Press release
Fire Suppression System Market Outlook & Growth Opportunities, 2020–2027 | Covid-19 Scenario Analysis, Drivers, Restraints and Opportunities
A fire suppression system is an engineered group of units that are built to extinguish fires through the application of a substance. Most commonly, a fire suppression system has built-in components that detect fires at the beginning stages through heat, smoke, and other warning signals. The global fire suppression systems market is expected to witness substantial growth, owing to rise in demand for fire protection and prevention system in the fire risk prone industries, including manufacturing, oil & gas exploration, and energy & power.Get a Sample Report @ https://www.alliedmarketresearch.com/request-sample/8355
Increase in awareness among organizations related to fire protection, including safeguarding the structure and minimizing human loss are expected to be the key drivers for the global fire suppression system market. In addition, stringent regulations supporting improved fire safety standards due to rise in disasters are expected to propel the market growth.
Fire suppression system is used in power plants for fire protection in various locations, including control rooms, cable trays, coal handling, turbine areas, electrical equipment’s, boiler buildings, cooling towers, transformers, and fuel storage & handling.
In addition, fire suppression system is used in photovoltaic solar power plants to provide fire protection in switchgear rooms used in photovoltaic facility and concentrated solar power plants to provide fire protection in solar field. It is also used in healthcare facilities, mainly in hospitals for protection against fire due to HVAC and electrical fire where the main focus is on safety of patients in the hospital. However, rise in market competition to manufacture high-quality & cost-competitive products with improved efficiency is expected to be a major challenge for the fire suppression systems market growth.
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COVID-19 scenario analysis:
COVID-19 pandemic has shut-down the production of various products in the fire suppression system market, owing to the prolonged lockdown in major countries. This has hampered the growth of the fire suppression system market significantly from last few months, and is likely to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth during the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which are badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
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Key Segments
By Product
Fire Suppression
Fire Response
Fire Sprinkler System
Fire Analysis
Fire Detection
By Services
Maintenance Services
Managed Services
Engineering Services
Installation and Design Services
Other Services (Tenancy and Refurbishment Upgrade Services)
By Vertical
Commercial
Oil, Gas, and Mining
Manufacturing
Transportation & Logistics
Energy & Power
Residential
Government
Others (Telecom and IT, Public Utilities, and Media and Entertainment
By Region
North America
Europe
Asia-Pacific
LAMEA
Key Players
Minimax, Cosco Fire Protection, Tyco Fire Protection Products, Amerex Corporation, Master Fire Preventions Ltd, National Fire Equipment Ltd, and Buckeye Fire Equipment
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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