According to a new market report published by Lucintel, the future of the fire suppression market looks promising with opportunities in the industrial, commercial, transportation, and residential markets. The fire suppression market is expected to reach an estimated $24.4 billion by 2027 with a CAGR of 4% from 2021 to 2027. The major drivers for this market are increasing fire incidents, stringency in fire safety norms, and growth in the construction industry.
In this market, water based, gaseous, chemical, and foam based fire suppression systems are used in various end use industries. Lucintel forecasts that gaseous based suppression systems is expected to witness the highest growth due to higher effectiveness, faster response in extinguishing fire, and ability to leave no residue after fire suppression. Growing installation of carbon-dioxide and clean agent gas based suppression systems in industrial and commercial applications will drive the market.
Within the fire suppression market, industrial will remain the largest end use industry during the forecast period due to rapid industrialization in emerging economies, increasing demand of fire suppression systems in oil & gas, mining, and chemical industries, and strict fire safety regulation. Growing oil and gas projects in US, Africa, Kuwait, Russia, and Australia is expected to foster the demand for large scale installation of fire suppression systems in these projects.
Asia Pacific is expected to witness the highest growth over the forecast period supported by rapid industrialization, growing residential and commercial construction, and government regulation towards fire safety. China, India, and South Korea are expected to drive the demand for suppression system considering economic advancement and development projects in the industrial and commercial sectors.
An emerging trend, which has a direct impact on the dynamics of the industry, includes development of sound based fire extinguisher, video image smoke detector, and development of voice evacuation system. Johnsons Control, United Technology Corporation, Minimax, Robert Bosch, Halma PLC, Siemens, Hochiki, Firefly AB, Honeywell, Fike Corporation, and 3S Incorporated are among the major fire suppression system providers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for the fire suppression market by product type, end use industry, and region and has come up with a comprehensive research report titled “Growth Opportunities in the Global Fire Suppression Market 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global fire suppression market by product type, end use industry, and region as follows:
By Product Type [$M shipment analysis from 2016 to 2027]:
Chemical
Gaseous
Water Based
Foam Based
By End Use Industry [$M shipment analysis from 2016 to 2027]:
Industrial
Commercial
Transport
Others
By Region [$M shipment analysis from 2016 to 2027]:
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Asia Pacific
Japan
South Korea
India
Australia
The Rest of the World
This 209-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link www.lucintel.com/fire-suppression-market.aspx or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global fire suppression market by product type (chemical, gaseous, water, and foam based), by end use industry (industrial, commercial, transportation, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?