Posted On: 2018-11-22
Rising number of high rise buildings coupled with increasing fire incidents are driving the growth of North America fire safety systems and equipment market. Moreover, stringent government norms regarding installation of fire safety equipment in various buildings across all the key verticals including commercial, industrial, and residential segments are further complementing the growth of fire safety systems & equipment market in the region.
According to 6Wresearch, North America Fire Safety Systems and Equipment market is projected to grow at a CAGR of nearly 7.1% during 2018-24. Among regional markets, the United States followed by Canada contributed majority of the revenue share towards the overall North America fire safety systems and equipment market. The US market is projected to exhibit high growth during the forecast period on account of growing investment and positive outlook within commercial and industrial segments along with construction of high rise apartments in residential sector in the country.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "In terms of fire safety systems & equipment types, fire sprinkler systems bagged largest revenue share in 2017 as these systems are largely deployed within residential buildings, storage facilities, and high rise buildings. Wet pipe sprinkler systems emerged as the major revenue contributor in 2017 owing to its simpler design as compared to other sprinkler types."
"Moreover, within fire extinguisher segment, dry chemical fire extinguisher remained the most commonly used fire extinguisher type, however clean agent fire extinguisher segment is projected to demonstrate high growth during the forecast period attributed to its growing demand across data centers, server rooms, etc.," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the hospitality vertical registered highest revenue share in the overall North America fire safety systems and equipment market owing to mandatory government rules to install fire safety equipment within hotels, resorts, etc. In addition, mixed-use buildings including offices, residential, retail and hospitality emerged as the biggest consumers of fire safety systems and equipment in North America."
"Furthermore, growing construction of high rise residential apartments, especially above 150 meters such as One Grant Park and Eaude Soleil Sky Tower would further spur the growth of residential fire safety systems and equipment market in North America over the coming years," Suman added.
"North America Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis of the market dynamics. The report estimates and forecast the overall North America 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.