The global fire safety equipment market is anticipated to secure a market value of USD 91.11 Bn by 2032 while expanding at a CAGR of 6.4% from 2022 to 2032. The increasing fatalities due to accidental fire is anticipated to be the most significant factor driving the market in the forecast period. Rapid industrialization and urbanization across the globe are expected to boost the market significantly during the forecast period.
From 2015 to 2021, the industry flourished at a CAGR of 6%. The COVID-19 pandemic led to heightened demand for fire safety equipment, especially in the residential and healthcare sectors. Mandatory lockdowns compelled residents to stay indoors, augmenting the need for equipment such as hoses and extinguishers. Also, rapid hospitalization rates prompted healthcare authorities to beef up fire safety arrangements.
During the COVID-19 pandemic, the need for fire safety equipment became highly pronounced, especially across the residential and healthcare industries. The imposition of mandatory lockdowns compelled residents to stay indoors, leading to heightened demand for home grade fire extinguishers and other equipment to combat any incident. Also, the rising hospitalization rates prompted hospitals and clinics to install robust firefighting and fire detection systems to prevent any accidents.
APAC and North America have imposed stringent rules which have mandated the application of fire safety equipment in the commercial, industrial, and residential sectors, which is expected to provide a significant boost to the market in the forecast period. The rapid urbanization and industrialization in developing countries such as; India, China, and Japan are predicted to bolster the industry significantly in forthcoming years.