Valued to be $25.5 Billion by 2026, Fire Suppression Systems Slated for Robust Growth Worldwide

SAN FRANCISCO , June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fire Suppression Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: April 2022
Executive Pool: 28460
Companies: 332 - Players covered include AFEX Fire Suppression Systems; APi Group Inc.; Carrier Global Corporation; Chubb Fire & Security Ltd.; Kidde Fire Systems; Marioff Corporation Oy; Eusebi Impianti s.r.l; Fike Corporation; Fireboy®- Xintex® LLC; Halma plc; Hochiki Corporation; Johnson Controls International Plc; Jomarr Products, Inc.; Minimax GmbH & Co. KG; NAFFCO FZCO; Semco Maritime A/S; Siemens Building Technologies and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Dry Chemical-Based, Water-Based, Other Product Types); Application (Commercial, Industrial, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Fire Suppression Systems estimated at US$20.8 Billion in the year 2022, is projected to reach a revised size of US$25.5 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Dry Chemical-Based, one of the segments analyzed in the report, is projected to grow at a 5.6%, while growth in the Water-Based segment is readjusted to a revised 4.6% CAGR.  Fire Suppression Systems market, comprising water based systems, gaseous based systems and specialty systems, is poised to exhibit healthy growth in the coming years. While rising demand for fire safety systems in fire risk prone sectors such as manufacturing, oil & gas, and power & energy is expected to drive growth in the global fire suppression systems market, rising awareness about benefits achieved through a comprehensive fire protection strategy including safeguarding the assets and structures and reducing human casualties are expected to fuel growth of the global fire suppression market in a major way. At the same time, regulatory legislations and mandatory building codes seeking comprehensive fire safety in industrial, commercial, institutional and residential buildings and general infrastructure, to contain the growing number of fire events and associated human life and property loss, are expected to play a pivotal role in the future growth of the market. Simultaneously, soaring investments on new construction projects in residential and non-residential segments, especially in the developing nations including China and India among others, are poised to augment the market prospects.

The world market is expected to gain momentum due to rising demand from industries that have increased fire risk, such as manufacturing, oil and gas exploration, and energy and power. Growing focus on protecting structures and lowering human loss is particularly anticipated to drive market growth. Also, the rising awareness of the benefits of using such systems among various industries is driving gains in the market. Further, better fire safety standards on account of stringent regulations are also likely to support market growth. The market is expected to gain from the rising construction activity in emerging countries. Growing consumer awareness related to fire safety, and compulsory building safety standards are fueling the adoption of fire suppression systems. Moreover, technological developments in the manufacturing sector, government policies, and growing use of wireless fire detection technologies are likely to provide impetus to the market.

Availability of fire suppression systems in innovative designs in robust and rugged models is also expected to influence growth in the fire suppression systems market. Additionally, the ongoing thrust towards next generation technology concepts such as building automation, smart cities and Industry 4.0, which emphasize a centralized protection system incorporated with sophisticated sensor and detection solutions interconnected via LAN/WAN networks, are also expected to large opportunities for fire suppression systems in the coming years. The rising need for advanced technologies for automating fire safety systems is anticipated to bode well for the market. The automation procedure can be made simple by leveraging wireless sensory networks in the creation of smart cities.

Developed markets including the US, Canada, Japan, and Europe, constitute the key revenue contributors for fire suppression systems market. Collectively accounting for about 70% share of total sales, these regions are projected to remain as the dominant consumers of fire suppression systems through the analysis period, albeit with a slightly lower share. In North America and Europe, fire safety solutions constitute a fixed component within the security mix of a building, and role of fire suppression systems remains pivotal within the fire safety strategies. The ongoing regulatory thrust towards equipping residential and non-residential buildings with advanced suppression mechanisms is fueling demand for fire suppression systems in North America and Europe. In these regions, the deployment of fire suppression systems has almost become a norm in certain classes of buildings and facilities and fire suppression system installations are also actively being contemplated in several types of buildings including small and mid-sized buildings. Fire suppression systems are gaining from growing deployments in different types of buildings and facilities including high rises, retail malls, office buildings, industrial facilities, oil & gas, power & energy, transportation and warehouse & logistics sites among others.

While developed markets have a greater revenue contribution to the overall fire suppression systems market, developing markets including Asia-Pacific (excluding Japan), Latin America, and the Middle East and Africa, are currently exhibiting fastest growth in the adoption of these systems. Despite the fact that full-fledged building norms for fire security infrastructure are not visible in many of the developing regions, deployments of fire safety systems including fire suppression systems continue to gather steam. Factors fuelling growth include positive macro-economic scenario, rising focus on equipping industrial, business and commercial facilities with advanced building technologies, and influence of Western markets that have already acknowledged the role of fire suppression in preventing the damage of fire accidents and in life safety strategies. More

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About Global Industry Analysts, Inc. & StrategyRtm
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.