LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global fire detection and suppression systems market is expected to reach USD 7,740 million by 2021, growing at a CAGR of almost 11%.
This research report titled ‘Global Fire Detection and Suppression Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global fire detection and suppression systems market will register growth during the forecast period due to the demand for safety measure requirements, need for ease of control and operation, and reducing fire hazards. Fire detection and suppression systems are deployed in buildings to monitor and control various fire hazards of a facility. The automatic fire detection systems ensure that occupants of an area are informed about the hazard that could occur by a potential fire.
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Technavio’s industrial automation research analysts categorize the global fire detection and suppression systems market into the following segments by end-user. They are:
- Commercial buildings
- Industrial sector
- Residential buildings
- Government buildings
- Educational buildings
The top three end-user segments for the global fire detection and suppression systems market are discussed below:
Among all end-user segments, commercial buildings hold a maximum share of the global fire detection and suppression systems market. It will remain the major contributor to the market during the forecast period. Commercial buildings are meant to generate profit. Thus, they consist of manpower, assets, and products. It is necessary to safeguard all components of operation in these buildings to eliminate any chance of harm in generating profits.
According to Bharath Palada, a lead automation research analyst from Technavio, “Commercial buildings include office buildings, industrial buildings, such as warehouses and distribution centers, and buildings used in retail businesses, restaurants, and others. Unlike residential buildings, commercial buildings have legal requirements to fulfill in the case of fire safety measures. The technological advancement of such buildings for faster and safer operations in business involves sensors, integrated management systems, and touch screen interfaces.”
Industries are the next major segment that uses the fire detection and suppression systems. Countries like China and the US, which are said to be the manufacturing hubs of these systems contribute the most to the market. Fire explosions in industries are tough to handle as they can easily spread out due to the presence of flammable materials on the premises.
“Industries, such as oil and gas, power, mining, and petrochemicals, always deal with flammable materials. Hence, they have high chances to catch fire and cause a huge explosion due to minor causes. Thus, considering the amount of loss that occurs by a fire explosion, industry owners avoid taking risks and initiate the installation of detectors and suppressors in their industrial premises,” says Bharath.
The rising disposable income of people and changing demographic profile are creating awareness on fire safety. Their preferences are changing their direction to spend on the safety measures against fire. They know that a fire causing hazard can be controlled by fire detectors and suppressors.
The interior of the house consists of commodities which can be ignited easily and can contribute in spreading the fire further. Therefore, there are higher chances for fire break out which can cause harm, including loss of life and property. Not only huge apartments but single households have also been noticed using fire detection systems on their premises. Hence, the growth of this market in the residential segment is on the rise.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Globe Fire Sprinkler
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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