Marine Fire Extinguishing System Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 – 2029
The global marine fire extinguishing system market is set to grow at a notable rate, compounded annually over the assessment period of the upcoming report – 2019 to 2029. As per TMRR, the market would, as a result of this robust growth, witness emergence of new opportunities of growth. Furthermore, market will see a boost in its valuation. A host of notable trends and drivers will fuel this growth in the market over the forecast period. Some of these are growing awareness regarding advanced equipment and solutions available in the market and increase in number of naval vessels.
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Global Marine Fire Extinguishing System Market: Competitive Landscape
The number of varied strategies deployed by leading players in the market to ensure future growth is leading the landscape to numerous developments that are shaping its future. Some of the common growth strategies deployed by market players are focusing on technological advancement, offering a diverse portfolio, and entering key alliances.
The vendor landscape of global marine fire extinguishing system market is quite fragmented.
Some distinguished names operating the global marine fire extinguishing system market playfield are:
Amerex Fire International
Asiatic Fire System
Fluid Global Solutions
Elkhart Brass Manufacturing
Garbarino Pump Asia
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Global Marine Fire Extinguishing System Market: Key Trends and Drivers
There is a growing need for installation of effective and prompt fire extinguishing systems in the marine sphere. This is driving growth in the global marine fire extinguishing system market over the forecast period. Additionally, it is worth noting here, that there are also other factors that are driving demand in the market. A glimpse into these is provided below:
Regulations regarding installation of marine fire extinguishing systems are growing at a notable pace and this is helping the market grow over the forecast period owing to increase in number of such accidents at sea. Safety of Life at Sea (SOLAS) and other such regulatory bodies are actively addressing challenges that put lives at risk. This is, therefore, a contributing factor towards growth, anticipated for the market.
There is an increase in naval ships in the world and that is leading to demand in for effective products and solution in the global marine fire extinguishing system market over the forecast period. Additionally, increase in fishing and recreational boating and resting activities is also adding to demand for marine fire extinguishing system market.
Global Marine Fire Extinguishing System Market: Regional Analysis
A major share of the market is held by North American region and the trend is set to roll into the aforementioned forecast period. Rapid strides in technology are also contributing to this growth. Additionally, use of yachts in the region is high and growing and this is set to contribute to regional growth over the forecast period. Additionally, it is worth noting here that Middle East and Africa and Asia Pacific (APAC) regions are set to create new growth opportunities owing to increase in vessels (naval) and in activities such as fishing and recreational yacht tours. Increasing disposable income in APAC is also a notable growth factor in the regional market, attracting strong and international players in the market.
On the basis of product:
On the basis of the end users/applications:
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