Updated: Feb 2, 2022
Fire Safety Equipment Market – Scope in 2022
NCREASE IN DEMAND FOR FIRE SAFETY EQUIPMENT AND REDUCTION IN FIRE AS A MACROECONOMIC RISK
As per The India Risk Survey (IRS) report, 2019 released by The Federation of Indian Chambers of Commerce & Industry ( FICCI ) in collaboration with Pinkerton Consulting & Investigations, Inc, Fire remains as one of the top 12 ‘Macroeconomic Risks’ in business. However, Fire has slipped to 10th position in 2019, as compared to 3rd position in 2018.
According to the latest NCRB data, The number of “Accidental Fire” reported in 2016 stood at 16,695 cases which are 9.55% fewer than the previous year. Fire incidents in residential buildings saw a steep incline in 2016 (8359) from 2015 (7493). Fire accidents in Residential Buildings contributed to 50.2% of all fire incidents. With a 49.8% share, fire in commercial buildings and manufacturing units reported fewer accidents in 2016 compared to the previous year. Electric short-circuit is the most likely cause of fire hazard at commercial enterprises as per The India Risk Report.
According to the report, India Fire Safety Equipment Market Outlook, 2021: Market is Anticipated to Register the CAGR of 19.2% in Fire Safety Equipment Research and Markets.
According to this report, the key stimulants in the increased demand for fire safety equipment are an increase in the pie for capital investment in infrastructure, surging manufacturing sector, and increased awareness regarding the fire safety parameters among the Indian citizens. India’s fire safety equipment market has registered a CAGR of about 18% over the last six years (2010-2016), according to the report.
The 2020-21 data in fire-related incidents: An Anticipation
The FSAI and FICCI are yet to release their annual reports for the year 2020. However, based on the trend analysis of the past seven years and taking into consideration the lower level of industrial and commercial activities in 2020, the figures are likely to be upbeat and sunny, relatively.
Regardless, some of the major incidents of fire, gas leak, and explosions in 2020 and 2021 have rocked the nation.
Visakhapatnam gas leak
Assam gas and oil leak
Dahej chemical plant explosion
Srisailam hydroelectric power plant fire
Ahmedabad chemical factory blast
Serum Institute Fire
The FSSAI has recommended that for safety, businesses should comply with timely audits and safety norms. Companies in alliance with citizen groups and Government support can increase awareness at business campuses by conducting training drills among employees on how to deal with fire incidents to mitigate this risk.
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