The Global Fire Detection and Suppression Equipment Market to Reach Revenues of Over $15 billion by 2024- Market Research by Arizton

CHICAGO, Nov. 12, 2019 /PRNewswire/ -- According to Arizton's recent research report, Fire Detection and Suppression Equipment Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of around 6% during the forecast period.

Key Highlights Offered in the Report:

1. By 2024, the fire detection and suppression equipment market will witness an increase of $4.42 billion, in which, APAC will be the largest contributor of approximately 28% or $1.24 billion by 2024.
2. In the suppression equipment market, residential use will emerge as the fastest growing segment exhibiting a CAGR of more than 7% during the forecast period.
3. APAC region was the largest market for sprinkler heads in 2018 and accounted for approximately 46% of the market share and is expected to add $200 million by 2024.
4. Video smoke detectors which accounted for less than 5% of the market share in 2018, will post an absolute growth of more than 50% by 2024. Use of video smoke detectors will find their increased usewithin oil & mining industries, power plants, chemical storing plants, boiler rooms, tunnels, and warehouses.
5. The residential sector is witnessing a demand for smart fire safety products such as smart sprinklers and smoke detectors. Also, the growing number of smart homes is driving the demand for such innovative and smart technologies.
6. Voice evacuation is the future of fire alarms and detectors. According to the international building code, it is mandatory to install voice evacuation systems for fire safety in a building that has more than 1,000 people.

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by fire suppression, fire detection, end-user, and geography.
• Competitive Landscape – Profile of 6 key vendors and 34 other vendors.

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Fire Detection and Suppression Equipment Market – Segmentation

• Alarms, which are the most critical devices, are likely to post an absolute growth of 50% by 2024. Europe was the largest market, with a market share of 31% in 2018.
• The portable extinguisher segment accounted for the largest share in 2018. Portable fire extinguishers are preferred as they are handy and can be used in all types of fire prominent zones, including residential, commercial, and industrial sectors.
• Fire detectors, alarms, and control panels are major devices used in the industrial segment. As threats are high in marine and oil and gas industries, fire code compliance is strict. Furthermore, the growth of the oil and petroleum industry is expected to affect the market positively.

 Market Segmentation by Fire Detection

• Control Panels
• Fire Detectors
• Alarms
• Manual Call Points
• Video Smoke Detector Software

Market Segmentation by Fire Suppression

• Portable Fire Extinguishers
• Sprinkler Heads
• Water Mist Systems
• Gaseous Suppression

Market Segmentation by End-users

• Commercial
• Industrial
• Residential

Fire Detection and Suppression Equipment Market – Dynamics

In order to reduce the effects and damages caused by the fire, the code of compliance for fire is a basic necessity. The code of compliance for fire is the backbone for preventing the damages caused by the fire. This can increase the number of fire inspections and lead to the standard of safety and security. Thus, in order to prevail with the fire code compliance, installing fire safety systems in buildings are mandatory. A fire prevention is the safest and effective method for safeguarding the citizens and residents from a fire. In order to improve standards, major institutions can employ individual code consultant in order to accomplish ordinance specific to the type of building and design of the construction. Such codes and compliances will contribute to the growth of the fire detection and suppression equipment market.

Key Drivers and Trends fueling Market Growth:

• Increased Concern towards Employee Safety
• Rapid Developments in Industrial and Commercial Sectors
• Preference towards Insurance Discounts
• Upcoming Sound Wave Extinguisher Technology

Fire Detection and Suppression Equipment Market–Geography

Europe is the largest market for fire detection and suppression equipment market and the region is known for its stringent safety regulations, including fire prevention. The combination of strict safety regulations with construction activities paves a growth path for the smoke detector market in Europe. North America is the second-largest market. The US and Canada are the major revenue contributors to the market as there is a surge in the adoption of safety equipment due to increased compliance of fire safety norms. The MEA region is expected to witness a steady growth led by Saudi Arabia, the UAE, and South Africa. The strengthening of safety regulations across the region is expected to propel the fire detection and suppression equipment market during the forecast period.

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Market Segmentation by Geography

• Europe
• Germany
• France
• Italy
• UK
• Spain
• APAC
• China
• Japan
• India
• Australia
• South Korea
• North America
• US
• Canada
• Latin America
• Mexico
• Brazil
• MEA
• Saudi Arabia
• South Africa
• UAE

Major Vendors

• Johnson Controls
• Honeywell International
• United Technologies
• Siemens
• Schneider Electric
• Bosch

Other vendors include - Samsung Electronics, Roost, Huawei, BRK Brands, AMP Security, Birdi, Leeo, Netatmo, Telus, Vivint, Alder, ADT, Konig, Xfinity (Comcast), Yale, AS Valnes, Eve Systems, Mircom, Gentex, SECOM, Emerson Electric, Senju Sprinkler, Viking Group, Smith-Cooper International, Erico (nVent), Reliable Automatic Sprinkler, Globe Fire Sprinkler, Uponor, Plumis, HD Fire Protect, MÜPRO, Lubrizol, Fireline Sprinkler, Todd Morris Fire Protection

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