The Chinese fire detection and suppression products market will be exceed $1 billion by 2014, growing at a CAGR of 12.9% (2009-2014), according to IMS Research. Growth will be spurred by recent amendments to China’s fire laws. New fire laws came into force on May 1, 2009.
"With enterprises facing increased liability concerns on the back of new legislation, the Chinese market is forecast to see a switch in attitude towards fire detection and suppression equipment and a new interest in quality, reliable product," said market analyst Bo Zhang. "Zhang continues, “new fire laws are also forecast to generate increased service and maintenance revenues with building owners now required to pay more attention to the upkeep of their fire equipment”.
The legislative impact could be greater in the future. “There are also a number of underlying laws that are still in negotiation that if published could also impact the future growth of this market," Zhang explained.
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