Press release
Global Fire Suppression Market is set to exceed over 500 million units by 2024.
U.S. Fire Suppression Market, By End-Use, 2016 & 2024 (Million Units)
Considering these compelling issues, stringent government norms have been mandated on workers associated with mining and petrochemicals sectors to maintain occupational safety and control loss of property, which again has proved to be a major driver for the global fire suppression market outlook.
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The U.S. government, for instance, has established NFPA (National Fire Protection Association) codes and protocols for the standardization of equipment and protection systems across the country. Undoubtedly, it has brought remarkable proceeds in the regional fire suppression market trends. U.S. is one of those fire-accident prone regions where the record is noticeably high.
In fact, National Fire Protection Association, in its latest report, stated that in the year 2015, America accounted for almost 1,345,500 fire accidents. Strong positive outlook toward building safety codes along with growing incidence of fire hazards is expected to stimulate the product penetration in this country. If experts’ estimations are to be relied on, U.S. fire suppression industry is anticipated to exceed an annual installation of 150 million units in the coming seven years.
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Europe is also claimed to be another lucrative ground for fire suppression market growth, with U.K at its foray. In fact, U.K fire suppression industry, is estimated to witness a y-o-y growth of 3% over 2017-2024. Spreading awareness among the Europeans with regards to increasing adoption of fire protection system has fostered the regional market proliferation. Additionally, the European Commission estimates that approximately over 70000 people get hospitalized every year from fire hazards with a subsequent damage of almost USD 148.6 billion.
Unfortunately, the percentage is increasing day by day, which proves to be a significant contributing factor contributing to the regional fire suppression market share. The British government in this regard, has taken substantial steps toward the development of workplace safety especially across residential and commercial sectors. For Instance, The BAFSA (British Automatic Fire Sprinkler Association) deals with building codes that standardize the installation, design, and sprinklers in residential complexes of U.K. The British government has also mandated that the premises with heavy electrical equipment should have installations of 5kg CO2 extinguisher. For fire suppression industry players, this is a vital factor to be taken into consideration.
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Global fire suppression market is characterized by the participation of some of the renowned biggies like TYCO, Amerex Corporation, United Technologies Corporation, National Fire Equipment Ltd., SFFECO, Minimax, and Master Fire Preventions Ltd. These giants are increasingly focusing on product innovations which are endowed with advanced technological affluences.
For instance, Tyco, in the year 2015, introduced a novel ESFR pendent sprinkler for storage and warehouse application with an objective to strengthen its business position in the competitive landscape. Looking at the incessant effort taken by the leading companies toward the upgradation of their product portfolios along with consumers’ growing awareness toward fire safety, it is undeniable that fire suppression industry would profoundly enhance its profitability landscape over the forthcoming years.
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