K P Dominic, National President, Fire & Security Association of India (FSAI)
“After China, India is the second largest country in the fire and safety sector. If Fire-Life Safety Legislation & Regulations are rigorously put into effect, India can become the main domain in the sector in coming years. Our industry will witness multi-fold growth, which can be calculated beyond 200-300 per cent annually on average.
The Indian fire safety systems and equipment market is projected to grow at a CAGR of 9per cent during 2017-23. Over the past few years, demand for fire safety systems and equipment has surged owing to growing consumer awareness, which is likely to continue during the forecast period. In the overall fire safety systems and equipment market, the fire-fighting segment generated the highest revenue share, followed by fire detection and emergency and exit lighting segments.
A sharp increase with remarkable growth in the demand for fire-fighting, detection and fire-fighter personal protection equipment is visible in the market. The fire-fighting segment accounts for the largest demand within the fire safety equipment market. The increasing adoption of technologies and advanced fire protection systems in major sectors keeps accelerating the sales of fire-safety equipment in India. Rapid urbanisation in Tier-II and Tier-III cities and growth in sectors such as infrastructure, retail, logistics, healthcare and hospitality, coupled with favourable industrial policies like Make in India and the Smart Cities mission, further drive the market for fire-safety products in the country.”