The global fire suppression system market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Fire suppression system refers to any piece of equipment which helps to safeguard any manufacturing facility or commercial property when there is a fire outbreak. Most fire suppression systems are static and have a separate location for them in the facility.
Most fire suppression systems are equipped with flame detectors and smoke control devices. Some of the common fire suppression systems include fire extinguishers and fire sprinklers.
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Rising focus to prevent damage and casualties to different types of infrastructure because of a fire breakout is the key growth driver for the global fire suppression system market.
Also, increasing awareness among consumers globally about fire suppression systems is expected to bolster product demand, in the coming years.
Increasing demand for eco-friendly fire suppression systems for various applications in different industries is anticipated to propel the overall market growth, in the years ahead.
Rapid industrialization in developing economies and increasing office space could also help increase the demand for fire suppression systems, in the coming years.
Advancements to existing products such as the integration of Internet of Things and artificial intelligence could help increase the consumer base, in future.
The fire sprinkler product segment is expected to make the largest contribution to the overall market due to the lowered setup expenditure and increased product deployment in commercial buildings, hostels, hospitals, and factories.
The industrial application segment is expected to contribute the most to the overall market due to increased use of fire suppression systems such as fire extinguishers in different industries such as oil and gas, manufacturing, energy and power, and manufacturing.
The global fire suppression system is extremely competitive, with the presence of several well-established players, many of whom have become prominent due to consistent performances over the years. Most of these players are anticipated to hold a large share in the overall market, in the upcoming years.
Leading market players could collaborate with the lesser-known players in a bid to expand their market presence and increase their revenue share.
Growth strategies such as novel product launches could help well-established market players gain a competitive edge over the other players.
The smaller players will seek investments from governments and private investors, which could help them in their long-term growth.
A few leading players in the global market include Honeywell International Inc., Halma PLC, Robert Bosch GmbH, Siemens AG, and United Technologies Corporation.
Robert Bosch, in 2020, introduced Avenar panel 2000 and 8000 next-generation fire alarm panels, which is integrated with advanced technologies such as Internet of Things. The product also has eMatrix features, using which consumers can control the equipment effectively.
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The global fire suppression market is divided into five regions globally, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
North America is expected to be the dominant region in the global market due to strict government regulations, mandating the deployment of fire suppression systems in buildings, in countries such as US and Canada.
Asia Pacific is projected to witness substantial growth in the fire suppression system market due to increasing awareness about fire safety among end-users in developing economies such as India.
Europe is anticipated to witness strong growth in the overall market because of increasing construction activity in countries such as Italy and Germany.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in the fire suppression system market, in the upcoming years.
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