SAN FRANCISCO, Aug. 12, 2021 /PRNewswire/ -- The global fire suppression system market size is expected to reach USD 23.76 billion by 2028, registering a CAGR of 5.0% from 2021 to 2028, according to a study conducted by Grand View Research, Inc.Fire suppression systems help in protecting infrastructure, buildings, and their inhabitants from potential fire hazards. The growing need to prevent casualties and damage to property due to fire breakouts is expected to drive the demand for fire suppression systems over the forecast period. Organizations are investing aggressively in installing fire suppression systems to safeguard their infrastructure and employees from fire hazards. The strong emphasis manufacturing units and incumbents of various industries and industry verticals, such as oil and gas, and power and energy, are putting on protecting their critical machinery and infrastructure from potential fire outbreaks also bodes well for the growth of the market.
Key Insights & Findings:
- The market is estimated to reach USD 23.76 billion by 2028, driven by the rising construction and infrastructure development activities and the stringent rules and regulations drafted by various governments mandating the use of fire safety equipment
- The fire extinguisher segment accounted for a revenue share of over 50% in 2020 as a result of the aggressive investments made by various companies in installing fire suppression systems
- The commercial segment is expected to dominate the market over the forecast period owing to the aggressive investments being made by enterprises in protecting property, infrastructure, and people from potential fire hazards
- North America dominated the global market in 2020 owing to stringent government rules and regulations mandating the installation of fire suppression systems in buildings.
Read 140 page market research report, " Fire Suppression System Market Size, Share & Trends Analysis Report By Product, By Fire Extinguisher Type, By Application (Commercial, Industrial, Residential), By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
Stringent rules and regulations drafted by various governments across the globe are mandating the installation of fire suppression systems. At the same time, the codes and standards developed by the National Fire Protection Association (NFPA) are also helping in ensuring that facilities are protected against damage in case of an emergency. The American Petroleum Institute also offers several resources to help the incumbents of the oil and gas industry in identifying potential fire safety hazards and provides them with solutions for prevention and protection.
The growing awareness among end consumers regarding fire safety is expected to play a vital role in driving the growth of the market over the forecast period. Growing construction activity in both developed and developing economies and the strong emphasis on refurbishing sprinkler systems are expected to foster the growth of the market. The growing preference for advanced and eco-friendly fire suppression systems also bode well for the growth.
Grand View Research has segmented the global fire suppression system market based on product, fire extinguisher type, application, and region:
- Fire Suppression System Product Outlook (Revenue, USD Million, 2018 - 2028)
- Fire Extinguisher
- Fire Sprinkler
- Fire Suppression System Fire Extinguisher Type Outlook (Revenue, USD Million, 2018 - 2028)
- Dry Chemical Powder
- Fire Suppression System Application Outlook (Revenue, USD Million, 2018 - 2028)
- Fire Suppression System Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of the Fire Suppression System Market
- Fike Corporation
- Gentex Corporation
- Halma PLC
- Hochiki Corporation
- Honeywell International Inc.
- Johnson Controls
- Robert Bosch GmbH
- Siemens AG
- United Technologies Corporation.
Check out more studies related to fire safety and fore fighting equipment, conducted by Grand View Research:
- Portable Fire Extinguisher Market - The global portable fire extinguisher market size was valued at USD 8.1 billion in 2018 and is expected to expand at a CAGR of 10.2% from 2019 to 2025. The rising number of fire causalities in household and commercial premises is boosting the demand for portable extinguishers.
- Fire Fighting Chemicals Market - The global fire fighting chemicals market size was worth USD 2.10 billion in 2016. Growing safety concerns and favorable safety regulations are anticipated to positively drive the market over the forecast period.
- Fire Safety Equipment Market - The global fire safety equipment market size was estimated at USD 43,487.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Rising demand for fire safety equipment for industries are anticipated to drive the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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