Increase in expenditure on the protection of assets from fire hazards is contributing to the growth of the fire protection equipment market. Moreover, increasing awareness in combating fire hazards along with considerable growth in building of infrastructures is also fueling this market. Therefore, this market has witness traction in the fields of the banking, retail, energy and power, healthcare, government, and mining among others. Organizations across the globe have remarkably increased their spending on fire protection to safeguard their infrastructure and also to reduce human losses.
Technologies, such as smart building, human machine interface solutions, nanotechnology, and wireless sensory networks are expected to enter in the fire protection systems market. Newly innovated advanced sensors, that provide accurate data to the control units, have been developed. Intelligent sensors possessing networking capabilities, in a group of detectors and sensors can easily communicate through control units that help in achieving more efficiency in the systems. Distant users are now able to access these intelligent detectors and sensors by connecting through WAN/LAN networks.
Implementation of the renovation conducts and building safety codes against fire is a major driving factor for the remarkable growth of fire protection equipment market. For instance, in China, the Code of Design for Building Fire Protection and Prevention forms a part of the national building standards. These standards are developed by state agencies with the help of designers, industry and municipal agencies. Such regulations are governed by the public security ministry through local fire services. Owing to the growth in infrastructure in the developed countries, new opportunities are defined in the fire protection system market. In addition, increasing number of fire accidents leads to increased number of causalities, losses of assets as well as humans. To restrict and reduce these causalities from such threats the need of fire protection equipment is increasing. Organizations are anticipated to invest in this market at a much higher rate as compared to the past. The organizations have to adhere to strict corporate compliance and regulatory requirements, owing to which sectors such as mining, energy, oil and gas and power, are showing positive trend.
Demand for fire protection equipment is price elastic, so it forces manufacturers to make products of high quality at low prices. Established market players can handle price pressures by outweighing lower earnings from products providing higher profits, however, it is a major challenge for small players in order to remain competitive. But with technological advancements, market is likely to observe low cost fire protection equipment market in near future.
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