Market Overview and Report Coverage
Panic & emergency exit devices are safety devices installed in buildings to provide a safe and easy exit in case of emergencies such as fires or other life-threatening situations. These devices include panic bars, push bars, exit alarms, door closers, and other related products. They are designed to allow quick and efficient exit from buildings while preventing unauthorized access from the outside.
The future of the panic & emergency exit devices market looks promising. The increasing focus on building safety codes and regulations, along with the growing awareness about the importance of emergency preparedness, is driving the demand for these devices. Governments and regulatory bodies are implementing stricter safety standards, which is expected to boost the market growth.
Additionally, the increasing construction activities, especially in developing countries, are contributing to the market growth. Rapid urbanization and the construction of commercial spaces, hospitals, educational institutions, and other public buildings are creating a significant demand for panic & emergency exit devices. Moreover, the shift towards energy-efficient and technologically advanced devices is also anticipated to drive the market growth.
The current outlook of the panic & emergency exit devices market is positive. With the rising number of fire incidents and the increasing focus on public safety, the demand for these devices is expected to continue growing. The COVID-19 pandemic has also highlighted the importance of emergency preparedness, further emphasizing the need for panic & emergency exit devices in various settings.
Overall, the panic & emergency exit devices market is projected to witness substantial growth in the coming years. The estimated CAGR of 13.9% during the forecasted period indicates strong market potential and ample opportunities for industry players to expand their businesses.
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Market Segmentation
The Panic & Emergency Exit Devices Market Analysis by types is segmented into:
The Panic Devices market refers to products used in emergency situations to quickly unlock doors and provide easy exit for occupants. These devices include push bars, touch bars, and crossbars that are installed on exit doors. On the other hand, Emergency Escape Fittings market involves the installation of emergency exit hardware such as panic bolts, emergency latches, and escape locks. These fittings are designed to be easily operated during emergencies, allowing individuals to escape from buildings swiftly and safely. Both markets cater to the need for efficient and effective emergency exits.
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The Panic & Emergency Exit Devices Market Industry Research by Application is segmented into: