Global Fire Suppression Market trends research and projections for 2017-2024
The Fire Suppression Market trends are analyzed from recent past with an eye on coming years in this report that also offers projections for Fire Suppression industry targeted at helping in business decisions. Stringent government regulations towards public safety along with growing consumer awareness will drive the fire suppression market size.
Growing commercial floorspace along with introduction of safety codes and standards will stimulate the product penetration. As per American Chemistry Council, the fire codes set by NFPA and IFC states that all areas with upholstered furniture including healthcare facilities and educational institutes must have sprinkler system installed.
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U.S. is projected to reach over annual installation of 150 million units by 2024. Upsurge in construction industry along with technological advancement in the product design and development will embellish the U.S. fire suppression market share. Increasing demand for environment friendly, less toxic, automatic and new generation systems will propel the product growth. In 2016, the country construction industry continued its rebound with 5.3% with another 2% expected increase by the end of 2017.
Growing awareness toward the adoption of fire protection systems to mitigate the hazards and accidents will foster the fire suppression market share. Introduction of green buildings in Europe coupled with stringent safety regulations will fuel the business growth. As per European Commission, 70,000 people are hospitalized due to severe injuries caused by fire with an estimated damage of USD 148.6 billion every year.
Rapid industrialization across developing economies along with increasing demand for safety equipment will drive the global fire suppression market. Ongoing investments across Asia-Pacific and Africa towards the expansion of industrial, commercial and residential establishments will boost the product demand. As per Central Banks and Governments’ statistics bureau, investments across Asia Pacific for the development of Industrial sector was USD 10.6 billion in 2016.
Germany fire suppression market is set to experience substantial growth on account of enhancement and improvisation of safety standards. As per European Commission, in Germany, any office or residential building with height of over 60 m must be provided with two stair cases as a safety exit and a sprinkler system must be installed to meet the safety standards.
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China fire suppression market is set to witness growth over 3% by 2024. Expansion of industrial and commercial sector along with growing measures to reduce the fire accidents will positively influence the business landscape. In 2015, China surpassed the U.S. as the world’s major safety and security products market with an annual rise of 10.8%.
Saudi Arabia fire suppression market in 2016 was valued over 150 million. Ongoing O&G projects along with expansion and establishment of other available industries will boost the demand for suppression systems. In 2015, number of operating industrial units have reached up to 7,007 with the investment of USD 290 billion.
Notable players in global fire suppression market include TYCO, United Technologies Corporation, Minimax, Lubrizol, Bristol Fire Engineering, Halma PLC, SFFECO, Firetronics, NAFFCO, Master Fire Preventions Ltd., National Fire Equipment Ltd. and Amerex Corporation.
1. North America
1.1. Increasing fire hazards
1.2. Stringent government norms towards fire protection
2.1. Favorable government legislations and safety standards
2.2. Growing construction and refurbishment activities
3. Asia Pacific
3.1. Rapid industrialization and urbanization
3.2. Increasing awareness towards fire protection systems
4. Rest of World
4.1. Increase in infrastructural spending
Global fire suppression market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:
Global Fire Suppression Market, By Product
- Fire extinguisher
- Dry Chemical
- Carbon Dioxide
- Fire sprinkler
Global Fire Suppression Market, By End-Use
- Logistics & Transportation
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- Saudi Arabia
- South Africa
- Latin America
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.