According to the new market research report “Fire Suppression Market by Product (Fire Suppressors, Fire Detectors and Control Panels, Sprinklers, Nozzles, Caps, and Control Heads), Suppression Reagent, Sector (Residential, Commercial, Industrial), and Region – Global Forecast to 2023″, the fire suppression market is estimated to be worth USD 22.97 billion in 2018 and is projected to reach USD 29.13 billion by 2023, at a CAGR of 4.87% between 2018 and 2023. Key factors such as technological advancements and innovations in the construction industry; increasing policies, regulations, and government mandates; and increased damage to human life and property due to fire breakouts are driving the fire suppression market growth.
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The fire suppression market is expected to be valued at USD 22.97 billion in 2018 and is projected to reach USD 29.13 billion by 2023, at a CAGR of 4.87% between 2018 and 2023. Fire suppression systems help prevent fire accidents and subsequently the damages caused by them, reduce the impact of uncontrolled fires, and thus save lives and property. A fire suppression system comprises fire detectors, fire extinguishers or suppressors, and fire dissipation equipment required in emergencies.
Johnson Controls recently started concentrating on its core business by acquiring nonprofit companies. This helped the company grow its revenue and expand its presence in emerging markets, including India, China, and some countries in the Middle East and Latin America. Johnson Controls offers fire detection and alarm systems, and fire response systems. Fire detection and alarm systems offered by the company are fire alarm panels and fire alarm peripheral devices such as detectors, sounders, and manual call points. Fire response systems include mass notification devices. The company has a business unit committed to developing and providing quality products, services, and solutions related to fire suppression safety and security. As a leading innovative firm, the company is focused on delivering value to shareholders and meeting the needs of its customers. Tyco and Johnson Controls merged to form Johnson Controls (US) after the spin-off of automotive seating company Adient plc (Ireland). After the merger, Johnson Controls became a leading provider of building and energy storage solutions and services with estimated revenue of ~USD 30 billion in the financial year 2017.
Asia Pacific held largest share of fire suppression market in 2017
Asia Pacific held the largest share of the fire suppression market in 2017. Rising urbanization in emerging markets such as China, India, Indonesia, and Nigeria is expected to accelerate infrastructure spending for vital infrastructure sectors, which include transportation, water & wastewater treatment, and power. This, in turn, will urge infrastructure financing toward consumer sectors, which would include manufacturing and transportation that facilitate the production and distribution of raw materials for consumer goods. In India and Japan, substantial rebound in transportation spending, which includes rail and air upgrades, is expected to triple the annual infrastructure spending in the aforementioned sectors. Growing urbanization in APAC has increased construction activities, contributing significantly to the growth of the fire suppression market. The expansion of the manufacturing base in Asian countries has also led to the growth of the fire suppression market.
Major companies in the fire suppression market are Johnson Controls (Ireland), United Technologies (US), Robert Bosch (Germany), Siemens (Germany), Halma (UK), Hochiki (Japan), Firefly (Sweden), Minimax Viking (Germany), Honeywell (US), and S&S Fire Suppression Systems (US). Key innovators in the market are EMS Security Group (UK), Electro Detectors (UK), Napco Security Technologies (US), Fike (US), and Gentex (US). Other key players are Noha Norway (Norway), Sterling Safety Systems (UK), FireProTec (US), Fire Suppression Limited (UK), and Encore Fire Protection (US).
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