Fire Safety Equipments Market in India to Surpass USD 4.26 Billion Market Revenues By 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.
According to a recently published report by TechSci Research “India Fire Safety Equipments Market Forecast and Opportunities, 2017”, India fire safety equipments market has a strong growth potential. It is forecasted that the market revenues will cross USD 4.26 Billion by the end of 2017. 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.” said Mr. Karan Chechi, Research Director with TechSci Research a global management consulting firm.
The fire protection market in India is highly fragmented and majorly dominated by unorganized players with regional presence. Most of these companies are either family owned or proprietary concerns. There are only a handful of players in the organized market with pan India presence in this industry which leaves huge growth opportunities for international companies to enter this market before it gets organized or crowded and capture the market share with quality products.
“India Fire Safety Equipments Market Forecast and Opportunities, 2017” has analyzed the growth potential of the fire safety equipments in India and provides statistics and information on market structure, consumer behavior trends. The report includes fire safety equipment’s 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 equipments market in India.