Dublin, Dec. 24, 2024 (GLOBE NEWSWIRE) -- The "Fire & Life Safety Services Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global fire & life safety services market is expected to grow at a CAGR of 4.35% from 2023 to 2029. The market is driven by the development of smart cities and infrastructure projects and industrial expansion.
KEY TAKEAWAYS
- By Service: The testing, inspection, repair, & maintenance segment holds the largest market share of over 51%. The segment sees significant growth as it focuses on the regular testing, inspection, repair, & maintenance of installed fire and life safety systems to ensure its functionality and compliance with regulatory standards.
- By End-user: The Educational Institutions segment shows the highest growth, due to the necessity to protect the students, property, and staff while ensuring regulatory compliance.
- By Geography: North America dominates the global fire & life safety services market due to stringent regulatory requirements, and rising new construction activities.
MARKET TRENDS & DRIVERS
Integration of Smart Technologies
The integration of artificial intelligence (AI) and the Internet of Things (IoT) is transforming fire and life safety services. IoT-enabled devices, such as smart fire alarms, sensors, and smoke detectors, enable remote monitoring, real-time data collection, and predictive analytics. Using this data, AI can detect potential fire risks before they escalate into emergencies, enhancing safety and enabling predictive maintenance.
The growing adoption of cloud platforms supports diagnostics and real-time monitoring of suppression systems, sprinklers, and fire alarms, improving response times and providing system status updates. In developed countries, users increasingly rely on smart equipment for fire and life safety, which requires regular maintenance. Many companies now offer maintenance services for these products, driving growth in the global fire and life safety services market during the forecast period.
Emphasis on Life Safety & Emergency Preparedness
The emphasis on life safety and emergency preparedness is increasing significantly worldwide. The adoption of life safety systems helps ensure the safe evacuation of occupants during fire incidents. Companies are offering various fire safety services to educate the public, including fire drill demonstrations, safety training, and more. People are also learning about fire safety practices through social media platforms and adopting them in both residential and commercial spaces. Businesses are providing training to employees on handling fire-related emergencies at their premises. A key trend in this market is the use of augmented reality (AR) and virtual reality (VR) for training in fire and life safety. These technologies allow users to practice evacuation procedures and simulate emergencies in safe environments.
Increasing Burn Rate
The increasing burn rate of modern homes is a key driver in the global fire and life safety services market. This trend is fueled by several factors, including the rising frequency of fire incidents, urbanization, property damage, high financial losses, focus on human safety, fire prevention, and strict regulatory requirements. With urbanization on the rise, fire incidents are becoming more frequent in densely populated areas, resulting in significant losses.
To reduce fire risks, companies must implement regular monitoring and maintenance practices. The popularity of open floor plans in modern homes also contributes to the rapid spread of smoke and fire, emphasizing the need for strategically placed fire and smoke detectors to provide early warning and detection. This rapid burn rate reduces the time occupants have to escape, making early fire detection essential for safety.
INDUSTRY RESTRAINTS
Cybersecurity Risks in Connected Systems
Cybersecurity risks in connected systems pose a significant challenge in the global fire and life safety services market. This is due to the vulnerabilities in IoT-enabled fire systems, targeted attacks on critical infrastructure, threats to cloud-based monitoring systems, data privacy and compliance issues, integration with building management systems (BMS), and the lack of cybersecurity standards in fire safety systems. IoT devices are increasingly being used in fire and life safety systems, and hackers may target these devices to gain unauthorized access, manipulate sensor data, or disable alarms.
This compromises the safety of industrial or building facilities. The risk is further amplified by the growing number of connected devices. Cloud-based safety management systems allow remote access to fire safety controls, but if these systems are not properly secured, criminals may exploit them to gain control or disrupt services, creating even greater safety risks.
SEGMENTATION INSIGHTS
INSIGHTS BY SERVICE
The global fire & life safety services market by service is segmented into testing, inspection, repair, & maintenance, consulting, planning, design, & installation, and others. The testing, inspection, repair, & maintenance segment accounted for the largest market share of over 51%. The regular checking of sprinklers, fire alarms, smoke detectors, fire extinguishers, etc. is included in the inspection. By ensuring all systems the user can avoid fire & life safety problems, including emergency lighting, control panels, and alarms. As rising fire incidents across the globe, it should be necessary to inspect and test the fire & life safety systems.
To avoid system failure, it is required to conduct routine maintenance such as checking suppression systems and cleaning sensors. Maintenance services are known for recuring accounts and revenue streams for a significant part of the market. To prevent the fore incidents regular or frequent repair and maintenance is required. The increasing awareness of the importance of fire system upkeep and stringent fire safety regulations drives the demand for testing, inspection, repair, & maintenance services in the global market.
By Service
- Testing, Inspection, Repair, & Maintenance
- Consulting, Planning, Design, & Installation
- Others
INSIGHTS BY END-USER
The global fire & life safety services market by end-user is categorized into commercial, industrial, residential, educational institutions, and government. The educational institutions show significant growth, with the fastest-growing CAGR during the forecast period. The Educational Institutions segment includes colleges, universities, schools, and other educational facilities. This segment is driven by the need to protect students, property, and staff while ensuring regulatory compliance. Educational facilities require robust fire alarm and detection systems to quickly alert staff, students, and authorities in the event of a fire emergency.
To enable faster response times, centralized fire alarm panels are connected to local fire departments. The demand for fire and life safety services in educational institutions is further driven by the need for rapid evacuation, early detection, high occupant density, and increasing regulatory requirements, all of which are expected to grow during the forecast period.
By End-User
- Commercial
- Industrial
- Residential
- Educational Institutions
- Government
GEOGRAPHICAL ANALYSIS
North America dominates and holds the largest global fire & life safety services market share. The market is driven by the rising demand for fire detection systems, fire sprinklers, and fire suppression systems in North America. The rising integration of fire safety systems into building automation solutions increases demand for fire safety systems. The strong presence of the industrial sector is projected to drive the demand for fire & life safety services.
The US dominates the region due to stringent regulatory requirements, rising new construction activities, aging infrastructure, and technological advancements. AI and IoT in fire safety systems are boosting market growth in Canada. The demand for eco-friendly fire suppression agents and regular maintenance to ensure compliance and reduce fire risks is driving the need for fire and life safety services during the forecast period.
By Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Turkey
- South Africa
- Saudi Arabia
COMPETITIVE LANDSCAPE
The global fire & life safety services market report consists of exclusive data on 35 vendors. The market is highly competitive and dynamic. This is due to the mix of established companies and specialized regional vendors. As the companies are seeking to expand their markets, they are focusing on mergers and acquisitions. Major vendors like APi Group, Carrier Global Corporation, G4S Limited, Honeywell International Inc., Johnson Controls International PLC, Robert Bosch GmbH, Securitas AB, and Siemens AG are working to differentiate themselves by offering value-added services, including training programs, customized services, and risk assessments.
It helps to attract consumers in the market. Price of the fire safety services is a major factor in this market, particularly for fire safety codes and standardized services. Due to the adoption of technologies in services, the price of several services is rising significantly. Customers are seeking integrated fire & life safety solutions that can combine various services and technologies.
Key Vendors
- APi Group
- Carrier Global Corporation
- G4S Limited
- Honeywell International Inc.
- Johnson Controls International PLC
- Robert Bosch GmbH
- Securitas AB
- Siemens AG
Other Prominent Vendors
- AAA Fire Protection
- Applus+
- ASSA ABLOY
- BRE
- Eagle Fire Inc.
- Eaton
- EMCOR Group, Inc.
- Emerson Electric Co
- Fire & Safety Specialists
- FireServ
- GTCR, LLC
- Integrity Fire Safety Services
- Janus Fire Systems
- Koorsen Fire & Security
- LSS Life Safety Services
- NAFFCO
- National Fire & Safety
- Minimax Viking GmbH
- Relay Fire and Safety
- Resideo
- Reliable Fire & Security
- RTX Corporation
- Schneider Electric
- Secom
- Summit Fire & Security LLC
- Total Safety U.S., Inc.
KEY QUESTIONS ANSWERED
1. How big is the global fire & life safety services market?
2. What is the growth rate of the global fire & life safety services market?
3. Who are the major vendors in the global fire & life safety services market?
4. Which region holds the largest share in the global fire & life safety services market?
5. Which service segment has the largest share in the global fire & life safety services market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 113 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $11.75 Billion |
| Forecasted Market Value (USD) by 2029 | $15.16 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/5ymdpu
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