Global Fire Safety Equipment market data 2024, Forecast To 2033

The market for fire safety equipment has witnessed strong growth, progressing from $45.07 billion in 2023 to $47.98 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period is attributed to regulatory compliance, the increase in building construction, urbanization and population growth, heightened demand in industrial and commercial development, and an increased emphasis on workplace safety. Anticipating sustained strong growth in the next few years, the market size is projected to reach $62.24 billion in 2028, supported by a consistent CAGR of 6.7%. Growth in the forecast period is attributed to the growing demand for sustainable and eco-friendly solutions, increased fire risks due to climate change, the growing construction of data centers, retrofitting existing buildings, and the ongoing development of infrastructure. Major trends in the forecast period include the emergence of smart fire safety systems, advancements in fire suppression technologies, the integration of fire detection and alarm systems, the development of specialized fire protection, and the implementation of wireless and remote monitoring.