Fire Suppression System Market Advancement Strategy, and Trends Report 2030

Fire Suppression System Industry Overview

The global fire suppression system market size was valued at USD 16.8 billion in 2021 and is expected to witness a CAGR of 4.8% from 2022 to 2030. 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.

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.

Gather more insights about the market drivers, restrains and growth of the Global Fire Suppression System Market

U.S. fire suppression system market size, by product, 2020 - 2030 (USD Billion)

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 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.

The unabated construction and infrastructure development activity and the growing awareness about combating fire hazards bode well for the growth of the market over the forecast period. Aggressive infrastructure development, especially in developed and developing economies, such as India, Japan, France, and the U.K., is particularly expected to drive the adoption of fire suppression systems. On the other hand, advances in technology are driving the demand for intelligent fire suppression 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.

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Key Companies profiled:

Some prominent players in the global fire suppression system market include

  • Fike Corporation
  • Gentex Corporation
  • Halma PLC
  • Hochiki Corporation
  • Honeywell International Inc.
  • Johnson Controls
  • Robert Bosch GmbH
  • Siemens AG
  • Minimax Viking GmbH
  • United Technologies Corporation

Order a free sample PDF of the Fire Suppression System Market Intelligence Study, published by Grand View Research.

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