Fire Suppression Market Size is to Reach US$ 32.92 Billion by 2032, CAGR: 4.85% Owing to Increasing Stringent Safety Regulations | Research by SNS Insider

The Fire Suppression Market is experiencing significant growth due to a confluence of factors, including the increasing industrialization across the globe, stringent fire safety regulations being implemented by governments, and a rising focus on worker safety.

Pune, July 03, 2024 (GLOBE NEWSWIRE) —

Fire Suppression Market Size Analysis:

“The Fire Suppression Market size was valued at USD 21.5 billion in 2023 and is expected to reach USD 32.92 billion by 2032, growing at a CAGR of 4.85% over the forecast period 2024-2032. This growth is attributed to the growing awareness of fire safety measures, coupled with the rising number of industrial facilities and stringent fire safety regulations mandated by governments worldwide.”

The rapid industrialization across the globe, particularly in developing economies like China and India, is creating a significant need for fire safety solutions in industrial facilities. These facilities often handle flammable materials, making them highly susceptible to fire outbreaks. Secondly, governments worldwide are implementing stricter fire safety regulations to minimize property damage and loss of life during fire incidents. The UK government brought in additional duties for this under the Fire Safety Order as of May 2022. Thirdly, there is a growing emphasis on worker safety in industrial environments, prompting companies to invest in advanced fire suppression systems.

The Fire Suppression Market is also witnessing a trend of mergers and acquisitions as companies seek to expand their product portfolios and geographical reach. In July 2023: United Technologies Corporation completed its acquisition of Honeywell International Inc.’s Fire Systems division. This acquisition created a leading player in the global fire suppression market with a wider product offering.

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Major Players Analysis Listed in this Report are:

  • Fike Corp
  • Minimax USA LLC
  • Gentex Corp
  • Halma Plc
  • HOCHIKI America Corp
  • Honeywell International Inc
  • Johnson Controls
  • Robert Bosch GmbH
  • Siemens AG
  • ORR
  • Raytheon Technologies Corp
  • Other Players

Segmentation Analysis

By Application: The industrial segment dominates the Fire Suppression Market, accounting for nearly 49% of the revenue share in 2023. This dominance is due to the high-risk environment of industrial facilities and stringent safety regulations mandating fire suppression systems in these locations. Hazards of fire, in the particular case with these industrial premises where large amount of firing substances applied thereon makes it more exposed to hazards than on commercial and residentials. Industrial Units: A portable fire extinguisher shall be provided for each 25 feet of travel with the maximum stipulated in the Table on that floor, but not less than one for any space within 75 feet along exit and main routes of travel. To create safe and secure working space at industrial floors, the fire suppression system is a must.

Fire Suppression Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 21.5 Bn
Market Size by 2032  US$ 32.92 Bn
CAGR  CAGR of 4.85% From 2024 to 2032
Base Year  2022
Forecast Period  2024-2032
Historical Data  2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers • The increase in urbanization, industry, and construction rises the demand of fire suppression systems.
• In developing nations, there is an increasing need for fire protection infrastructure as economies grow and cities expand, creating growth potential.

By Product: The fire extinguishers segment led the market and accounted for approximately 57.7% of the global market revenue in 2023. The growing safety regulations and the implementation of fire safety measures across the world are expected to drive the segment’s growth over the forecast period.

Sprinklers segment is expected to register a notable CAGR throughout the forecast period. Furthermore, the establishment of residential high-rise buildings is on the rise in every corner of the globe and it deeply necessitates new safety measures as well as latest protocols.

Fire Suppression Market Key Segmentation:

By Product

  • Fire Extinguishers
  • Gas
  • Water
  • Dry Chemical Powder
  • Others
  • Sprinklers

 By Application

  • Commercial
  • Industrial
  • Residential

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Key Regional Developments

North America dominated the Fire Suppression Market in 2023, generating 36.9% of global sales. This dominance is attributed to the presence of well-established industrial sectors and stringent fire safety regulations in the region. Additionally, rising offshore production operations and exploration activities are expected to contribute to the market growth in North America.

The Asia Pacific is expected to grow at a high rate of CAGR during the forecast period. The market been driven by factors such as increasing awareness about fire safety amongst end users and rise in construction activity across developing economies including India & China among others. In addition, increasing consumption of intelligent home automation and smart buildings to ensure maximum security & safety measures are expected to drive the fire suppression systems across Asia Pacific. The increasingly growing awareness with respect to protection against unexpected fire incidents occurring in commercial buildings such as schools hospitals and hotels is further driving demand for the installation of fire suppression systems across Asia-Pacific.

Future Growth

The fire suppression market is poised for continued growth in the coming years. The increasing focus on industrial safety, coupled with growing investments in smart building technologies that integrate fire suppression systems, will create lucrative opportunities for market participants. Additionally, the rising demand for environment-friendly fire suppression solutions will further propel market expansion.

Recent Development

In April 2023: UTC launched its Kidde FX Series fire extinguishers, featuring improved performance and compliance with the latest safety standards. These extinguishers are suitable for residential and commercial use, offering enhanced fire protection.

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Key Takeaways

  • Gain valuable information into market trends, drivers, and restraints to make informed business decisions.
  • Identify lucrative market segments and potential customer bases for targeted marketing strategies.
  • Analyze the competitive landscape and identify key players to develop effective business partnerships.
  • Stay updated on the latest technological advancements and product innovations in the Fire Suppression Market.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6.  Pest Analysis

7. Fire Suppression Market Segmentation, By Product

8. Fire Suppression Market Segmentation, By Application

9. Regional Analysis

10. Company Profiles

11. Competitive Landscape

12. USE Cases and Best Practices

13. Conclusion

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