According to the latest research report, the global fire suppression market is expected to record 3.7% CAGR during the forecast period 2017-2024
Selbyville, DE -- (SBWIRE) -- 06/30/2020 -- Fire Suppression Market is predicted to exceed USD 16 billion by 2024. strict government norms towards public safety coupled with rising consumer awareness will stimulate the fire suppression market size. Introduction of safety standards and codes along with growing commercial floorspace will further boost the product penetration. As per the American Chemistry Council (ACC), the fire codes set by IFC and NFPA states that zones with upholstered furniture must be installed with sprinkler system.
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The U.S. fire suppression market is projected to exceed 150 million units of annual installation by 2024. Technological advancement in the product design and development coupled with growing construction industry will foster the industry outlook. Rising demand for less toxic, environment friendly, new generation and automatic systems will further enhance the business growth. In the U.S., National Fire Protection Association (NFPA) has set regulations and codes to standardize the protection systems and equipment in the country.
Growing awareness towards the adoption of fire protection equipment to mitigate the accidents and hazards will fuel the fire suppression market growth. Introduction of green buildings in Europe along with strict safety regulations will foster the business landscape. In 2014, as per the NFPA, the U.S. reported around 37,000 accidents from industrial sector, occurred majorly due to structured fires.
Rapid industrialization across the developing nations coupled with growing demand for safety equipment will embellish the fire suppression market share. Ongoing investments across Africa and Asia-Pacific towards the expansion of commercial, industrial, and residential establishments will further propel the product penetration. As per the statistics bureau of Central Banks and Governments, Asia Pacific has witnessed investment of USD 10.6 billion for the development of Industrial sector in 2016.
Germany fire suppression market is set to witness substantial growth owing to the improvisation and enhancement of safety standards. As per European Commission, offices and residential buildings with height of over 60 meters must be installed with a sprinkler system to meet the safety standards in Germany.
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Saudi Arabia fire suppression market was valued over 150 million in 2016 on account of ongoing oil & gas projects coupled with establishment and expansion of other available industries. In 2015, the total number of industrial units reached up to 7,007 with an investment of USD 290 billion. Growing investments toward advanced building technologies along with government regulations to reduce natural hazards will further boost the product adoption.
Key players in global fire suppression market include United Technologies Corporation, TYCO, Minimax, Bristol Fire Engineering, Lubrizol, Halma PLC, Firetronics, SFFECO, NAFFCO, Master Fire Preventions, National Fire Equipment and Amerex Corporation.
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