COVID-19:FIRE SUPPRESSION SYSTEM MARKET TO REACH USD 39.2 BILLION BY 2027 | CAGR 6.6% — FORENCIS RESEARCH
Global Fire Suppression System Market: Key Highlights
- According to the new market research report “Fire Suppression System Market by Component (Fire Suppression Products, Software, and Services), by Component (Hardware, Software, Services), by End Use Industry (Residential, Commercial), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global Fire Suppression System market is estimated to reach USD 39.2 Billion by 2027 at a CAGR of around 6.6% during the review period.
- A fire suppression system is designed to stop fire from spreading. In other words, a fire suppression system preventing the fire from spreading mitigates losses and allows time for emergency personnel to respond.
- Fire suppression system consists of fire sprinkler system, fire extinguisher system, dry & wet chemicals, gaseous (CO2 & clean agent), software, and services. Fire sprinkler system is most popular fire suppression system which majorly used for indoor applications.
Global Fire Suppression System Market: Key Market Dynamics
- Increasing damage to human life by fire accidents and increasing government policies and regulations regarding fire safety will drive the market.
- Moreover, adoption of new technologies and innovation in fire protection system will become an opportunity for the fire suppression system market.
- However, high initial investment and lack of consumer awareness can create a negative impact in the growth of the market during assessment period.
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Global Fire Suppression System Market: Regional Overview
Europe is expected to dominate the Fire Suppression System market during growth period. Supportive government regulations, smart city initiatives, increasing smart building and automotive market will drive the market in Europe. Presence of global players such as Johnson Controls, Marioff, Bosch Sicherheitssysteme GmbH, Siemens, and, and Halma among others will add fuel in the growth of the fire suppression system market in Europe. Germany, France, The Netherlands, and Italy are expected to hold largest market share during forecast period. In November 2019, Marioff provide HI-FOG fire suppression system to the tallest building in the Europe. In this deal, the designers chose HI-FOG high-pressure water mist fire suppression system which consumes less water and gives reliable output.
Asia-Pacific is expected to grow at faster rate in projected years. Rising investment in offshore developments, rising industrialization in China, Japan, and India, and increasing developments mining and oil & gas in Australia, Indonesia, Singapore, and Hong Kong will drive the market in this region. According to ENG CRANES, Asia Pacific construction market (excluding India) is worth USD 4.95 trillion and is projected to reach USD 5.45 trillion by 2021.
Global Fire Suppression System Market: Key Players Overview
- Reacton Fire Suppression Limited:
The company is engaging in the provision of vehicle fire suppression system, clean agent system, electrical panel control system, residential kitchen systems, and extinguishing agents to on & off road vehicles, heavy equipment, power generation, CNC machines, electronic panels, and residential kitchens. In June 2019, Alliance Transport Technologies, an aftermarket solutions supplier for the truck, bus and coach sector partnered with Reacton Fire Suppression Limited to develop most advanced fire suppression equipment. This new equipment is complaint with new UNECE R107 regulations.
- Marioff, a Carrier Company:
Marioff provide water mist, fire protection, and services to various end use industries such as building & construction, energy, and marine & offshore. The company provide HI-FOG fire suppression system which consists of wet pipe suppression system, deluge suppression system, dry pipe suppression system, and pre-action suppression system. In 2017, the company launched HI-FOG water mist fire protection system which consists of chemical dosing station that includes an electric dosing pump and chemical tank.
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