Fire Suppression Equipment Industry Overview
The Global Fire suppression equipment market was valued at $24.9 billion in 2019 and is anticipated to generate $32.9 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.
The key players operating in the fire suppression equipment market are Carrier Global Corporation, Consilium AB, Gentex Corporation, Halma plc, Hochiki Corporation, Honeywell International Inc., Johnson Controls, Robert Bosch Gmbh, Seimens AG, and Semco Maritime A/S. The players in the market have adopted several strategies to sustain the market competition such as collaboration, joint venture, partnership, and new product launch.
Get Free Report Sample PDF @ https://www.alliedmarketresearch.com/request-sample/7183
There is an increase in the demand for fire suppression equipment owing to rise in number of such incidents, which further drives the market growth. Furthermore, stringent rules & regulations regarding fire safety that companies have to abide by also surges the demand for fire suppression equipment, hence driving the market growth.
Based on equipment type, the market is categorized into fire detectors, fire alarms, fire suppressors, sprinklers, nozzles, caps, and control heads, and others. The fire suppressors segment dominated the market share for 2019 followed by fire detectors. Fire detectors segments is forecasted to grow at a higher CAGR owing to increased awareness and government regulations regarding installation of proper fire safety systems.
Based on fire type, the market is divided into class A, class B, class C, class D, and class K/F. Class A fire type segment dominated the market share for 2019 owing to large number of category A fires caused from wood, paper, plastics and others. Class B segment is expected to grow at a higher CAGR during the forecast period.
On basis of application, the market was bifurcated into commercial, residential, forest and agriculture, and industrial. Industrial segment dominated the market share for 2019 growing at a CAGR of 5.0% and is expected to grow at the highest CAGR during the forecast period. This is owing to rising incidents of fire in the oil & gas, mining, manufacturing, and energy & power industry.
North America dominated the market share for 2019 owing to strict rules and regulation regarding fire safety and protection in the region. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period owing to rising awareness for fire safety and protection and increasing rules and regulations for the same.
Buy Now: https://www.alliedmarketresearch.com/fire-suppression-equipment-market/purchase-options
COVID-19 Impact
North America is the most affected region during the COVID-19 outbreak. It recorded the highest number of infected people and higher fatalities. U.S. alone has the highest number of COVID-19 affected people. The outbreak has impacted the demand-supply chain as many production houses have halted operations. Moreover, the fear for the disease has also made people to stay at homes and deny going to offices and workplaces. The coronavirus pandemic has been disrupting chemicals, energy, and industrial equipment supply chains, changing demand patterns and causing a significant impact on feedstock prices and barriers in export-import activities. The impact of COVID-19 can be seen on the fire suppression equipment market as well as it has slowed down the market growth rate. The market will experience slow growth rate for next 1-2 years owing to halt in the production processes and decreased R&D investments.
By country, India is projected to grow at the highest CAGR of approximately 6.0%, in terms of revenue, during the forecast period.
By fire type, the class B segment is anticipated to grow with CAGR 5.0%, in terms of revenue, during the forecast period.
By application, the industrial segment is anticipated to grow with CAGR 5.0%, in terms of revenue, during the forecast period.
By region, the U.S. and the UK dominated the market with a revenue share of over 32.0% and 7.4% in 2019 respectively.
Browse Complete Report @ https://www.alliedmarketresearch.com/fire-suppression-equipment-market-A06818
The qualitative data in this report aims at the fire suppression equipment market trends, dynamics, and developments in the fire suppression equipment industry
The fire suppression equipment market forecast and estimations are based on factors impacting the market growth
Related Report:-
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: