Fire Suppression System Market Observe Significant Growth Of USD 29.54 Billion By 2030

Posted by Neha Bora on February 6th, 2024

San Francisco, 6 Feb 2024: The Report Fire Suppression System Market Size, Share & Trends Analysis Report By Product (Fire Extinguishers, Sprinklers), By Application (Commercial, Industrial, Residential), By Region And Segment Forecasts, 2024 - 2030

The global fire suppression system market is anticipated to reach USD 29.54 billion by 2030 and is anticipated to expand at a CAGR of 5.0% during the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by rapid infrastructure development, expansion of the manufacturing sector, rising urban population, and continuous research & innovation in fire extinguishing system technology.

Furthermore, the imposition of stringent fire safety regulations across the globe by various national regulatory bodies is fueling the market growth. The stringent regulations increased the adoption rate of fire suppression systems, as they made it mandatory for the residential, commercial, and industrial sectors to install equipment & undertake fire resistance & fireproofing measures.

The technological advancements and incorporation of automation in fire extinguishing equipment further drive the market. Depending on the end user & application, the nature of equipment required to douse the fire at the initial stage varies. Hence, to cater to unique needs, the market players have been investing in research & development and launching new products & services pertaining to the fire suppression system market. Also, this factor has been generating innovation in the market.

Market entry strategies are various ways that are adopted by companies to enter into new or foreign markets. Strategies that are generally used by companies include licensing, direct exporting, partnering, franchising, joint ventures, turnkey projects, piggybacking, acquisitions, and Greenfield investments. Market entry strategies depend on numerous factors, including tariff rates, trade barriers, competition, export subsidies, price localization, and transportation costs. Hence, to develop the market key players have adopted various Go-to-Market strategies as per their strengths.

In recent years, retrofitting of fire suppression systems in existing or old buildings has increased, especially in healthcare, restaurants, hotel facilities, and government institutions. The distributors play a vital part in the value chain of the market owing to the growing demand for fire suppression devices from the residential sector and SMEs. Also, these distributors enter into an agreement with local system installers to provide after-sales service to the end consumer. Further, the mature market players have adopted an Omni-channel distribution strategy to retain & improve their market share.

Access Research Report of Fire Suppression System Market @ https://www.grandviewresearch.com/industry-analysis/fire-suppression-system-market

Fire Suppression System Market Report Highlights

• Fire extinguishers segment led the market and accounted for 57.5% of the global market revenue in 2023, owing to proactive measures adopted by national governments regarding the technical requirements for construction sites to get the completion certificate. For example, the mandatory requirement of a consolidated fire safety plan to facilitate compliance with regard to fire safety in Canada.
• The sprinklers segment is likely to grow at a significant pace over the forecast period. Modern sprinklers are incorporated with an automated system that maintains the required flow rate and suitable pressure while dousing the fire. Due to this automation, the requirement of human involvement can be eliminated.
• The dry chemical powder fire extinguisher type segment accounted for the largest market revenue share in 2023 and is likely to grow at a higher rate over the forecast period, as it can extinguish class A, B, and C fires. Further, rising product awareness among the users is driving the growth of segment.
• Industrial segment accounted for highest market revenue share in 2023 for the global fire suppression system market, as with a growing economy & increasing foreign direct investments in emerging countries the industrial expansion is likely to boost in the region. Hence, growth in the industrial sector is propelling the demand for fire suspension systems in the industrial segment.
• The residential segment is likely to grow at a significant pace over the forecast period, due to rising population, fire safety awareness, and construction of households in the globe.
• North America dominated the market and accounted for 36.7% market share in 2023, owing to the implementation of national, state, and local codes in the region to effectively detect fire in early stages and curative measures to suppress fire in the initial phase.
• The Asia Pacific market is likely to grow at a significant CAGR over the forecast period, due to significant growth in offshore development investments. Besides, growing industrialization in emerging countries like China and India is developing the regional market.
• In October 2023, Siemens AG launched its new digital service portfolio for fire safety named New Fire Safety Digital Services. The digital and managed services connected fire safety systems to the cloud. The digital services can be used in event handling, operation, and maintenance. Customers will be able to identify risks and take preventative measures, as well as make better risk control decisions, secure their businesses, and provide a safe environment for people and assets as a result. To make sure all fire detectors are operating properly, the Fire Safety Digital Services is designed to continuously check detector soiling levels.

Fire Suppression System Market Report Scope

List of Key Players in Fire Suppression System Market

• Fike Corporation
• Minimax USA LLC
• GENTEX Corporation
• Halma Plc
• HOCHIKI America Corporation
• Honeywell International Inc.
• Johnson Controls
• Robert Bosch GmbH
• Siemens AG
• Raytheon Technologies Corporation

Access Press Release of Fire Suppression System Market @ https://www.grandviewresearch.com/press-release/global-fire-suppression-system-market