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The fire safety equipment market has witnessed robust growth, evolving into a critical industry ensuring the safety of lives and property. Starting at $45.07 billion in 2023, the market is set to reach $47.98 billion in 2024, displaying a Compound Annual Growth Rate (CAGR) of 6.5%. This growth is rooted in regulatory compliance, increased building construction, urbanization, population growth, and a heightened emphasis on workplace safety.

Future Projections: A Blaze of Expansion
The fire safety equipment market is poised for strong growth in the coming years, reaching $62.24 billion in 2028 with a CAGR of 6.7%. Anticipated growth factors in the forecast period include the demand for sustainable and eco-friendly solutions, increased fire risks due to climate change, growing data center construction, retrofitting existing buildings, and expanding infrastructure development.

Key Forecast Trends

• Smart fire safety systems
• Fire suppression technologies
• Fire detection and alarm systems
• Specialized fire protection
• Wireless and remote monitoring

Surging Demand for Residential Projects Sparks Growth
The growing demand for residential projects stands out as a significant driver propelling the fire safety equipment market. With residential projects witnessing a surge, fire safety equipment becomes paramount for preventing and mitigating fires, safeguarding lives, and protecting property. In the US alone, the value of new residential construction projects in 2022 reached $881 billion, reflecting a 12% increase from the previous year.

Key Players Shaping the Fire Safety Equipment Market
Major companies contribute significantly to the dynamism of the fire safety equipment market. Leaders such as Bosch Security System Inc., Honeywell International Inc., Johnson Controls International PLC, Siemens Building Technologies Pvt. Ltd., and others play a pivotal role in shaping the industry landscape.

Fike Corp. Introduces Autonomous Fike Fire Monitors
In response to the growing demand for fire safety, major companies are innovating to meet evolving needs. Fike Corp., a prominent US-based manufacturer and supplier of fire protection systems, introduced Fike Fire Monitors. These autonomous water cannons swiftly extinguish flames within 15 seconds of detection, offering a comprehensive water-based fire suppression system. This development showcases the industry’s commitment to cutting-edge solutions.

Certasite Expands with Acquisition of Great Lakes Fire & Safety Equipment Company
In January 2021, CertaSite, a US-based company providing fire protection services, acquired Great Lakes Fire & Safety Equipment Company. This strategic acquisition, aimed at expanding the customer base and entering new markets, exemplifies the industry’s commitment to growth and excellence.

Market Segmentation

The fire safety equipment market is segmented based on product, solution, technology, and application.

1. By Product:
   • Extinguisher
   • Fire Hydrant
   • Respirator
   • Other Products
2. By Solution:
   • Fire Detection
   • Fire Suppression
3. By Technology:
   • Active Fire Safety Systems
   • Passive Fire Safety Systems
4. By Application:
   • Commercial
   • Industrial
   • Residential

North America Leads the Way
In 2023, North America emerged as the largest region in the fire safety equipment market, showcasing its prominence in ensuring safety and compliance. The region is expected to maintain its leadership position in the coming years.

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The Fire Safety Equipment Global Market Report 2024  provides an overview of the fire safety equipment market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fire safety equipment market forecast analyzes fire safety equipment market size, fire safety equipment market share, leading competitor and their market positions.

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