The global fire safety equipment market size is expected to grow from $39.03 billion in 2021 to $43.55 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%, according to a new report from The Business Research Company. The global fire safety market size is expected to grow to $60.13 billion in 2026 at a CAGR of 8.4%. The main types of products in fire safety equipment include extinguishers, fire hydrants and respirators.

The rapid growth of the construction industry is expected to propel the growth of the fire safety equipment market going forward. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structures. Fire safety equipment is widely used at the construction site to protect the user from fire.

According to Invest India, an India-based investment promotion and facilitation agency, the construction industry is expected to reach $1.4 trillion by 2025 and by 2030, India’s real estate business would be worth $1 trillion, contributing 13% of the country’s GDP. Therefore, the rapid growth of the construction industry is expected to drive the growth of the fire safety equipment market.

Strategic partnerships have emerged as a key trend gaining popularity in the fire safety equipment market. Major companies operating in the fire safety equipment sector are focused on new partnerships to strengthen their position. For instance, in July 2021, MSA Safety Incorporated, a US-based manufacturer of safety products partnered with Perspective Robotics AG, a Switzerland-based aerial robotics design and manufacturing firm. Through this partnership, the two companies will work together to increase fire scene situational awareness, both locally and remotely.

In November 2020, the American University of Sharjah, a UAE-based institution partnered with Emirates Fire Fighting Equipment Factory LLC, a UAE-based firefighting equipment factory. Through this partnership, these two companies have been working together in areas of research, student internships, fire protection engineering, and community awareness initiatives.

Major players in the fire safety equipment market are Bosch Security System Inc., Hamla PLC, Hochiki Corporation, Honeywell International Inc., Johnson Controls International Plc, Napco Security Technologies Inc, Siemens Building Technologies pvt. Ltd, Gentex Corporation, Eaton Corporation Inc, Nittan Company Ltd., Space Age Electronics, Lowa Fire Equipment Company, Hiren Industrial Corporation, Larsen Manufacturing, and NAFFCO.

North America was the largest region in the fire safety equipment market in 2021. The regions covered in the global fire safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.