Fire Suppression Equipment Market to Reach $32.9 Bn, Globally, by 2027 at 4.7% CAGR: Allied Market Research
- Rise in demand for fire protection systems across various industry domains, growth of automation in residential and commercial buildings, and rise in the number of in fire-related incidents in the oil & gas industry fuel the global fire suppression equipment market
PORTLAND, Ore., Sept. 17, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "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."According to the report, the global fire suppression equipment industry was estimated at $24.9 billion in 2019, and is expected to hit $32.9 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in demand for fire protection systems across various industry domains, growth of automation in residential and commercial buildings, and rise in the number of fire-related incidents in the oil & gas industry fuel the global fire suppression equipment market. On the other hand, higher installation and maintenance costs impede the growth to some extent. Nevertheless, high-end technological advancements and innovations in networking are expected to create lucrative opportunities in the industry.
Productions halt and decreased R&D investments across the world have impacted the global fire suppression equipment market negatively.
Nevertheless, relaxations are now being levied on the current regulations, which is expected to help the market to go back to its position soon.
The fire suppressors segment to maintain the lion's share by 2027-
Based on equipment type, the fire suppressors segment contributed to more than half of the global fire suppression equipment market revenue in 2019 and is expected to rule the roost by the end of 2027. This is because they are easy to operate. At the same time, the fire detectors segment would register the fastest CAGR of 5.0% throughout the forecast period. Increase in instances of fires have led to strict regulations from government to equip and install proper fire safety measures. This factor has driven the segment growth.
The class A segment to dominate during the estimated period-
Based on fire type, the class A segment accounted for more than two-fifths of the global fire suppression equipment market share in 2019 and is projected to lead the trail till 2027, owing to increased class A fire incidences. The class B segment, on the other hand, would grow at the fastest CAGR of 5.0% from 2020 to 2027, due to growing fire incidences in industrial sites and storage areas.
Based on region, North America garnered the major share in 2019, holding nearly half of the global fire suppression equipment market, owing to the presence of several regulations regarding fire protection and safety that are to be followed by residential, commercial and industrial sectors. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 5.5% till 2027. Increasing number of manufacturing activities across emerging economies such as China and Indiafuels the market growth in the region.
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