Equipments used for protecting people against fire are known as fire protection equipments. The fire protection equipments market consists of such equipments. The worldwide market is estimated to reach about USD 79.2 billion by 2020. It is predicted to grow at about 11 percent CAGR during the forecast phase. The market is anticipated to display profitable growth in the coming six years.
It is driven, mainly by political back up and government directives, augmented fire safety expenses from project sectors and technological enhancements in networking and equipments. Growing expenses on the safety of assets from various fire dangers, alongside significant developments in the construction of infrastructures are propelling the fire protection equipments market further.
New technologies are predicted to enter this market, making fire fighting much easier. Adoption of overhaul conducts and making protection regulations against fire are some of the other factors that drive the fire protection equipments market. Growing fire accidents and casualties also help propel the market. With technological developments and upgradations, the fire protection equipments market is anticipated to have affordable and superior fire protection equipments.
The fire protection equipments market is divided on the basis of products, technologies, services, consumers and geographies. Absence of reliability in system interfaces and higher preliminary spendings for fixing fire protection equipments are the two main factors that prevent the fire protection equipments market from progressing further.
Advancements in cordless sensor networks and implementation of compulsory policies and regulations with regard to fire fighting are estimated to offer huge development prospects to the fire protection equipments market. Europe dominated the worldwide market.
Information Source: Hexa Research