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Global Fire and Life Safety Market
Frost & Sullivan, June 2011, Pages: 101
Fire and Building Codes Put a Match to the $6.87-billion Global Fire and Life Safety Market and Accelerates it toward $10.19 billion in 2017
Market Overview
Need to Protect Building Occupants and Assets Make a Robust Case for Fire and Life Safety Equipment
The code-driven fire and life safety market is poised to break the $10-billion barrier in 2017, with manufacturers upping their efforts to enhance awareness of these codes and governments adding their heft by enforcing their implementation. Building codes mandate all industrial and commercial buildings to install fire and life safety systems to enable timely detection and suppression of fires. These systems also offer an early warning and alert occupants in case of an emergency. There are already regulations in place to ensure that existing buildings upgrade their systems to comply with the latest codes. Building owners' need to protect occupants, expensive machinery, and the building itself is a strong motive for the uptake of fire and life safety equipment. “The National Fire Protection Act (NFPA), European Norm (EN) and other local standards as well as approvals and listings by nationally recognized testing laboratories have been adopted to ensure that buildings are equipped with adequate fire detection and fire suppression systems,” says the analyst of this research. “Additionally, insurance companies offer incentives to building owners for installing these systems, further driving market growth.”
These regulatory compulsions have shored up the market after the economic downturn and the decline in construction activity; however, the inconsistent enforcement of the codes is challenging manufacturers in the market. While the codes are strictly imposed in North America and Europe, authorities are lax in implementing them in other regions. This patchy execution is creating uneven demand for fire and life safety equipment, limiting the growth of the market. Further, the fragile economic environment has created a price-based market, as customers are looking for the most cost-effective solution to comply with safety codes. “In order to address this challenge, it is essential for manufacturers to continue to educate the market about the importance of installing fire detection and suppression equipment in all buildings,” notes the analyst. “They also have to work closely with government entities and industry associations for stringent measures to ensure compliance.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Fire Detection
Fire Suppression
This study covers the state of the Global fire and life safety markets, examining drivers and restraints for growth, and summary of major findings. Following from these, market growth for market segments are forecasted. In addition, an in-depth analysis of the competitive landscape including vendors' market shares is performed. The base year is 2010 with forecasts running through 2017. Revenue forecasts are provided. The market is further divided into two sub-segments including fire detection equipment and fire suppression equipment.
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