Stringent Safety Regulations to Curb the Economic, Financial & Social Losses Caused by Fires to Homes & Businesses Drives Global Demand for Fire Suppression Systems

The global Fire Suppression Systems market is projected to exceed US$26 billion by 2024, driven by tightening safety protocols and regulations given the significant financial and social losses caused by preventable fires, coupled with the development of new generation product solutions.

Fire suppression systems are fire safety equipment that use fire suppression materials such as water, watermist, gaseous agents, foam, wet agents or dry chemicals to extinguish and control the spread of fire in a structure. Available in various configurations and design formats, fire suppression systems function automatically through detectors and sensors for instantaneous suppression of fire without any human involvement. Implemented as an interconnected comprehensive system in a building or facility, automatic fire suppression systems can successfully deal with large fires occurring due to gas leaks, electrical short circuits, power supply fluctuations, boiler bursts, and Arson crimes, among others.

Fire suppression systems market, comprising water based systems, gaseous based systems and specialty systems, is poised to exhibit substantial growth in the coming years. While mandatory installation of fire safety equipment in industrial/manufacturing facilities, warehouses & distribution sites, oil & gas facilities, mining locations, commercial and large residential buildings is expected to drive market momentum, growing awareness over the benefits achieved through a comprehensive fire protection strategy will spur future deployments. Regulatory legislations and mandatory building codes such as NFPA 13 and BS EN 12845:2015, seeking comprehensive fire safety in industrial, commercial, institutional, residential buildings and general infrastructure, are expected to play a pivotal role in the future growth of the market. The market is also poised to benefit from recovering investment growth in new construction projects in both residential and non-residential segments, especially in developing nations including China and India among others. Further, availability of fire suppression systems in innovative, robust and rugged designs will also influence market expansion. 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 interconnected sensor and detection solutions, will amplify market opportunities for fire suppression systems in the coming years.

As stated by the new market research report on Fire Suppression Systems, Europe represents the largest regional market worldwide, followed by the United States, and Asia-Pacific. However, Asia-Pacific region, driven by fast growing markets such as China and India, is forecast to emerge as the fastest growing market with a CAGR of 6.3% over the analysis period. High growth in the construction market with implementation of latest technologies as well as increasing regulations is propelling the market. Water Based Fire Suppression Systems represent the largest as well as the fastest growing market, while Specialty Fire Suppression Systems, driven by widespread applications, are forecast to witness above average growth opportunities.

Major players in the market include AFEX Fire Suppression Systems, APi Group Inc., 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 UTC Climate, Controls & Security among others.

The research report titled "Fire Suppression Systems Equipment -  Market Analysis, Trends, and Forecasts" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities various players. The report provides market estimates and projections in in US$ Thousand for Fire Suppression Systems for major geographic markets such as US, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin  America, (Brazil, and Rest of Latin America) and Rest of World. By segment, the report provides estimates for Water Based Systems, Gaseous Based Systems, and Specialty Systems.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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