Emerging markets offer lucrative growth for fire safety market | #TpromoCom #Fire #LifeSafety #FireCode | The global fire safety equipment market size is expected to reach USD 105.92 billion by 2025 at a CAGR of 8.8% over the forecast period, according to a study conducted by Grand View Research, Inc.
Strict government regulations and mandates concerning workplace safety are expected to be the key factors driving the market. Increasing awareness about the benefits of installing fire safety and security equipment and demand for state-of-the-art fire protection equipment are also expected to fuel the market growth.
Transition towards the installation of technologically advanced fire detection systems, and eco-friendly fire suppression agents is also expected to support the market development over the forecast period.
The advent of smart fire suppression and detection systems, and the proliferation of Internet of Things (IoT) for the wireless integration of such systems, along with the enforcement of various safety and building codes, and increasing fire safety expenditure by enterprises are several other factors responsible for market growth cited by Grand View.
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