The India fire safety equipment market is forecast to grow to a value of around $4.26 billion by the end of 2017. With rapid industrialization and escalating governmental regulations, the fire safety equipments market in India is poised for growth.
Every year, India loses thousands of lives and assets valuing billions in accidents caused due to fire. Even though, the laws related to fire safety and risks have levied statutory norms, but there are no major penalties on violation of any such mandatory norm. Various fire safety audits have concluded that several establishments lack basic fire prevention measures, even in important sectors like healthcare. The same scenario holds true for the residential sector as well. This has resulted into the emergence of massive unorganized sector with the dominant market share when compared to the organized marketplace in the Indian fire safety equipments market.
The demand for fire safety equipments is rising on the heels of economic growth of India, rapid industrialization, radically growing commercial sector and improvement in the overall real estate industry.
The usage and application of fire safety equipments are continuously increasing with corporations and commercial entities laying additional emphasis on fire safety and security. Many state governments have now made it mandatory for proper installation and adequacy of fire safety installations, particularly in commercial establishments. With the intensification of competition as a result of entry of several small and unorganized players into the market, innovation and product differentiation are likely to play the key role for the players.
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