According to the TechSci Research report, “India Fire and Safety Equipment Market By Type, By End User, Competition Forecast & Opportunities, 2011 – 2021’’, fire & safety equipment market in India is forecast to grow at a CAGR of more than 8% during 2016 – 2021 owing to increasingly stringent fire & safety regulations, ‘Make in India’ initiatives and upcoming ‘Smart City’ projects.
Demand for fire & safety equipment is expected to be boosted by increasing government focus towards improving safety standards coupled with rising new as well as replacement demand from industrial, commercial and residential sectors. Retail market in India crossed US$ 600 billion in 2015, and it is projected to grow at a CAGR of 16.7% during 2015 – 2020 due to changing demographic profile and consumer preference coupled with rising disposable income. This is expected to positively influence India in investing heavily on infrastructure and manufacturing sectors under its ‘Make in India’ initiative.
Anticipated growth in infrastructure and manufacturing is expected to boost demand for fire & safety equipment in the country over the next five years. Production in automotive sector has grown at a CAGR of 6% during FY2011-FY2016, and it is expected to grow further due to rising income levels and expanding middle class, which is likely to propel demand for fire & safety equipment in the coming years.
