According to a new report Global Fire Suppression System Market, published by KBV research, The Global Fire Suppression System Market size is expected to reach $23.5 billion by 2027, rising at a market growth of 5.4% CAGR during the forecast period.
The fire sprinkler segment would witness the largest growth rate over the forecasting period. The fire sprinkler systems require less investment and thus, boosting the segment growth. Fire sprinklers are the most preferred fire suppression system for establishments like commercial buildings, hospitals, hotels, schools, and factories. Moreover, the factors like continuous introduction of intelligent fire detectors and alarm systems that help in sending alerts through IP connectivity and advancements in smart home automation technologies would offer lucrative opportunities for the growth of the global fire suppression system market during the forecasting period.
The industrial segment acquired the highest market share in 2020. This segment comprises the installation of fire suppression systems in several industries and industry verticals like transportation, energy & power, manufacturing, oil & gas, and others. The holder of industries and industry verticals find that their industrial establishments are at a high risk of fire accidents due to which, they are focusing on implementing fire suppression systems to prevent heavy machinery from a sudden fire outbreak.
Asia-Pacific is anticipated to garner the largest growth rate during the forecast years. This surge in growth is due to the rising construction activity in developing countries like India & China and increasing awareness among end-consumers about fire safety measures and systems. Moreover, the increasing need for suppression systems in smart buildings and intelligent home automation systems that offer optimum safety and security is projected to augment the deployment of fire suppression systems in this region over the forecast period.
Full Report: https://www.kbvresearch.com/fire-suppression-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Honeywell International, Inc., Siemens AG, Carrier Corporation, Johnson Controls International PLC, Hochiki Corporation, Gentex Corporation, Halma PLC, Minimax Viking GmbH, and Fike Corporation.
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