Fire suppression market to be worth 29.13 billion USD by 2023
The fire suppression market is estimated by Marketsandmarket 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, according to the research company’s latest report.
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.
Fire suppression reagent FM200 is thought to hold the largest market share of this sector between 2018 and 2023. FM200 is a clean, colourless, and environmentally friendly fire suppression agent that is electrically nonconductive and safe for humans. It extinguishes flame primarily through heat absorption, leaving no residue, and thus minimizing downtime after a fire. FM200 agent is stored in a cylinder as a liquid and pressurised with nitrogen, which makes it a highly compact fire suppression system. The use of FM200 does not affect aluminum, brass, steel, cast iron, lead, stainless steel, copper, etc., as well as rubber, plastic, and electronic components. Due to this, it is used in telecommunication facilities, computer rooms, control rooms, museums and art galleries, historical archive storage, and pharmaceutical and medical facilities.
In terms of industrial sectors, the oil & gas and mining is forecast to hold the largest share of fire suppression market between 2018 and 2023. The use of fire suppression systems is prevalent in the oil & gas industry. Hence, the decrease in investment in the industry affects the fire suppression market. However, various existing fire detection and suppression systems used in the industry need regular maintenance, repair, and replacement of parts due to protocols established in the industry, which would result in the growth of the fire suppression market. Oil & gas companies are focusing on improving operational efficiency, and companies are expected to be streamlined in terms of improving operational efficiency and working with fewer resources after they overcome the current oil price situation.
Asia Pacific held the largest share of the fire suppression market in 2017. Rising urbanisation 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. The expansion of the manufacturing base in Asian countries has also led to the growth of the fire suppression market.
Companies cited by the researchers as being major players in the fire suppression market are Johnson Controls, United Technologies, Robert Bosch, Siemens, Halma, Hochiki, Firefly, Minimax Viking and Honeywell amongst others.