overall real estate industry in the developing countries is anticipated to fuel the demand. However, the inconsistent enforcement of these codes is challenging manufacturers across the globe. Additionally, the rising maintenance and replacement services can hinder industry demand.