Global outlook of the industrial fire safety equipment market
Technavio’s market research analysts predict the global industrial fire safety equipment market to grow steadily at a CAGR of more than 7% by 2020. Fire safety systems were not designed to meet the future demands but were installed to deal with accidents after the occurrence. Industrial design codes are now being updated based on rigorous and sophisticated testing standards rather than relying on traditional safety procedures. For instance, the NFPA 2: Hydrogen Technologies Code governs the standards for hydrogen equipment that is based on calculated flame hazards caused by the system pressure and volume. Also, the NFPA 68 Standard on Explosion Protection by Deflagration Venting involves more refined calculations for formulating appropriate vent sizing. These updates involve more analysis for storing and handling hazardous materials and also prescribe a level of protection that offers a more appropriate protection. Additionally, the application of building information modeling (BIM) will also help in predicting future scenarios in fire safety.
The next few years will witness an exponential increase in the number of devices connected to the Internet. This will have a huge impact on every industry and will lead to the increased adoption of the IoT. IoT helps in the efficient functioning of safety equipment and also assists authorities in controlling and monitoring the equipment even from remote locations.
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Competitive landscape and key vendors
The market is characterized by the presence of both large international players and regional players, where the established players mainly hail from Europe or the Americas and the APAC hosts a number of regional players. Since all vendors equally compete to gain a considerable share of the market, the industry appears to be highly competitive. Vendors mainly concentrate on expanding their global reach and their product portfolio. The key vendors constantly try to differentiate their industrial safety products in terms of technology and ease of operation, but owing to the nature of the application, the products appear to be similar in operation and technology. This will induce vendors to focus on other aspects such as developing innovative products for longer operational life and accuracy on fire and smoke detection. Since the growth of the market is entirely dependent on the demand from customers, safety equipment manufacturers are required to cater to the needs of the end-users, to attain a sustainable competitive advantage.
The leading vendors in the market are -
- Honeywell
- Johnson Controls
- Robert Bosch
- Siemens
- Tyco
The other prominent vendors in the market are ANAF, Britannia Fire, Buckeye, Fire Fighter, ILT Industrie-Luftfiltertechnik, Larsen's Manufacturing, Safex, Supremex, and Tian Guang.
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Segmentation by product and analysis of the industrial fire safety equipment market
- Fire alarm system
- Fire extinguisher
During 2015, the fire alarm system segment accounted for more than 75% of the total share of the market and dominated the industry. Fire alarm systems are chosen on the basis of building design, the fire type and scenarios expected. These systems detect the source of fire through automatic or manual methods and warn inhabitants about the same. Some fire alarm systems also include additional functions such as automatically informing emergency contact administrators and activating fire suppressants.
Geographical segmentation and analysis of the industrial fire safety equipment market
According to this market study, the Americas will account for almost 40% of the total market share by 2020 and will also dominate the industrial fire safety equipment market throughout the forecast period. This will mainly attribute to past industrial accidents that have induced the governments in the region especially, the US and Canada to introduce stringent regulations and safety codes that mandate the installation of a proper fire safety system in every industrial setup. Also, the availability of cheap labor in the Latin American countries and Mexico will attract several industries across the globe to start manufacturing plants in this region and this, in turn, will lead to the rise in demand for fire safety systems from the region in the coming years.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global industrial fire safety equipment market?
- What are the key market trends impacting the growth of the global industrial fire safety equipment market?
- What are the challenges to market growth?
- Who are the key vendors in the global industrial fire safety equipment market?
- What are the market opportunities and threats faced by the vendors in the global industrial fire safety equipment market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global industrial fire safety equipment market?
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