Global Fire Suppression Equipment Market Outlook, 2027

Global Fire Suppression Equipment Market Outlook, 2027

A fire suppression system utilises a mix of wet agents and/or dry chemicals to smother or extinguish a fire in a specific area. Fire suppression comes in a variety of typical forms, including as CO2, FM 200, wet chemical, and dry chemical suppression. In general, fire control agents or media include water, foam, CO2, steam, inert gases, and dry chemical powders. Fire suppression systems include both extinguishing equipment and fire alarm systems. Alarm and extinction systems are established permanently.The recent publication of Bonafide Research under the title – Global Fire Suppression Equipment Market Outlook, 2027 provides an in-depth market analysis of the global fire suppression equipment industry. It also included insights along with the value analysis of the fire suppression equipment. The report also mentions the competition of leading companies that are involved in the manufacturing of fire safety equipment. The report is classified into 5 regions and 19 countries, along with their local rules & trends. The increase can be ascribed to the increased focus on minimising fatalities and infrastructure damage brought on by fire outbreaks, as well as to consumers' growing awareness of the most recent fire prevention technologies. One of the crucial systems that are put in structures or organisations are fire suppression systems. When a fire disaster occurs, fire suppression systems are crucial for protecting buildings and infrastructure.

A group of engineered units assembled to extinguish a fire can be termed a fire suppression system. Usually, it has built-in components that enable fire detection right through the start by the warning signals like heat & smoke. The global market of fire suppression systems in the year 2016 was valued at around USD 11960 Million. The market is highly growing with the introduction of smart detector concepts, which include IoT and big data technologies. Even though these new advanced technologies are expensive, they are easy to use and can be easily connected to mobile through internet networks. Through the forecasted period, the overall market is expected to be growing with an anticipated growth rate of 6.06%.

The demand for fire suppression systems is anticipated to increase throughout the projected period due to an increase in the need for fire protection systems from manufacturing facilities and incumbents of different industries and industry verticals, including oil and gas, energy, and electricity. It is also projected that the adoption of fire suppression systems in residential and commercial premises would be fueled by regulatory demands on the adoption of fire safety standards in response to the rising number of fire incidents throughout the world. The installation of fire suppression systems is now required by insurance companies before they will insure any structure. As a result, more homes, residential units, hotels, schools, hospitals, restaurants, and workplaces are installing fire suppression systems.
The overall fire suppression system market is classified broadly into two segments by systems, which are: Fire Extinguisher and Sprinklers. The fire sprinkler system releases water to curb the fire and can get activated through heat or smoke. The market is dominated by the sprinkler segment, which is also likely to be growing with a high futuristic growth rate. The major reason for this can be cited as this equipment is less expensive and also they work on water, which reduces the overall cost. One of the considerable drawbacks of the sprinkler system is that the use of water can be ineffective in certain cases. The market is expected to rise during the projected period thanks to the ongoing building and infrastructure development as well as the rising public awareness of fire dangers. The use of fire suppression systems is likely to be accelerated by aggressive infrastructure development, particularly in major and growing economies like India, Japan, France, and the United Kingdom. On the other side, the need for intelligent fire suppression systems is being driven by technological advancements.

The market's expansion is anticipated to be aided by the rising demand for environmentally friendly fire suppression systems. At the annual NoAW (No Agriculture Waste) meeting earlier in 2021, Win Time Technology of Taiwan unveiled a cutting-edge, environmentally friendly fire extinguisher. NoAW is a European Horizon 2021 research and development project. The product afterwards gained worldwide acclaim from more than 20 nations. Continuous residential, commercial, and industrial construction projects as well as the emphasis on and growing preference for installing environmentally friendly fire suppression systems in newly built infrastructure are encouraging signs for the market's expansion over the course of the forecast period.

Stable HMI solutions are required for fire suppression systems to operate at their highest level of effectiveness. Electromechanical components including switches, keypads, keyboards, pointing devices, and other parts like indicators and alarms are integrated with HMIs to operate fire suppression equipment and systems. In order to address the increasingly particular requirements of industrial, transportation, oil & gas, energy & power, public access/security, and lifting/moving applications, significant developments in HMI component technology have been accomplished throughout time. There is a lot of space for expansion in this market for fire suppression systems throughout the forecasted period.The use of fire suppression systems is seen high in the industrial setting. Particularly the oil, gas, and mining industries are in constant need of safety given the high quantity of flammable substances and the huge loss of capital involved. The sprinklers are commonly found in the mining, oil, and gas sectors. The overall market is led by North America, with more than 30% of the market share in 2021. Through the forecasted period, among all the regions, the Asia Pacific market is to be growing with the highest CAGR of 7.13%. This region is to enjoy a high growth with the increasing construction activates in prominent economies like India, China, South Korea, Japan, etc. With the increasing loss of property & life due to fire, various governments have now laid stringent norms for fire safety.

In the overall market and the fire extinguisher system, the European region follows North America as a high shareholder. However, in regards to the fire sprinkler system market, Asia overtakes the dominance of both the leading regions and by the end of the forecasted period, is likely to hold to nearly 30% of the market and become a market leader.

In 2021, the dry chemical powder sector controlled the market and generated more than 30% of the total revenue. Dry chemical powder extinguishers contain an inert material that, by building a coating and shutting off the air supply, may put out a variety of flames. They are more affordable than extinguishers that use clean agents. From 2022 to 2030, the water category is anticipated to have the second-highest CAGR. One of the most often utilised fire-extinguishing substances is water. Class ""A"" fires including common solid combustibles such textiles, wood, plastics, coal, and paper are best put out with water. In such circumstances, water may generally seep through furniture and bedding, cool the fire, and stop any more fires from starting.

In 2021, the industrial sector dominated the market.The use of fire suppression systems in several sectors and industry verticals, including oil and gas, transportation, energy and electricity, and manufacturing, is covered under the industrial section. The incumbents in these sectors and industry verticals have been aggressively stressing the installation of fire suppression systems to put out flames within large machinery after realising that industrial premises are at a significant risk of fire mishaps. Heavy machinery installation requires significant financial outlays, thus industrial building owners and managers place a high priority on keeping such equipment safe from fire risks.

The installation of fire suppression equipment in industrial premises is also driven by governmental rules requiring precautions to protect worker safety. Over the projection period, the residential category is anticipated to have the greatest CAGR. Over the past few years, installation of fire sprinkler systems in residential buildings has gained a lot of momentum. The active marketing initiatives run by well-known fire safety equipment makers and public safety organisations, together with the consequent rise in end-user knowledge of the need of ensuring fire safety, are anticipated to fuel the residential segment's growth.

Major companies mentioned in the report:
Gentex Corporation, HOCHIKI Corporation, Napco Security Technologies, Inc., Nittan Company, Ltd., Halmaplc, Robert Bosch GmbH, Honeywell International, Inc., Siemens Building Technologies

CONSIDERED IN THE REPORT
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Forecasted year: 2027

REGIONS COVERED:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

ASPECTS COVERED IN THE REPORT
• Market Size by Value for the period (2016-2027F)
• Market Share by Product Type (Fire Detection, Fire Alarm, Fire Suppression)
• Market Share by Application (Commercial, Industrial, Residential)
• Market Share by Region
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.