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Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The Global Fire Suppression Systems Market was valued at US$ 6.7 Bn in 2022 and is likely to reach value of US$ 11.5 Bn by 2031, expanding at a CAGR of 6.1% between 2023 and 2031.
The market for fire suppression systems is anticipated to expand at a rapid pace as a result of greater focus on fire safety laws and rise in demand for sophisticated fire safety systems in industrial and commercial environments. The surge in fire incidents that cause property damage and fatalities has led to the implementation of ever-stricter restrictions.
Technology improvements including wireless sensors, enhanced analytics, and eco-friendly chemicals are propelling market growth. According to estimates, expansion and diversification of different industries would increase the need for novel fire suppression systems and applications that call for specialized solutions.
The primary function of fire suppression systems is to avoid or reduce property damage, injuries, and fatalities in the unlikely event of a fire. Corporate buildings, distribution centers, hangars for airplanes, and factories often serve as places where these systems are installed. Fire alarms, firefighting foam systems, fire sprinkler or spray systems, and carbon dioxide (CO2) systems are some of the most common types of fire suppression systems.
Building safety is enhanced by the use of fire suppression systems, which could save lives and minimize substantial property loss. These systems offer early warning systems for fires. Fire alarms sound an alarm when they identify smoke or heat, telling building occupants to leave the area.
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Key Findings of Market Report
- In terms of chemical type, the potassium bicarbonate segment is anticipated to account for the largest market share from 2023 to 2031. It is used in both water-based and dry fire suppression systems. Potassium bicarbonate is frequently utilized in fire suppression systems in places such as chemical industries, oil & gas refineries, and warehouses where fires can be started by flammable substances.
- Based on form, the water-based fire suppression systems segment is anticipated dominated the market during the forecast period. Water-based fire suppression systems are extremely efficient in putting out flames in buildings and various other structures due to the fact they can quickly and efficiently cover a huge area. In addition to being affordable and simple to maintain, these are an increasingly popular choice for various purposes.
Global Fire Suppression Systems Market: Growth Drivers
- Increase in fire occurrences, along with the ensuing loss of property as well as fatalities, has prompted the adoption of strict safety requirements by different businesses. This has led to rise in need for sophisticated fire suppression systems such as gaseous suppression systems, water mist systems, and sprinkler systems.
- Customers are spending more on modernized systems that offer better performance and long-term cost reductions, such as wireless sensors and environmentally-friendly agents. In addition, growth in various end-use businesses are likely to boost market demand for fire suppression systems. Investment in customized fire suppression solutions by data centers, cannabis production facilities, and other niche industries is anticipated to drive market development.
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Global Fire Suppression Systems Market: Regional Landscape
- North America is projected to account for the largest share of the global market from 2023 to 2031. Strict safety regulations implemented in both commercial and residential settings and high awareness about fire safety are likely to fuel business growth in North America. The U.S. is projected to be an important catalyst for growth in the region in the next few years.
Global Fire Suppression Systems Market: Key Players
- Firetrace International, LLC.
- Johnson Controls
- Kidde Fire Safety
- McWane Inc.
- Siemens AG
- Halma PLC.
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Global Fire Suppression Systems Market: Segmentation
By Chemical Type
- Sodium Bicarbonate
- Potassium Bicarbonate
- Monoammonium Phosphate
- Chemical Foam
- Pressurized Gas
- North America
- Asia Pacific
- Middle East & Africa
- South America
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