Fire Suppression Equipment Market Overview - 2027
Global Fire suppression equipment market size was valued at $24.9 billion in 2019 and is anticipated to generate $32.9 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.
The global fire suppression equipment market is consolidated in nature and is growing at a considerable rate. The fire suppression equipment demand is rising as there is increase in fire incidents in various industries such as oil & gas, mining, commercial, residential, healthcare and other sectors. Moreover, increased rules and stricter regulations mandating installation of proper fire safety and precaution have further boosted the market for fire suppression equipment/system.
The global market is segmented based on equipment type, fire type, application, and region. Region-wise, the fire suppression equipment market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The impact of COVID-19 outbreak led to slow down in the market growth; however, various fire incidents took place during the pandemic and thus, the need for fire suppression equipment increased and is also expected to witness growth.
By Material Type
By Equipment type, fire suppressors dominated the market share in 2019 owing to ease in operating and low maintenance. They are available depending on the reagent variants such as dry, water, foam, and chemical based. However, Fire detectors market is expected to grow at higher CAGR during the forecast period. The rise in instances of fires have led to strict regulation from government to equip and install proper fire safety measures, thus, mandating the use of fire detectors which fosters the market growth for fire detectors.
By Material Type
Fire Detectors segment is projected as the most lucrative segment.
By Fire Type
Class B is projected as the most lucrative segment.
On basis of fire type, class A dominated the market share in 20149 owing to increased class A fire incidences. However, class B segment is expected to grow fastest during the forecast period owing to growing fire incidences in industrial areas and storage sites for flammable products have risen several concerns regarding the safety measures. Thus, the governing bodies and several association guarding the fire protection rules and regulation have mandated installation of proper fire fighting systems and equipment to suppress fire.
By Fire Type
Class B is projected as the most lucrative segment.
By Application
By application, industrial segment dominated the fire suppression market share in 2019. Moreover, the same ois expected to grow at fastest pace during the forecast period owing to various manufacturing and production activities also involve chemicals and machinery that are flammable and can lead to fires. Moreover, the energy & power sectors also are prone to fire incidents that can be caused during the energy transit or through transformers overload or power surge.
By Application
Industrial is projected as the most lucrative segment.
By Region
Region wise, North America dominated the fire suppression equipment market share in 2019 owing to presence of several regulations regarding fire protection and safety that are to be followed by residential, commercial and industrial sectors. Moreover, presence of firms and manufacturing plants that are prone to fire events boosts the demand for fire suppression equipment, hence fostering the market growth. However, Asia-Pacific is expected to be fastest growing during the forecast period owing to Increasing number of manufacturing activities across emerging economies such as China and India, will significantly contribute to the demand for fire suppression equipment/system. Rising eminence of wireless alarm systems, water mist technology, integrating fire detection devices, and smoke detectors into office buildings will positively fuel the demand for the fire suppression equipment/system.
By Region
Asia-Pacific is projected as the most lucrative market.
Competition Analysis
The key players operating in the market of fire suppression equipment/system are Carrier Global Corporation, Consilium AB, Gentex Corporation, Halma plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls, Robert Bosch Gmbh, Seimens AG, and Semco Maritime A/S. The players in the market have adopted several strategies to sustain the market competition.
Key Benefits For Stakeholders
- The report provides an in-depth analysis and fire suppression equipment market forecast along with the current and future market trends
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the fire suppression equipment industry for strategy building
- A comprehensive analysis of the factors that drive and restrain the fire suppression equipment market growth is provided
- The qualitative data in this report aims on market of fire suppression equipment/system trends, dynamics, and developments
- The market size is provided in terms of revenue
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favourable market share
Fire Suppression Equipment Market Report Highlights
| Aspects | Details |
 By Equipment Type |
|
 By Fire Types |
|
 By Application |
|
 By Region |
|
 Key Market Players | HONEYWELL INTERNATIONAL INC., ROBERT BOSCH GmbH, CONSILIUM MARINE & SAFETY AB, GENTEX CORPORATION, JOHNSON CONTROLS INTERNATIONAL PLC, SIEMENS AG, CARRIER GLOBAL CORPORATION, HALMA PLC, HOCHIKI CORPORATION, SEMCO MARITIME A/S |
Analyst Review
The government regulations, need for safe and protected commercial and residential spaces, and the reduced infrastructural and monetary loss supplement the market growth across various industry domains. Fire suppression equipment and systems protect infrastructure from fire losses and also help in saving lives. In various industries, organizations need to install fire suppression equipment in their premises such as sensors & detectors, fire alarm systems, control panels, interfaces, and communication devices. The need for real-time data, and the advanced analytics for early and reliable fire detection are expected to boost the market growth. The market is driven by increase in building automation in commercial and residential structures, technological advancements, innovations in equipment & networking, increased fire incidents in the region, and strict government regulations for upcoming buildings. The global fire suppression equipment market is anticipated to grow at a considerable rate during the forecast period. This is attributed to the rise in demand for fire suppression equipment from various end-use industries such as oil & gas, marine, aviation, and others. Moreover, introduction of rules and regulation for fire hazards safety involving stocking of fire suppression equipment also drives the growth of the fire suppression equipment market. However, this growth is restrained due to high monetary expenses for the retrofitting and maintenance of the system.
The total market value for fire suppression equipment market in 2019 is $24.9 billion
The CAGR of Fire Suppression Equipment Market is 4.7%
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The key trends in the market are: Rise in demand for fire suppression equipment from various end-use industries such as oil & gas, marine, aviation, and others. Introduction of rules and regulation for fire hazards safety involving stocking of fire suppression equipment also drives the growth of the fire suppression equipment market.
Applications of fire suppression equipment are in healthcare, educational institutes, hospitality, warehouses, oil & gas, production & manufacturing, transportation & logistics, energy & power, and mining.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
The potential customers are hospitals, offices, schools, government buildings, manufacturing plants, chemical plants, pharmaceuticals, and others.
In coming years, Asia-Pacific will offer lucrative opportunities for fire suppression equipment.
The leading players in the market are Johnson Controls International plc, Carrier Global Corporation, Consilium AB, Gentex Corporation, Halma plc, Hochiki Corporation, Honeywell International Inc., Robert Bosch Gmbh, Seimens AG, and Semco Maritime A/S.
Industrial segment held the maximum market share in terms of application.
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