LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global fire suppression market is expected to grow at a CAGR of more than 9% during the forecast period.
“Stringent fire safety regulations across developed regions like North America and Western Europe will contribute to market growth. Awareness initiatives by the federal governments across different regions will encourage fire prevention measures, which augurs well for the growth of the fire suppression market.”
This research report titled ‘Global Fire Suppression Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sarah Haque, a lead research analyst at Technavio, “Stringent fire safety regulations across developed regions like North America and Western Europe will contribute to market growth. Awareness initiatives by the federal governments across different regions will encourage fire prevention measures, which augurs well for the growth of the fire suppression market.”
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The market research analysis categorizes the global fire suppression market into three major end-user segments. They are:
Global fire suppression market for industrial end-users
A major chunk of the industrial end-user segment belongs to industries like manufacturing, oil and gas, automotive, mining, and construction. Most fire incidents occur in the industrial end-use segment, owing to the inherent nature of the manufacturing or production processes, which may pose risks such as an explosion or an electrical malfunction.
Fire extinguishers and fire sprinklers are the most common type of fire suppression systems used in this segment. Due to the increase in industrial hazards caused by various manufacturing processes, the norms subjected to regulations for this segment are much more stringent, thereby the need for the deployment of such products is higher. The rapid industrial growth across APAC, EMEA, and the Americas augurs well for the growth of this segment.
Global fire suppression market for commercial end-users
The commercial end-user segment is the fastest growing segment with a CAGR of more than 14% during the forecast period. The commercial segment includes offices, restaurants, and malls. The reason for the growth of the commercial segment is increasing investment in commercial real estate (CRE) properties, which is likely to witness high growth by the end of 2021.
“Due to the rising number of commercial establishments and congested spaces, the chances of fire explosions also increase. Therefore, there is a need for fire suppression products like fire sprinklers and fire extinguishers,” says Sarah.
Global fire suppression market for residential end-users
The residential end-user segment consists of residential housing units. Several countries across EMEA and the Americas have stringent government regulations mandating the deployment of fire extinguishers and fire sprinklers in residential housing units. The increase in the number of high-rise residential buildings is driving the market for fire suppression products.
The growth of the residential areas in APAC and Latin America will be a driving force for the growth of this segment during the forecast period. The residential market is set to grow at a higher pace due to the affordable housing policies laid out by the governments.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Tyco Fire Protection Products
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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