What Does the Global Fire Suppression Systems Market Report Mean for the Industry?
A fire protection system is a crucial part of any fire protection infrastructure. protecting any building.
The Global Fire Suppression Systems Market Report discusses the growth of the fire suppression market and answers questions such as: how much is the fire suppression system market growing? Why is it growing? What does this mean for the future of the fire protection industry?
In this blog, we will summarize some significant findings of the report and discuss what these findings could mean for the fire protection industry.
What is the Fire Suppression Systems Market Report 2022?
The Fire Suppression Market Report analyzes and forecasts the market based on:
- Suppression reagent
- Product
- Sector
- Geography
Let’s take a look at some of the report’s predictions.
Fire Suppression System Market Will Witness Significant Growth
The fire suppression market has experienced significant growth in the past few years. In fact, in 2018, the fire suppression market was projected to reach USD 29.13 billion by 2023, at a CAGR of 4.87% between 2018 and 2023.
In 2021, the global fire suppression system market size was valued at USD 16.8 billion and is expected to witness a CAGR of 4.8% from 2022 to 2030.
What do these statistics tell us? The fire suppression system market has experienced significant growth and shows no signs of slowing; this growth will likely continue through the 2030’s.
What Caused the Growth in the Fire Suppression Industry?
The growth can be attributed to the growing emphasis on preventing casualties and damage to infrastructure due to fire breakouts and the rising awareness among consumers about the latest fire protection systems.
Fire suppression systems can be considered one of the critical systems installed in buildings or establishments. Fire suppression systems play a vital role in safeguarding properties and infrastructure in the event of a fire accident.
How Did the COVID-19 Pandemic Slow the Growth of the Industry?
The outbreak of the COVID-19 pandemic and the subsequent lockdowns in different parts of the world as part of the efforts to arrest the spread of coronavirus has had a moderate impact on the market. The restrictions on the movement of people have particularly delayed the installation of fire suppression systems at various establishments.
At the same time, the production of fire suppression equipment has also been affected as the supply chains are disrupted and production activities have been suspended temporarily. Nevertheless, the market is poised for moderate growth over the forecast period as restrictions are gradually relaxed.
Why is the Fire Suppression Industry Expected to Grow More in 2023?
Increased Demand
Increasing demand for fire protection systems from manufacturing units and incumbents of various industries and industry verticals, such as oil and gas, energy, and power, is expected to drive the demand for fire suppression systems over the forecast period.
Regulatory Mandates
Regulatory mandates regarding the adoption of fire safety standards in the wake of the increasing number of fire accidents across the globe are also anticipated to fuel the adoption of fire suppression systems in residential and commercial establishments. Insurance agencies are also making it mandatory to install fire suppression systems before insuring any building.
As a result, fire suppression systems are increasingly being installed in households, residential apartments, hotels, schools, hospitals, restaurants, and offices.
Growing Demand for Environmentally Friendly Systems
The growing demand for environment-friendly fire suppression systems is expected to open new growth opportunities for the growth of the market. Earlier in 2020, Win Time Technology of Taiwan introduced a revolutionary, eco-friendly fire extinguisher at the annual meet of NoAW (No Agriculture Waste), a European Horizon 2020 research and development project. Later on, the product received widespread recognition from more than 20 countries.
Unabated residential, commercial, and industrial construction activities and the strong emphasis and the growing preference for installing environment-friendly fire suppression systems in newly constructed infrastructure bodes well for the growth of the market over the forecast period.
