Loading...

Fire Suppression Equipment Market is Expected to Reach $32.9 Billion by 2027

 
 

quote Various sectors are witnessing high requirement for fire protection systems, especially industrial, as there is a greater risk of fire hazard in this sector due to the presence of various flammables such as oil and gas, and operations such as mining, fuel, manufacturing, and others. Fire suppression equipment offer safety and reduce damage and loss that can be caused by fire hazards. Increase in incident of fire and government mandates for workplace safety drive the market for fire protection systems in this region. quote

Eswara Prasad
Manager, Energy & Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled, “Fire Suppression Equipment Market by Equipment Type, Fire Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” the Global Fire suppression equipment market was valued at $24.9 billion in 2019 and is anticipated to generate $32.9 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.

There has been significant increase in fire related accidents especially in the oil & gas industry. The huge losses including manpower due to such fire outbreaks demand for safety measures as well as efficient firefighting measures. There is an increase in the demand for fire suppression equipment owing to rise in number of such incidents, which further drives the market growth. Furthermore, stringent rules & regulations regarding fire safety that companies have to abide by also surges the demand for fire suppression equipment, hence driving the market growth. 

The fire suppression equipment market is segmented by equipment type, fire type, application, and region. Based on equipment type, the market is categorized into fire detectors, fire alarms, fire suppressors, sprinklers, nozzles, caps, and control heads, and others. The fire suppressors segment dominated the market share for 2019 followed by fire detectors. Fire detectors segments is forecasted to grow at a higher CAGR owing to increased awareness and government regulations regarding installation of proper fire safety systems. 

Based on fire type, the market is divided into class A, class B, class C, class D, and class K/F. Class A fire type segment dominated the market share for 2019 owing to large number of category A fires caused from wood, paper, plastics and others. Class B segment is expected to grow at a higher CAGR during the forecast period. 

On basis of application, the market was bifurcated into commercial, residential, forest and agriculture, and industrial. Industrial segment dominated the market share for 2019 growing at a CAGR of 5.0% and is expected to grow at the highest CAGR during the forecast period. This is owing to rising incidents of fire in the oil & gas, mining, manufacturing, and energy & power industry.

Region-wise, the fire suppression equipment market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). North America dominated the market share for 2019 owing to strict rules and regulation regarding fire safety and protection in the region. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period owing to rising awareness for fire safety and protection and increasing rules and regulations for the same

The key players operating in the fire suppression equipment market are Carrier Global Corporation, Consilium AB, Gentex Corporation, Halma plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls, Robert Bosch Gmbh, Seimens AG, and Semco Maritime A/S. The players in the market have adopted several strategies to sustain the market competition such as collaboration, joint venture, partnership, and new product launch.

COVID-19 Impact

North America is the most affected region during the COVID-19 outbreak. It recorded the highest number of infected people and higher fatalities. U.S. alone has the highest number of COVID-19 affected people. The outbreak has impacted the demand-supply chain as many production houses have halted operations. Moreover, the fear for the disease has also made people to stay at homes and deny going to offices and workplaces. The coronavirus pandemic has been disrupting chemicals, energy, and industrial equipment supply chains, changing demand patterns and causing a significant impact on feedstock prices and barriers in export-import activities. The impact of COVID-19 can be seen on the fire suppression equipment market as well as it has slowed down the market growth rate. The market will experience slow growth rate for next 1-2 years owing to halt in the production processes and decreased R&D investments. 

Key findings of the study

  • Global fire suppression equipment market size is provided in terms of revenue
  • By country, India is projected to grow at the highest CAGR of approximately 6.0%, in terms of revenue, during the forecast period.
  • By fire type, the class B segment is anticipated to grow with CAGR 5.0%, in terms of revenue, during the forecast period.
  • By application, the industrial segment is anticipated to grow with CAGR 5.0%, in terms of revenue, during the forecast period.
  • By region, the U.S. and the UK dominated the market with a revenue share of over 32.0% and 7.4% in 2019 respectively.
  • A comprehensive analysis of the factors that drive and restrain the fire suppression equipment market growth is provided
  • The qualitative data in this report aims at the fire suppression equipment market trends, dynamics, and developments in the fire suppression equipment industry
  • The fire suppression equipment market forecast and estimations are based on factors impacting the market growth 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Fire Suppression Equipment Market by Equipment Type (Fire Detectors, Fire Alarms, Fire Suppressors, Sprinklers, nozzles, caps, control heads, and Others), Fire Type (Class A, Class B, Class C, Class D, and Class K/F), and Application (Commercial, Residential, Forest and Agriculture, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Fire Suppression Equipment Market"
Purchase Enquiry