Posted On: 2017-09-20
India fire safety systems and equipment market is witnessing substantial growth on account of rising consumer awareness for fire safety solutions, rise in fire incidences, and overall growth in construction sector. Moreover, growing adoption of fire safety solutions across various verticals including commercial, industrial, retail, oil & gas, hospitality, and residential have further propelled the demand for fire safety systems and equipment in the country.
According to 6Wresearch, India Fire Safety Systems and Equipment market is projected to grow at a CAGR of more than 9% during 2017-23. In India fire safety systems and equipment market, the fire fighting system & equipment segment captured major share in terms of revenues followed by fire detection and alarm systems. Additionally, construction in certain key areas such as hospitality, retail, entertainment, transportation, and residential are expected to further fuel the demand for these systems and equipment in the country.
According to Miheer Ghotikar, Director, HD Fire, "Fire safety market in India would witness robust growth over the next few years. Rapid urbanization in Tier-II and Tier-III cities, growth in sectors such as infrastructure, retail, logistics, healthcare, hospitality coupled with favorable industrial policies like Make in India would further drive the market for fire fighting products."
"With recent fire incidents and death tolls, the need for fire safety in high risk areas have increased. Fire safety regulations in India would be more stringent in the coming years and would help to transform the unorganized sector to organized one, He further added."
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch. "In 2016, the Western region of the country held major market in terms of revenues, followed by the Northern region. Rising development across commercial and residential verticals across Gujarat and Maharashtra is one of the key reasons for the growth of Western region in India."
Additionally, "Within fire sprinklers market, wet pipe sprinklers captured highest revenue share in 2016, followed by pre-action sprinklers. These systems are widely used across various applications as these are cost effective and doesn't require periodic maintenance," Samuel added.
According to Anuj Mehrotra, Senior Research Analyst, Research and consulting, 6Wresearch. "In India fire safety systems and equipment market, the fire fighting system & equipment accounted for major market revenue share, owing to higher penetration of sprinklers, suppression, and extinguishers across the country. However, during the forecast period, the market for fire detection and alarm systems is anticipated to register substantial growth due to higher adoption of smoke detectors across residential and commercial verticals in India."
Additionally, "In the fire extinguisher segment, dry chemical fire extinguishers acquired major market. During 2017-23, the demand for clean agent fire extinguishers is likely to increase across various industries requiring non residual fire solutions.
Some of the major companies in India Fire Safety Systems & Equipment Market include Honeywell, Tyco, UTC, Nitin Fire Protection, Siemens, HD Fire, etc.
"India Fire Safety Systems & Equipment Market (2017-2023)" report provides in-depth analysis with 78 figures and 9 tables covered in more than 120 pages. The report estimates and forecast the overall India Fire Safety Systems & Equipment Market by Types, Verticals and Regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.