The global fire suppression system market size is expected to reach USD 23.76 billion by 2028, registering a CAGR of 5.0% from 2021 to 2028
Fire suppression systems help in protecting infrastructure, buildings, and their inhabitants from potential fire hazards. The growing need to prevent casualties and damage to property due to fire breakouts is expected to drive the demand for fire suppression systems over the forecast period.
Organizations are investing aggressively in installing fire suppression systems to safeguard their infrastructure and employees from fire hazards. The strong emphasis manufacturing units and incumbents of various industries and industry verticals, such as oil and gas, and power and energy, are putting on protecting their critical machinery and infrastructure from potential fire outbreaks also bodes well for the growth of the market.
Stringent rules and regulations drafted by various governments across the globe are mandating the installation of fire suppression systems. At the same time, the codes and standards developed by the National Fire Protection Association (NFPA) are also helping in ensuring that facilities are protected against damage in case of an emergency. The American Petroleum Institute also offers several resources to help the incumbents of the oil and gas industry in identifying potential fire safety hazards and provides them with solutions for prevention and protection.
The growing awareness among end consumers regarding fire safety is expected to play a vital role in driving the growth of the market over the forecast period. Growing construction activity in both developed and developing economies and the strong emphasis on refurbishing sprinkler systems are expected to foster the growth of the market. The growing preference for advanced and eco-friendly fire suppression systems also bode well for the growth.
Fire Suppression System Market Report Highlights
The market is estimated to reach USD 23.76 billion by 2028, driven by the rising construction and infrastructure development activities and the stringent rules and regulations drafted by various governments mandating the use of fire safety equipment
The fire extinguisher segment accounted for a revenue share of over 50% in 2020 as a result of the aggressive investments made by various companies in installing fire suppression systems
The commercial segment is expected to dominate the market over the forecast period owing to the aggressive investments being made by enterprises in protecting property, infrastructure, and people from potential fire hazards
North America dominated the global market in 2020 owing to stringent government rules and regulations mandating the installation of fire suppression systems in buildings
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Fire Suppression System Market Variables, Trends & Scope 3.1. Penetration and Growth Prospect Mapping 3.2. Global Fire Suppression System Market Dynamics 3.2.1. Market Driver Analysis 3.2.2. Market Restraints Analysis 3.3. Industry Value Chain Analysis 3.4. Penetration and Growth Prospect Mapping 3.5. Fire Suppression System Market Key Company Ranking Analysis, 2020 3.6. Market Analysis Tools 3.6.1. Fire Suppression System Industry Analysis - Porter's 3.6.2. Fire Suppression System Industry Analysis - PEST Analysis 3.7. Impact of COVID-19 on Fire Suppression System Market
Chapter 4. Fire Suppression System Market: Product Outlook 4.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2028 (Revenue, USD Million) 4.2. Fire Extinguisher 4.3. Fire Sprinkler
Chapter 5. Fire Suppression System Market: Fire Extinguisher Type Outlook 5.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2028 (Revenue, USD Million) 5.2. Gas 5.3. Water 5.4. Dry Chemical Powder
Chapter 6. Fire Suppression System Market: Application Outlook 6.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2028 (Revenue, USD Million) 6.2. Commercial 6.3. Industrial 6.4. Residential
Chapter 7. Fire Suppression System Market: Regional Outlook 7.1. Fire Suppression System Market, By Region, 2020 & 2028