Fire Suppression System Market Size Worth $31.64 Billion By 2032 | CAGR: 4.6%

Fire Suppression System Market Size Worth $31.64 Billion By 2032 | CAGR: 4.6%

The global fire suppression system market size is expected to reach USD 31.64 billion by 2032, according to a new study by Polaris Market Research. The report “Fire Suppression System Market Share, Size, Trends, Industry Analysis Report, By Product (Fire Extinguisher, Fire Sprinkler); By Fire Extinguisher Type; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increased fire safety concerns in a variety of end-use industries, such as the commercial, industrial, and residential sectors, as well as government regulations requiring the installation of fire suppression systems in specific buildings and facilities are some of the factors driving the market.

Technological advancements in fire suppression systems, such as the development of smart fire suppression systems and the integration of these systems with building management systems, also drive market growth. For instance, in August 2022, in order to increase building and human safety, Honeywell has announced the release of the Morley MAx fire detection and alarm system. Installers and end users may take advantage of a highly sophisticated variety of capabilities that are simple to install, commission, and maintain thanks to the intelligent fire alarm control panel's small size, power, and performance focus

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Additionally, the increasing adoption of fire suppression systems in the transportation sector, particularly in aircraft and trains, also drives market growth. For instance, in November 2022, the trial run for Delhi-Meerut Regional Rapid Transit System (RTSS) were done.It will become operational by 2025. Each coach of the RTSS will be fitted with an intercom, CCTV camera, fire and smoke detector, fire extinguisher and an exterior camera.

There were a variety of changes to the fire suppression industry during the COVID-19 pandemic. Due to the suspension of industrial and building activities, demand decreased dramatically during the first several months of the lockdown. This was eventually compensated for by the removal of limitations. On the residential and commercial fronts, however, demand grew as hospitals and houses-imposed fire safety measures to reduce the likelihood of fatalities in the event of accidents.

Fire Suppression System Market Report Highlights

  • Fire Sprinkler segment is anticipated to grow at a high CAGR over the forecast period owing to the strict protocols by the authorities for high-rise buildings.
  • Dry Chemical powder fire extinguisher held the dominant position in the market in 2021. This can be attributed to the capability of these type of extinguisher to suppress the common type A, type B and type C fires.
  • Industrial segment is held the largest market share in 2022 as a no. of enterprises and SMEs are increasing their expenditure on fire suppression systems
  • Asia Pacific recorded a high CAGR over the study period on account of Increasing end-user knowledge of fire safety and an increase in building activity in this region.
  • Global market players include Johnson Controls, Firetrace International, Fike Corporation, Honeywell International, & Siemens

Polaris Market Research has segmented the Fire Suppression System Market report based on product, fire extinguisher type, application, and region:

Fire Suppression System, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Fire Extinguisher
  • Fire Sprinkler

Fire Suppression System, Fire Extinguisher Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Gas
  • Water
  • Dry Chemical Powder
  • Others

Fire Suppression System, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Commercial
  • Industrial
  • Residential

     Fire Suppression System, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa