The Fire Safety sector grew by almost 10% in 2023
TECNIFUEGO, the Spanish Association of Fire Protection Companies, confirms the economic recovery of the Fire Safety sector with turnover reaching 2.953 billion euros.
According to data from TECNIFUEGO, the Spanish Association of Fire Protection Companies, the economic recovery of the Fire Safety sector is expected in 2023 with an increase in turnover of 9.85%, reaching 2.953 billion euros. This figure is particularly positive as it exceeds turnover figures prior to the health crisis, as the 2019 turnover was 2.781 billion euros, and confirms the upward trend in the sector's activity, which grew by 8% in 2022.
This recovery has led to an improvement in the financial position of companies, increased investment in new technologies and production infrastructures and an increase in recruitment. However, due to the global and domestic economic situation, there are weaknesses that are likely to have an impact in the medium term. Other factors that may have a negative impact include rising global inflation, tighter financial conditions and reduced access to credit.
Looking ahead to 2024, according to the latest report of the Bank of Spain, there are significant circumstances which give rise to uncertainty. On an international level, as in previous quarters, the future evolution of the current geopolitical tensions and the war in Ukraine stand out. A possible resurgence of these would most likely lead to a further rise in commodity prices and thus to a rise in inflation and a deterioration in activity. On the domestic front, doubts remain as to the pace of implementation of the projects associated with the Next Generation EU programme and their impact on activity.
New regulations
However, the Fire Prevention sector expects that the amendment of the Fire Safety Regulations for Industrial Establishments (RSCIEI), which is likely to be published in March 2024, will contribute to an increase in industrial installation and maintenance activity which will provide an increase in the overall activity and turnover of the sector.