Global Industry Analysts, Inc. - Influencer Driven AI Powered Real-Time Market Intelligence

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 ot...

Technology/product innovations supported largely by the recovery in construction activity, implementation of stringent regulations and policies and the resulting programs and strategies in place for ensuring quick assessment and response to emergency events are poised to drive the global market for fire extinguishers to exceed US$8.3 billion by 2024 . A fire extinguisher comprises a handheld pressure cylinder filled with water, gas, foam or other fire antagonistic chemical agents to extinguish fire. As long as structures exist, risk of fire would always be there, to mitigate which, fire extinguishers would remain an inescapable need the world over. As a result, the fire extinguisher industry would continue to play an important role in the developed world. Market growth is led by change in standard building codes and mandating necessary deployment of fire extinguishers coupled with strong construction sector in developing markets such as Asia-Pacific, Latin America, Middle East an...