Fire Suppression Equipment Market Size, Share & Industry Analysis, By Product (Fire Suppressor, Fire Response, Fire Sprinkler System, Fire Analysis, Fire Detectors), By Services (Maintenance Service, Managed Services, Engineering Services, Installation and Design Services, Other services), By End-user (Oil & Gas, Industrial, Transportation & Logistics, Energy & Power, Residential) And Regional Forecast, 2024-2032

Fire protection systems are generally used to control, detect and extinguish fire or smoke and alert the occupants of a building, thus reducing the risk of casualties and property loss. Fire protection systems are consisting of equipment such as fire detectors, fire hose reels, fire extinguishers, fire hydrant systems, and automatic sprinkler systems. These systems are deployed by several infrastructures and establishments, such as manufacturing units and commercial buildings, to protect them from fire hazards. Governments across various regions have designed specific codes and standards intended to minimize the possibility and effects of fire and other risks.

The products are classified into fire suppressors, fire response, fire sprinkler system, fire analysis, and fire detectors. Fire suppressors are likely to dominate the market due to their effectiveness over other types of equipment. The characteristics of fire suppression systems are to provide cooling, control the fire, and provide extinguishment of the fire incident. A variety of fire suppression methods are available to protect a facility in which both portable and fixed systems can be utilized.

The services can be further bifurcated into maintenance, managed, engineering, installation & design services. Maintenance services involve timely servicing and auditing of fire protection systems to ensure that the system meets all required fire safety standards and functions appropriately during an emergency. The service contains testing, servicing, inspection, and repair of components, and monitoring of fire protection systems. The services involve system testing and commissioning, equipment supply, and regular preventative maintenance.

Based on the end-user, the market is segmented into oil & gas, industrial, transportation & logistics, energy & power, residential, government, and others. The industrial segment dominated the fire suppression market share in 2020 and is expected to grow at the fastest pace during the forecast period due to various manufacturing and production activities. In addition, the energy & power sectors are also prone to fire incidents that can be caused during the energy transit or through transformers overload or power surge.

The major market driver for the fire suppression equipment market is the growing demand for fire protection systems. Factors such as increasing human and property loss due to fire breakouts, development of the construction industry, stringent regulations, and adoption of wireless technology in fire detection are fuelling the growth of the fire protection system market. In addition, increased fire-related expenditures in the enterprise are another key driver for the market.

The factor that is expected to inhibit the growth of the market is the high maintenance costs. The cost of a fire safety system varies depending upon the lifespan, use, size, and type of the building. A fire alarm system is more expensive to install in older buildings as compared to newly constructed ones.

Key Market Driver -

Growing demand for fire protection systems.

Key Market Restraint -

High maintenance costs.

Key Players Covered:

Some of the major companies that are present in the fire suppression equipment market are Johnson Controls, United Technologies, Honeywell, Siemens, Halma plc, Robert Bosch, Hochiki, Gentex Corporation, Minimax Gmbh & Co. KG, Securiton AG, Encore Fire Protection, Schrack Seconet AG, Napco Security Technologies, and Argus Fire Protection Co. Limited.

Regional Analysis:

The fire suppression equipment market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market for fire suppression market during the analysis period due to advancements in fire protection systems and an increase in infrastructure investments. Implementation of stringent fire safety regulations of fire protection systems across the region is expected to drive the growth of the market. The Asia Pacific is likely to emerge with significant opportunities with countries such as Japan, India, and China. The growth in this region is mainly driven by extensive industrialization and urbanization. Factor such as growing awareness about ensuring the safety of people in public places has been leading to increasing installation of fire protection equipment.

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Segmentation

Key Industry Developments

• In June 2019, Hassantuk, the centralized smart fire alarm system introduced in buildings and villas in Dubai. This system is aimed at connecting houses with the smart alarm system to prevent a fire.


• In June 2019, Halma announced the acquisition of Ampac a leading Australian fire and evacuation systems company. The company will be a part of Halma’s Infrastructure Safety sector and will continue to operate under its current management team.