Fire Suppression System Market Growth & Trends
The global fire suppression system market size is expected to reach USD 25.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. Fire suppression systems help in protecting infrastructure, buildings, and their inhabitants from potential fire hazards. The growing need to prevent casualties and damage to property due to fire breakouts is expected to drive the demand for fire suppression systems over the forecast period. Organizations are investing aggressively in installing fire suppression systems to safeguard their infrastructure and employees from fire hazards.
The strong emphasis manufacturing units and incumbents of various industries and industry verticals, such asoil and gas, and power and energy, are putting on protecting their critical machinery and infrastructure from potential fire outbreaks also bodes well for the growth of the market. Stringent rules and regulations drafted by various governments across the globe are mandating the installation of fire suppression systems. At the same time, the codes and standards developed by the National Fire Protection Association (NFPA)are also helping in ensuring that facilities are protected against damage in case of an emergency.
The American Petroleum Institute also offers several resources to help the incumbents of the oil and gas industry in identifying potential fire safety hazards and provides them with solutions for prevention and protection. The growing awareness among end consumers regarding fire safety is expected to play a vital role in driving the growth of the market over the forecast period.Growing construction activity in both developed and developing economies and the strong emphasis on refurbishing sprinkler systems are expected to foster the growth of the market. The growing preference for advanced and eco-friendly fire suppression systems also bode well for the growth of the market.
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Fire Suppression System Market Report
Fire Suppression System Market Report Highlights
- The market is estimated to reach USD 25.9billion by 2030, driven by the rising construction and infrastructure development activities and the stringent rules and regulations drafted by various governments mandating the use of fire safety equipment
- The fire extinguisher segment accounted for a revenue share of over 50.0% in 2021 as a result of the aggressive investments made by various companies in installing fire suppression systems
- The commercial segment is expected to dominate the market over the forecast period owing to the aggressive investments being made by enterprises in protecting property, infrastructure, and people from potential fire hazards
- North America dominated the market in 2021 owing to stringent government rules and regulations mandating the installation of fire suppression systems in buildings
