Fire Suppression System Market Outlook
According to the report by Expert Market Research (EMR), the global fire suppression system market share reached a value of approximately USD 23.3 billion in 2022. Aided by the growing construction activities worldwide and the increasing awareness about fire safety, the market is projected to further grow at a CAGR of 5.20% between 2023 and 2028 to reach a value of USD 31.4 billion by 2028.
Fire suppression systems are comprehensive setups designed to detect and suppress fires in buildings and industrial facilities. These systems incorporate heat sensors, smoke detectors, sprinkler systems, and manual fire extinguishers, ensuring an immediate response to any fire emergency. They play a critical role in safeguarding properties and lives, thereby making them an essential component in residential, commercial, and industrial infrastructures.
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The mounting concerns over fire safety are driving the global fire suppression system market growth. With the escalating number of fire incidents and the growing awareness of the potential damages, there has been a significant shift towards the incorporation of advanced fire suppression systems. Moreover, the enforcement of strict fire safety regulations across various regions is promoting the adoption of these systems.
The surge in global construction activities is also significantly contributing to the fire suppression system market expansion. The booming construction industry, driven by the growing urbanisation and infrastructural developments, has heightened the demand for fire suppression systems. These systems have become an integral part of new construction projects, including residential buildings, commercial complexes, and industrial plants.
Fire suppression systems are seeing growing applications across various industries, enhancing the fire suppression system market value. In the oil and gas industry, they are used to prevent fire outbreaks in oil wells and refineries. The hospitality sector utilises these systems to ensure fire safety in hotels, restaurants, and entertainment complexes. In the transportation sector, they are crucial for maintaining fire safety in vehicles, aircraft, and ships.
Moreover, technological advancements are providing a significant boost to the fire suppression system market development. The emergence of smart fire suppression systems, integrated with IoT technology and AI, offers enhanced efficiency and reliability. These systems can detect and respond to fire outbreaks more rapidly, minimising potential damages and ensuring improved safety.
The rising trend of smart buildings is another factor propelling the fire suppression system market demand. The integration of fire suppression systems with building management systems has emerged as a critical component in the development of smart buildings. This trend, coupled with the growing investments in smart city projects, is likely to bolster the demand for advanced fire suppression systems in the coming years.
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Fire Suppression System Market Segmentation
The market can be divided based on product, fire extinguisher type, application, and region.
Market Breakup by Product
- Fire Extinguisher
- Fire Sprinkler
- Market Breakup by Fire Extinguisher Type
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fire Suppression System Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global fire suppression system companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Johnson Controls International PLC
- Fike Corporation
- Honeywell International Inc.
- ORR Protection Systems, Inc.
- Siemens AG
- Hochiki Corporation
- Firetrace International, LLC
- Carrier Corporation
- Minimax USA LLC.
- Halma Plc
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