The 2023 report on the “Fire Suppression Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Fire Suppression Market is valued approximately USD 25.07 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.87% over the forecast period 2021-2027. A fire suppression system is highly penetrated in infrastructures for evading or preventing the spread of fireside through a specific area by using a mixture of dry chemicals or wet agents. The common types of fire suppression are CO2, wet chemical fire suppression, dry chemical suppression, and FM 200 fire suppression.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The fire suppression systems include fire detection alarm systems and other systems. The emergence of innovative products and technological advancements, along with increasing incidences of fire breakouts is leading to the high chances for the loss of human lives and property damages are the factors that are augmenting the market growth globally. For instance, in December 2017, Autocall- a brand of fire detection systems with influential networking capabilities in PC-based graphical command centers was introduced by Johnson Controls.
However, high installation and maintenance costs of fire suppression systems impede the growth of the market over the forecast period of 2021-2027. Also, improvement in human-machine interface (HMI) solutions, and modifications in rules and mandatory standards are anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Fire Suppression market study includes Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading region across the world in terms of market share owing to the execution of the stringent rules and regulations for deploying fire suppression systems in infrastructures. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027. Factors such as the increasing responsiveness for fire safety among end consumers and the increasing number of construction activities majorly across the emerging economies, like China and India would create lucrative growth prospects for the Fire Suppression market across the Asia-Pacific region.
Major market player included in this report are:
United Technologies
Siemens
S&S Fire Suppression Systems
Firefly
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Johnson Controls
Robert Bosch
Honeywell
Halma
Minimax Viking
Hochiki
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product
Fire Detectors and Control Panels
Fire Sprinklers, Nozzles, Caps, and Control Heads
Fire Suppressors
By Suppression Reagent
Chemical
Gaseous
Water
Foam
By Sector
Residential
Commercial
Industrial
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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