Increasing building construction activities along with strict implementation of fire safety regulations in countries including China, Korea, and India are resulting in growing demand for fire safety equipment in the region. In addition, rapid urbanization and industrialization would further complement the growth of regional market over the coming years.
According to 6Wresearch, Asia Pacific Fire Safety Systems and Equipment market is projected to grow at a CAGR of nearly 7.7% during 2018-24. Commercial and hospitality verticals captured key revenue share towards the overall Asia Pacific fire safety systems and equipment market in 2017. Moreover, China and Japan emerged as the key revenue contributors followed by India, Australia, and Indonesia as major markets within fire safety systems and equipment market in the Asia Pacific region.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Rising investments in retail, industrial, and commercial sectors coupled with amendments in fire safety standards are anticipated to propel the growth of fire extinguishers market during the forecast period. Further, dry chemical fire extinguishers captured majority of the revenue share in 2017 and is projected to dominate during the forecast period as well, attributed to surging demand from oil & gas and other industrial segments."
"Moreover, demand for sprinkler systems is driven by retail sector; construction of new malls and supermarkets & hypermarkets in the region, which are anticipated to catalyze the market growth in near future," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, " In the Asia Pacific region, the residential sector is in growing trajectory and rising construction activities are posing immense opportunities for fire safety equipment market in the region. Upcoming high rise building projects such as Premist Tower, Nimit Langsuan, and World One would further boost the residential fire safety systems and equipment market in Asia Pacific over the coming years."
"Furthermore, the Asia Pacific region recorded nearly 324 million tourist arrivals in 2017. In addition, Asia Pacific tourist destinations account for more than half of the top 10 most visited cities around the world. Also, in 2017, more than 1,000 Hotel Management Agreements (HMAs) were signed in the region reflecting growing hospitality industry in Asia Pacific countries which would complement fire safety systems and equipment market in the region," Suman added.
"Asia Pacific Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis of market dynamics. The report estimates and forecast the overall Asia Pacific Fire Safety Systems and Equipment market by types, verticals, and countries. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.