Firefighting Market Expected to Reach USD 32.92 Billion by 2032, CAGR: 4.85% Due to Increasingly Stricter Safety Regulations

The fire protection equipment market is experiencing significant growth due to a confluence of factors, including increasing industrialization across the world, stringent fire safety regulations implemented by governments, and the growing need to ensure employee safety.

Pune, July 3, 2024 (GLOBE NEWSWIRE) —

Analysis of the size of the fire extinguishing equipment market:

“This Fire Suppression Market The size was valued at USD 21.5 billion in 2023 and is expected to reach USD 32.92 billion by 2032, growing at a CAGR of 4.85% during the forecast period 2024-2032. This growth is attributed to the growing awareness of fire safety measures, coupled with the increasing number of industrial facilities and stringent fire safety regulations mandated by governments across the world.”

Rapid industrialisation across the world, particularly in emerging economies such as China and India, is creating a significant need for fire protection solutions in industrial facilities. These facilities often handle flammable materials, making them highly susceptible to fire outbreaks. Secondly, governments around the world are implementing stricter fire safety regulations to minimise property damage and loss of life during fires. The UK government has introduced additional obligations in this regard under the Fire Safety Regulations from May 2022. Thirdly, there is an increasing focus on worker safety in industrial environments, prompting companies to invest in advanced fire suppression systems.

The fire extinguishing equipment market is also seeing a trend towards mergers and acquisitions as companies seek to expand their product offerings and geographic reach. In July 2023: United Technologies Corporation has completed its acquisition of the Fire Systems business of Honeywell International Inc. The acquisition creates a leading player in the global fire suppression market with a broader product offering.

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Analysis of the main players mentioned in this report are:

Segmentation analysis

By application: The industrial segment dominates the fire suppression systems market, accounting for almost 49% revenue share in 2023. This dominance is due to the high risk environment of industrial facilities and strict safety regulations mandating the use of fire protection systems in these locations. Fire hazards, in the special case of those industrial facilities where the large amount of combustible substances used on them makes them more vulnerable to hazards than in commercial and residential facilities. Industrial units: A portable fire extinguisher must be provided for every 25 feet of travel, with a maximum number specified in the Table on that floor but not less than one for every space within 75 feet of exit and major travel routes. To create a safe and secure workspace on industrial floors, a fire protection system is a must.

The story continues

Scope of the Fire Suppression Systems Market Report:

By product: The fire extinguisher segment was the market leader and accounted for approx. 57.7% global market revenue in 2023. Increasing safety regulations and implementation of fire safety measures across the globe are expected to drive the growth of the segment during the forecast period.

The sprinkler segment is expected to register a significant CAGR throughout the forecast period. Moreover, the construction of residential high-rise buildings is increasing in every corner of the world and this requires new safety measures as well as latest protocols.

Key segmentation of the fire suppression systems market:

By product

• Gas

• Water

• Dry chemical powder

• Others

By application

• Commercial

• Industrial

• Residential

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Key regional events

North America dominated the fire suppression systems market in 2023, generating 36.9% global sales. This dominance is attributed to the presence of well-established industrial sectors and stringent fire safety regulations in the region. Moreover, growing offshore manufacturing operations and exploration activities are expected to drive the market growth in North America.

This Asia and Pacific is expected to grow at a high CAGR during the forecast period. The market has been driven by factors such as rising awareness of fire safety among end users and increase in construction activities in emerging economies including India and China, among others. Moreover, increasing consumption of smart home automation AND intelligent buildings to ensure maximum safety and security measures are expected to drive fire suppression systems in the Asia Pacific region. Growing awareness regarding protection against unexpected fires occurring in commercial buildings such as schools, hospitals and hotels is further driving the demand for installation of fire suppression systems in the Asia Pacific region.

Future growth

The fire suppression market is poised for further growth in the coming years. The growing focus on industrial safety, coupled with increasing investments in smart building technologies that integrate fire suppression systems, will create lucrative opportunities for market participants. Moreover, the growing demand for eco-friendly fire suppression solutions will further drive the market expansion.

Latest developments

In April 2023: UTC has introduced the Kidde FX Series fire extinguishers, featuring improved performance and compliance with the latest safety standards. These extinguishers are suitable for home and commercial use, offering increased fire protection.

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Key conclusions

• Gain valuable insights into market trends, drivers, and constraints to make informed business decisions.

• Identify lucrative market segments and potential customer bases for targeted marketing strategies.

• Analyze the competitive environment and identify key players to develop effective business partnerships.

• Stay up to date with the latest technological advances and product innovations in the fire protection market.

Table of Contents – Key Points

1. Introduction

2. Industry Flow Chart

3. Research methodology

4. Market dynamics

4.1 Drivers

4.2 Limitations

4.3 Possibilities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Segmentation of the fire protection equipment market by product

8. Segmentation of the fire extinguishing equipment market by application

9. Regional analysis

10. Company profiles

11. Competitive Landscape

12. Use Cases and Best Practices

13. Conclusions

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