Fire Suppression Market Forecasts Study 2024 | Business Opportunities and Future Investments
Fire Suppression Market is poised to grow at more than 3.7% CAGR through 2024. The prevalence of rapid industrialization across the prominent regions of the globe have had a favorable impact on fire suppression industry trends, owing to increasing awareness among various employers coupled with the implementation of strict occupational safety norms. Regulatory organizations such as OSHA have been striving to ensure a safe environment for working professionals, by encouraging and assisting various industries in terms of training, research, education, and information about occupational health and safety, which is likely to propel fire suppression industry.
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In a bid to provide occupational health and safety to consumers and employees, various end use sectors such as hospitality, healthcare, educational, transportation, and offices are giving preference for fire suppression systems. Initially, most of the food service operators had not exactly depicted a willingness to implement fire suppression systems, however, to promote the usage of this safety feature, insurance companies have mandated the product deployment at commercial food service centers, which will considerably impact fire suppression market share.
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Given their potential ill-effects, national and international government bodies have been prompting companies to develop, implement, and enhance their health and safety management systems. On these grounds, fire suppression systems are being increasingly installed by companies, in order to avoid grave damage to their employees and organizational assets, which will considerably influence fire suppression industry share over the years ahead. As per the estimates, in 2016, fire suppression market collected a revenue of USD 13 billion.
Various regional governments have deployed strict norms to mandate the use of fire suppression systems incorporated with fire detection sensors to prevent the accidents. In order to comply with the standardized preventive measures, many vehicle manufacturers are installing these systems on a large scale, which is slated to drive fire suppression market size noticeably. One of the leading manufacturers of fire suppressors for vehicles, Dafo, has been continuously involved in R&D activities to develop advanced systems for providing an elevated level of security to customers.
U.S. fire suppression market size will surpass an installation of 150 million units by the end of 2024. A report compiled by the National Fire Protection Association claims that in the U.S., a damage of USD 356 million was incurred due to fire accidents in hotels and other hospitality avenues, and in more than 50% of cases, fires sourced from cooking appliances were evidenced to be the primary reason behind property damage. The increasing awareness regarding the negative impact of incidences such as the aforementioned will fuel the demand for fire safety systems, thereby augmenting the revenue graph of fire suppression industry.
Pertaining to the benefits of fire suppression systems, many end user companies are renovating their existing fire protection systems, incorporating them with advanced technologies. Many manufacturers have also been developing innovation centers to provide flexible and effective services to consumers. Furthermore, it is prudent to mention that the emergence of advanced technologies such as IoT and AR are slated to considerably influence fire suppression market outlook over the coming years.
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Data Tables
Table 1 Fire suppression industry 360° synopsis, 2013 – 2024
Table 2 Global fire suppression market estimates, 2013 – 2016 (Volume & Revenue)
Table 3 Global market estimates and forecast, 2017 – 2024 (Volume & Revenue)
Table 4 Global fire suppression market estimates by product, 2013 – 2016 (Million units)
Table 5 Global estimates and forecast by product 2017 – 2024 (Million units)
Table 6 Global market estimates by product 2013 – 2016 (USD Million)
Table 7 Global estimates and forecast by product, 2017 – 2024 (USD Million)
Table 8 Global market estimates by end-use, 2013 – 2016 (Million units)
Table 9 Global estimates and forecast by end-use, 2017 – 2024 (Million units)
Table 10 Global market estimates by end-use, 2013 – 2016 (USD Million)
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