Fire Safety Services Market projected to reach USD 17.40 Billion by 2030, growing at a CAGR of 4.8% during the forecast period of 2023-2030 – a comprehensive study by MarketDigits

The Fire Safety Services Market was valued USD 12.5 Billion in 2023 and projected to reach USD 17.40 Billion by 2030, growing at a CAGR of 4.8% during the forecast period of 2023-2030.

Richmond, Feb. 27, 2024 (GLOBE NEWSWIRE) — According to a research report Fire Safety Services Market, by Services (Installation{ Design and Engineering, Deployment and Installation, Configuration and Testing}, Inspection Services{ Routine inspection, Breakdown Inspection and Verification, Compliance check}, Maintenance Service{ Regular Preventive Maintenance, Repair & Replacement, System & Software Upgrades, Emergency Response Services}), By End-Use (Residential, Commercial{ BFSI, Data Centers, Academics & Research Institutes, Retail Stores, Hospitality, Healthcare, Office Buildings, Entertainment Venues, Government Buildings, Transportation Terminals, Others} Industrial{ Manufacturing Facilities, Oil & Gas Refineries, Chemical & Petrochemical Plants, Food & Beverage Processing, Paper & Textile Mills} Others) Region and Region – Mexico Forecast to 2030.

Global Fire Safety Services Market Report Scope:

Report Details
Market size value in 2023 USD 12.5 Billion
Market size value in 2030 USD 17.40 Billion
CAGR (2023-2030) 4.8%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Services, Inspection Services, Maintenance Service, Industrial, End-Use and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • Applus+
 
  • BRE Group
Sample of Companies Covered
  • Bureau Veritas SA
 
  • Geyer Fire
 
  • Intertek Group

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TOC Covers in Depth & Breath on Fire Safety Services Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.             

Market Overview

As the construction industry expands, there is a growing awareness of fire safety, spurred on by increasingly stringent regulatory standards. Governments are emphasizing a preventive approach to fire safety while also enhancing capabilities in rescue operations. Industries such as mining, oil & gas exploration, energy & power, automotive, and construction are witnessing high demand for fire safety systems. Given the presence of flammable materials in sectors like oil, gas, and mining, the required level of fire safety is significantly higher compared to other industries. Advanced fire protection systems are essential in these verticals due to the potential for massive destruction of life and property in the event of a fire. Efficiency and sophistication in fire detection and prevention systems are paramount to prevent accidents. Compared to conventional heat or smoke devices, modern fire protection systems offer superior responsiveness to fire incidents. Innovative fire sensors and detectors can be lifesaving additions to both commercial and residential buildings.

Major vendors in the global Fire Safety service markets:

  • Applus+
  • BRE Group
  • Bureau Veritas SA
  • DEKRA SE
  • Geyer Fire
  • Intertek Group
  • Kiwa
  • Marmic Fire & Safety
  • NTA Fire
  • SGS
  • Siemens
  • The SV Group
  • TÜV SÜD
  • UL
  • VdS Schadenverhütung
  • VFS Fire & Security Services and Systems
  • WSP
  • Others.

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Increasing Awareness and Concern for Fire Safety

In recent years, there has been a notable shift in global consciousness towards the importance of fire safety, catalyzing the growth of the fire safety services market. This increasing awareness, coupled with a heightened concern for safety across various sectors, has become a driving force behind the surge in demand for comprehensive fire safety solutions and services worldwide. One of the primary contributors to this trend is the growing recognition of the devastating impact that fire incidents can have on lives, property, and the environment. High-profile fire disasters, such as building fires, industrial accidents, and wildfires, have captured public attention and underscored the urgent need for effective fire prevention and mitigation measures. These incidents have served as wake-up calls, prompting individuals, businesses, and governments to prioritize fire safety as a critical component of risk management and disaster preparedness strategies. Moreover, increased media coverage, public awareness campaigns, and educational initiatives have played a crucial role in disseminating information about fire safety best practices and the importance of proactive fire prevention measures. Through these efforts, stakeholders have become more cognizant of the risks associated with fire hazards and the potential consequences of inadequate fire protection measures, leading to a greater emphasis on investing in fire safety solutions and services.

Market Dynamics

Drivers:

  • Increasing Awareness and Concern for Fire Safety
  • Growing Incidence of Fires

Opportunities:

  • Expansion of smart buildings
  • Integration of IoT and AI

Expansion of smart buildings

The proliferation of smart buildings equipped with interconnected systems presents a growing market for fire safety services. As buildings become more technologically advanced, there is a heightened need for integrated fire safety solutions that can seamlessly integrate with other building management systems, enhancing overall safety and operational efficiency. In the rapidly evolving landscape of building management and automation, the emergence of smart buildings stands as a beacon of innovation. Smart buildings, equipped with interconnected systems and IoT-enabled devices, present a wealth of opportunities for enhancing efficiency, sustainability, and occupant comfort. However, amidst this technological evolution, the need for robust fire safety solutions remains paramount, opening new avenues of growth for the global fire safety services market. Smart buildings are characterized by their integration of various building systems, including HVAC, lighting, security, and fire safety, into a centralized platform. This integration allows for real-time monitoring, data analytics, and remote management, enabling proactive decision-making and optimization of building performance.

Asia Pacific dominates the Fire Safety Services Market

The Asia-Pacific region is witnessing substantial urbanization and industrialization, resulting in the construction of new buildings, infrastructure, and industrial facilities. This expansion has led to a heightened demand for fire safety services to align with safety regulations and standards. Numerous countries across Asia-Pacific have enforced rigorous fire safety regulations and building codes to mitigate fire hazards. Adherence to these regulations requires the adoption of fire safety measures, thereby increasing the need for fire safety services.

In North America, the fire safety services market is mature, placing significant emphasis on adherence to regulations like those outlined by the NFPA (National Fire Protection Association). The demand for fire safety services remains steady due to factors such as stringent building codes, insurance mandates, and an emphasis on workplace safety.

Meanwhile, Europe boasts a firmly established fire safety services market, distinguished by its adherence to strict regulations and standards established by organizations such as the European Committee for Standardization (CEN) and directives from the European Union. Market growth is driven by a combination of regulatory conformity, increasing awareness regarding fire safety, and advancements in technology.

The Canned Segments is anticipated to hold the Largest Market Share during the Forecast Period

In the global Fire Safety Services Market, the End-Use segment comprises various categories among which the commercial segment accounts for the largest market share. The increasing adoption of wireless-connected safety systems in both residential and commercial buildings is a significant driver fueling the growth of the fire protection system market. In commercial buildings, fire protection systems are crucial for safeguarding occupants’ safety and preserving the building’s integrity in the event of a fire. Designing a fire protection system for a commercial building involves careful consideration of various factors to ensure its effectiveness and alignment with the building’s specific requirements. Specialized fire safety solutions tailored to the unique characteristics of commercial buildings, particularly high-rise structures, and complex facilities, are essential. These solutions encompass advanced fire detection and suppression systems, along with comprehensive emergency response plans, leading to heightened demand for specialized fire safety services.

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