DUBLIN–(BUSINESS WIRE)–The “New Zealand Fire Door Market (2023-2029) Size, Trends, Segmentation, Revenue, Outlook, Companies, Share, Growth, Analysis, Value, Industry & Forecast: Market Forecast By Mechanism, By Product Type, By Application, By Mode Of Application And Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
New Zealand Fire Door Market is projected to grow at a CAGR of 3.7% during 2023-2029.
The market is expected to witness growth in the coming years owing to increased investment in infrastructure and the transition to multi-unit housing. For instance, as of June 2023, the National Infrastructure Pipeline comprises infrastructure projects valued at 92.15 billion USD, including projects in various stages, with 6.8 billion USD in procurement, 42.3 billion USD under construction, and 42.8 billion USD in planning.
Moreover, the growing approval of building consents for multi-unit housing throughout New Zealand is contributing to this trend. In Auckland, the issuance of building consents for multi-housing witnessed a significant 73% increase in 2022, contrasting with a 21% increase in 2012. Therefore, the demand for fire doors in infrastructural and multi-residential projects is expected to strengthen the market in the forecast period.
New Zealand Fire Door market has experienced notable growth in recent years, primarily driven by the demand from major commercial and infrastructural projects such as Commercial Bay and The Pacifica. However, during the Covid-19 pandemic, the demand for fire doors in New Zealand experienced a decline, mainly due to government-imposed lockdowns and the closure of offices and malls to curb the spread of Covid-19, resulting in low demand of fire doors in the commercial sector and an increase in office vacancy rate within Auckland’s metropolitan area to 6.3% in the second half of 2020, up from 5.6% during the same period the previous year.
Nevertheless, in 2021, the fire door market in New Zealand bounced back owing to the increased demand for new commercial and retail space across the country. As a result, the Central Business District (CBD) vacancy rate in Christchurch dropped to 5.4% in December 2021 from 10.6%, and the increased demand for commercial and retail projects across New Zealand is expected to further propel the fire door market in the forecast period.
Market Segmentation by Mechanism
In terms of mechanism type, swinging doors have captured a significant market share due to their quick and unobstructed emergency egress. In the event of a fire or other emergencies, these doors can be easily pushed or pulled open, allowing rapid building evacuation. Additionally, swinging doors are equipped with self-closing mechanisms, ensuring automatic closure and latching after being opened. This feature aids in preventing the spread of fire and smoke throughout a building.
Market Segmentation by Product Type
By product type, interior doors are expected to grow at a higher rate as they are crucial for containing fire and smoke within a building. Additionally, the growing commercial sector in New Zealand would lead to larger interior spaces with high occupancy rates, such as offices, hospitals, and residential buildings, which tend to have a greater need for fire-rated doors. As a result, the demand for interior fire doors is expected to grow in the forecast period.
Market Segmentation by Application
Non-residential sectors have captured a significant revenue share, driven by the completion of commercial projects including Voco Hotel & Holiday Inn. Additionally, upcoming infrastructural and commercial projects such as Karangahape Station and the NZ International Convention Centre project are expected to further fuel the demand for fire doors in these developments during the forecast period.
Market Segmentation by Mode of Application
New construction holds a significant share of revenue in the New Zealand market owing to the increasing investments in real estate and infrastructure projects. Additionally, in 2023, there are more than 1.8 billion USD worth of retail and industrial projects in the construction stage. Also, industrial projects worth 6.3 billion USD are in design & documentation stage which is expected to significantly boost the demand of fire door in new construction.
Key Highlights of the Report
Company Profiles
Market Scope and Segmentation
By Mechanism
By Product Type
By Application
By Mode of Application
For more information about this report visit https://www.researchandmarkets.com/r/yghod2
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