A fire suppression system is an engineered group of units that are built to extinguish fires through the application of a substance. Most commonly, a fire suppression system has built-in components that detect fires at the beginning stages through heat, smoke, and other warning signals. The global fire suppression systems market is expected to witness substantial growth, owing to rise in demand for fire protection and prevention system in the fire risk prone industries, including manufacturing, oil & gas exploration, and energy & power. Increase in awareness among organizations related to fire protection, including safeguarding the structure and minimizing human loss are expected to be the key drivers for the global fire suppression system market. In addition, stringent regulations supporting improved fire safety standards due to rise in disasters are expected to propel the market growth. Fire suppression system is used in power plants for fire protection in various locations, including control rooms, cable trays, coal handling, turbine areas, electrical equipment’s, boiler buildings, cooling towers, transformers, and fuel storage & handling. In addition, fire suppression system is used in photovoltaic solar power plants to provide fire protection in switchgear rooms used in photovoltaic facility and concentrated solar power plants to provide fire protection in solar field. It is also used in healthcare facilities, mainly in hospitals for protection against fire due to HVAC and electrical fire where the main focus is on safety of patients in the hospital. However, rise in market competition to manufacture high-quality & cost-competitive products with improved efficiency is expected to be a major challenge for the fire suppression systems market growth.
COVID-19 scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the fire suppression system market, owing to the prolonged lockdown in major countries. This has hampered the growth of the fire suppression system market significantly from last few months, and is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth during the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which are badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The fire suppression system market has several applications due to its high demand, thereby leading to the market growth.
Rise in demand for advanced technologies
Growing infrastructure activities particularly in developing countries are expected to augment the market growth over the forecast period. Rise in consumer awareness regarding fire safety coupled with mandatory building safety codes is likely to augment the fire suppression systems market growth. Rise in demand for advanced technologies related to automation of fire safety systems is anticipated to drive the market growth. In addition, construction of smart cities with wireless sensory networks is likely to simplify the automation process.
Rise in demand for centralized protection system with advanced sensors
Fire concealment frameworks are fire insurance frameworks, which utilize a mix of dry synthetic substances and wet operators to control and stifle the fire. Most broadly utilized fire concealment framework is programmed with fire sprinkler framework, vaporous fire concealment, and consolidated airborne fire concealment. Fire sprinkler framework is the most generally utilized fire security framework inferable from its huge scope of use in industrial facilities, enormous business structures, schools, and medical clinics attributable to relatively low arrangement cost. The utilization of vaporous fire concealment and dense vaporized fire concealment is attributable to improved fire smothering capacities. Assembling enterprises utilize the largest amount of the fire concealment framework due to its huge scope of use in businesses, including car, steel, and concrete to help control the harm and loss of hardware. The oil & gas industry contributed a noteworthy piece of the overall industry due to huge scope of use in coastal & seaward fire assurance, gas plants, treatment facilities, and synthetic & petrochemical plants fire security.
Key benefits of the report:
- This study presents the analytical depiction of the fire suppression system market along with the current trends and future estimations to determine the future of the market
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the fire suppression system market share.
- The current market is quantitatively analyzed to highlight the fire suppression system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.ss
Fire Suppression System Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Services |
|
 By Vertical |
|
 By Region |
|
 Key Market Players | Cosco Fire Protection, Tyco Fire Protection Products, Minimax, National Fire Equipment Ltd, Master Fire Preventions Ltd, Amerex Corporation, Buckeye Fire Equipment |
Loading Table Of Content...
