Posted On: 2018-11-26
Stringent government mandates for installation of fire safety systems in both residential and non-residential buildings are catalyzing the growth of Europe fire safety systems and equipment market. Further, construction of new buildings and renovation of existing ones are creating significant demand for fire safety equipment in the region.
According to 6Wresearch, Europe Fire Safety Systems and Equipment market is projected to grow at a CAGR of nearly 7.4% during 2018-24. Industrial segment bagged the highest revenue share in 2017, followed by commercial and hospitality verticals. Moreover, retail vertical is projected to display high growth during the forecast period as European countries are facilitating rapid set up of retail shops in the region along with policy reforms in the retail sector which would assist in the growth of fire safety equipment market.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Germany, UK, and Russia contributed significant revenue share towards the overall Europe's fire safety systems and equipment market, backed by rising investment in commercial and hospitality sectors along with residential construction projects. In addition, France, Spain, Denmark, Norway, Romania, and Sweden are also projected to contribute significantly towards Europe's fire safety systems and equipment market over the coming years attributed to ongoing and upcoming infrastructural development projects in the region."
"Moreover, European countries follow strict guidelines regarding installation and usage of fire safety equipment. For instance, as per CFPA guidelines, portable fire extinguishers should be placed within clear sight and should be properly marked. Additionally, each building is required to have at least one fire extinguisher on each floor, such regulations drive the growth of the market, " Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "European countries have stringent environmental regulations and the region has already banned the usage of halon gases in firefighting equipment. In 2017, inert agent fire suppression systems bagged highest revenue share in the overall fire safety systems and equipment market in Europe."
"In addition, fire incident of Grenfell Tower (2017), London has further resulted into strengthening of fire safety regulations to avoid such incidents in the future which further boosted the fire safety systems and equipment market in Europe," Suman added.
"Europe Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis of market dynamics. The report estimates and forecast the overall Europe Fire Safety Systems and Equipment market by types, verticals, and countries. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.