BURNABY, Canada, June 3, 2014 /PRNewswire/ --
Fire & safety equipment market is poised to grow on account of rapid industrialization and stringent government regulations in India
Every year, thousands of precious lives and assets valuing billions are lost in fire accidents in India. Though the fire & safety norms do exist in the country, the implementation on ground is minimal. Various fire safety audits have concluded that majority of commercial establishments lack proper compliance of basic fire prevention norms. The scenario is quite similar in the country's residential sector as well. Lack of proper implementation of stringent norms has resulted in the emergence of huge unorganized market that dominates the fire & safety equipment market in the country. Moreover, fire & safety equipment expenditure is often perceived by most of the companies in India as unproductive and fruitless, which continues to negatively impact the market.
According to a recently published report by TechSci Research, "India Fire & Safety Equipment Market Forecast & Opportunities, 2019", the country's fire & safety equipment market has a strong growth potential and market revenues are expected to reach to about USD4.94 billion by 2019. The demand for fire & safety equipment is rising due to the country's economic growth, rapid industrialization, as well as growing commercial sector and real estate industry.
The fire protection market is highly fragmented and is majorly dominated by large unorganized players with strong regional presence. Presently, there are only a few players in the organized market with pan India presence. The market is also flooded with counterfeit products and cheap imports from China. However, the Indian market has witnessed the advent of global giants from the fire safety industry over the last decade.
"The usage and application of fire safety equipment is continuously increasing with corporations and commercial entities laying more emphasis on fire safety and security. Many state governments have now made it mandatory for commercial establishments to ensure proper compliance of fire safety norms. With the intensification of competition as a result of entry of small domestic players as well as large multinational players in the market, innovation and product differentiation are likely to play a key role over the next five years," said Mr. Karan Chechi, Research Director with TechSci Research (a research based global management consulting firm).
"India Fire & Safety Equipment Market Forecast & Opportunities, 2019" has analyzed the growth potential of the fire safety equipment in India and provides statistics and information on market structure and consumer behavior trends. The report includes fire safety equipment market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in fire & safety equipment market in India.
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SOURCE TechSci Research