Global Fire Suppression Systems Market Value to Reach US$ 18 Bn By 2022-End

A recent Fact.MR report predicts that the global market for fire suppression systems will grow at a CAGR of 5.2% from 2022 to 2032, reaching US$ 30 Bn by the end of the forecast period. In many end use industries, tougher fire safety standards are largely responsible for growth.

Demand for fire suppression systems increased at a 4.8% CAGR from 2015 to 2021, reaching US$ 17 billion. During the COVID-19 pandemic, prospects varied across sectors, with sales declining in the industrial sector and rising sharply in the residential and commercial segments. Demand was particularly high in the healthcare industry because hospitals and clinics had to enforce stringent fire safety regulations in order to prevent accidents as a result of rising hospitalisation rates.

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The ever-expanding scope of the global construction industry and the impressive technological advancements in fire detection and prevention technologies will drive demand for fire suppression systems in the future. The demand for residential and commercial grade infrastructure projects is skyrocketing as a result of growing urbanisation and bettering living conditions, which is strengthening the case for enacting fire safety regulations.

Important conclusions from the market study
• Fire extinguishers will command a 52% market share by product in 2022 and beyond.
• Dry chemical powders will make up one-third of fire suppression system sales.
• Nearly 50% of all fire suppression systems will be used in industrial settings.
• 42% of the world's demand for fire suppression systems will come from North America.
• From 2022 to 2032, Asia Pacific will grow rapidly, with a CAGR of 7.3%.
• By the end of 2022, the market for fire suppression systems will be worth US$18 billion.

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Competitive Environment
Important fire suppression system producers are utilising strategies like strategic partnerships, collaborations, and new product launches. Countries' stricter fire safety laws are giving companies the chance to introduce fire suppression systems fitted with the newest technology. The following are some noteworthy developments:

• The next-generation fire alarm panels Avenar panel 2000 and 8000 were introduced by Robert Bosch GmbH in August 2020. The system, which is IoT-driven, is fully backwards compatible with components of fire alarm systems currently in use. The eMatrix feature allows users to completely control the apparatus.

• A new nanofiber sensing technology that can detect a wide range of chemicals, from explosives to VOCs, with applications across a multitude of end use industries, was purchased by Gentex Corporation in January 2021. The project enhances its knowledge of the commercial fire protection sector.

Key Companies Profiled
• Robert Bosch GmbH
• Gentex Corporation
• Minimax Viking GmbH
• Honeywell International
• Raytheon Technologies (United Technologies Corporation)
• Halma Plc
• Siemens AG
• Johnson Controls International

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Key Segments Covered in the Fire Suppression System Market Report
• By Product
o Fire Extinguisher
o Fire Sprinkler

• By Fire Extinguisher Type
o Gas Fire Suppression Systems
o Water Fire Suppression Systems
o Dry Chemical Powder Fire Suppression Systems
o Other Fire Extinguisher Types

• By Application
o Fire Suppression Systems for Commercial Applications
o Fire Suppression Systems for Industrial Applications
o Fire Suppression Systems for Residential Applications

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