Fire Detection and Suppression Market is projected to grow at a CAGR of 7.08% between 2017 to 2023
The recent study on the Fire detection and suppression market covers in-depth analysis of the market on the basis of component, end-user, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023, with 2017 as the base year. According to Knowledge Sourcing Intelligence analysts, the market is expected to increase from US$13.997 billion in 2017 to US$21.096 billion by 2023, at a CAGR of 7.08% during the projected period.
The report has segmented the fire detection and suppression market by component (fire detection and fire suppression), by end-user (commercial, residential, industrial, and government), and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). The growing number of fire accidents has been instrumental in driving the market. Moreover, strict regulations related to fire safety of the workers and equipment is demanding for fire detection and suppression systems to be in place.
Following driver, restraints, and opportunities have been covered in this report-
Drivers
• Growing construction activities globally
• Rising fire accidents at home and industries.
• Rising safety concerns of the workers at global level.
Restraints
• Lack of standardization and awareness among end users related to fire safety
• Dependence on manual fire alarm systems.
Opportunities
• Rising demand from industrial and residential end-users globally
Smoke Detectors and Automatic sprinklers are anticipated to witness rapid growth during the forecast period
Smoke detectors are a much recent technology designed to detect fire while in its smoldering or early flame stages. These devices are increasingly used by the end-users because of their ability to identify a fire while it is still in its incipient. They are usually preferred in life safety and high content value applications. Automatic sprinklers represent one of the single, most significant aspects of a fire management program. These are increasingly finding use in modern fire alarm systems as they notify occupants and emergency response personnel of the developing fire.
The increasing use of fire safety and suppression systems in industries is driving the market’s growth
Increasing use of fire alarm systems in chemical, petrochemical and hydrocarbon processing facilities is driving the detection and suppression systems market growth. Strict regulations related to worker’s safety is further fueling the demand for these systems across biomedical, construction and other industries.
North America holds a significant share in the market
Fire safety is a significant element within the industrial and residential sector in the United States as majority of buildings are made up of woods and bricks. The US and Canada have witnessed major infrastructural developments owing to the rising population in these regions. Trend of high rise buildings is augmenting the demand for fire protection systems, in tandem with strict fire and safety codes to minimize the risk and losses caused by fire. Strict fire safety norms such as The Federal Fire Prevention and Control Act in the US and Vessel fire safety regulation in Canada have made fire detection and suppression systems mandatory for the North American infrastructure.
Some of the major players discussed in the reports are AFEX, Siemens AG, Honeywell International Inc., Amerex Corporation, and United Technologies Corporation among others.
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