Fire Suppression Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
The growth in the fire suppression market is fueled by the rise in the construction industry, growing adoption of wireless technology, stringent regulations, and fire breakout-causing harm to humans and property. The increasing industrialization has led to a lot of fire-related accidents. These accidents have resulted in a significant count of casualties and massive economic losses.
The world has witnessed a large number of fire accidents in the past few years and caused a lot of damage of damages to the environment, humans, and animals. So, there is a crucial requirement to upgrade the fire security system in terms of facilities to counter such damages. Countries across the world have raised the expenditure to improve fire suppression facilities to safeguard infrastructure as well as to reduce human losses. The organizations depend on different types of equipment such as fire extinguishers, fire sprinklers, sensors and detectors, and other devices for the implementation of fire suppression systems within the premises. Further, the increased spending by various SMEs and enterprises across the world for safeguarding property and human lives are boosting the fire suppression market.
Various government initiatives are required to implement fire suppression systems in an effective manner. To counter any fire situation, there is a necessity for the development of sophisticated tools. So, vendors from the fire suppression market require constant development in new technologies and also require upgrades in their solutions. Organizations spend a handsome amount of money on the development of advanced technologies, so it is further expected to boost the fire suppression market.
There is a necessity for durable HMI solutions to get optimum outcomes in fire suppression systems. Electrometrical devices, for example, pointing devices, keyboards, keypads, switches, and some other elements, for example, alarms and indicators are unified with HMIs and control systems and equipment in the fire suppression system. Regular maintenance and other expenses make the fire suppression system an expensive solution, and it curtails market growth. Further, continuous inspection and examination are also required to match the international standards, so it may also hamper growth in the fire suppression market.
Fire Suppression Market – Introduction
Fire suppression is defined as the process of reducing heat released from the fire and limiting it from spreading further. A fire suppression system is a product that extinguishes and prevents the spread of fire across an enclosure or facility. The global fire suppression market is anticipated to accelerate at a rapid pace owing to the swelling demand from fire risk-prone industries, including oil and gas exploration, manufacturing, and energy and power. These industries hold the potential to bring significant traction to fire prevention and protection systems. Furthermore, burgeoning need for highly safeguard structures and minimal loss during fire incidences are favoring the growth of fire suppression market. Such factors pushed the fire suppression market to value roughly US$ 60 billion in 2018. Enhanced fire safety standards backed by stringent regulations are likely to set the tone for considerable growth in fire suppression market.
Fire Suppression Market – Notable Developments
Notable developments in the competitive landscape of fire suppression market include:
Some of the most prominent competitors operating in the competitive landscape of global fire suppression market include –
Fire Suppression Market Dynamics
Altering Building Infrastructure & Advent of Industry 4.0 to Fuel Adoption of Advanced Suppression Systems
With manufacturers increasingly aligning their new products with the ever-evolving regulatory reforms and altering building infrastructures, adoption of advanced fire suppression systems is growing. Additionally, growing need for the development of more effective fire safety method has prompted fire suppression companies to develop innovative, superior and eco-friendly systems. The accelerating technology innovations and integration of IoT and cloud-based solutions are necessitating the development and adoption of cost-effective high-tech fire suppression systems in today’s smart building constructions. An automatic fire suppression system can prevent fire from spreading, without requiring human intervention.
Rigid Government Regulations Favoring Growth in Fire Suppression Market
According to the National Fire Protection Association (NFPA), growing fire incidences in the United States prompted them to enact guidelines mandating deployment of fire suppression system in commercial business infrastructures. As a result of this enactment, organizations are increasingly deploying fire suppression systems, such as sprinklers. Additionally, NFPA also requires industries to consider regular maintenance and has made training of personnel compulsory for clean agent fire suppression system. A recently announced US federal tax reform will aid small business annually, and large business entities for five years in retrofitting fire suppression sprinkler systems, which can fuel adoption of these systems. Additionally, UNECE R107 made fire suppression mandatory for buses and coaches. Such favorable reforms are likely to fuel the adoption of fire protection equipment and systems, which in turn, will fuel growth in fire suppression market.
Lack of Awareness & High Capital Investment Impeding Growth in Fire Suppression Market
Lack of awareness pertaining to diverse fire suppression solutions, such as fire detectors, fire sprinklers, especially in the underdeveloped regions is hampering the market growth. Moreover, as fire suppression systems require large capital investment, several small-scale organizations and companies remain reluctant towards the adoption of such systems. These factors are limiting the growth in fire suppression market, however, several fire protection product and system manufactures are increasingly incorporating advanced technology to develop cost-effective solutions. Some companies are also organizing fire-safety drills and informative seminars and programs to create increased awareness about fire suppression solutions.
Fire Suppression Market - Segmentation
Based on product, the global fire suppression market is segmented into:
Based on suppression reagent, the global fire suppression market is segmented into:
Based on sector the global fire suppression market is segmented into:
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