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Shibuya-ku, Tokyo, Japan, Japan, Apr 27, 2022, 05:46 /Comserve / -- The global fire detection and suppression equipment market is expected to grow at a CAGR of over 5% during the period 2022-2031.
The market growth can be attributed to stringent safety regulations adopted by government agencies world over. The market witnessed high growth in the APAC region in 2018. While Europe dominates the global fire detection and suppression equipment market, the increased awareness related to safety is fueling market growth in developing economies.
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The penetration of artificial intelligence and the Internet of Things in the commodity and services markets has triggered a wave of disruption. The advent of these technologies has enabled transformations across a range of products such as sprinkler systems, home alarm systems, water leak detection devices, and smoke alarm/detectors.
The following factors are likely to contribute to the growth of the fire detection and suppression equipment market during the forecast period:
• Increased Concern toward Employee Safety
• Rapid Developments in Industrial and Commercial Sectors
• Importance of Code Compliance
• Effectiveness of Voice Evacuation
• Growing Trend of Connected Fire Safety Equipment
The study considers the present scenario of the fire detection and suppression equipment market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply sides of the market. It also profiles and examines leading companies and other prominent companies operating in the market.
Fire Detection and Suppression Equipment Market: Segmentation
This market research report includes detailed market segmentation by fire suppression, fire detection, end-user, and geography.
Fire detectors dominate the global market, and the segment is expected to grow at a CAGR of 5.14% during the forecast period. The growing number of commercial facilities, coupled with the growth in the industrial and manufacturing sector, is one of the major driving factors for the high demand for this segment worldwide.
Alarms, which are the most critical devices, are likely to post an absolute growth of 50% by 2024. Europe was the largest market, with a market share of 31% in 2018. Stringent government initiatives and the growth in building automation in the region are major factors contributing to the installation of alarm systems in buildings. Governments across Europe follow strict safety regulations.
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The portable extinguisher segment accounted for the largest share in 2018. Portable fire extinguishers are preferred as they are handy and can be used in all types of fire prominent zones, including residential, commercial, and industrial sectors.
The fire sprinkler system market has grown up in recent times due to the tremendous growth in home automation and heightened concerns toward safety and awareness. This, in turn, is driving the market growth for subsystems - sprinkler heads, which is a major determining component of the sprinkler system.
Fire detectors, alarms, and control panels are major devices used in the industrial segment. As threats are high in marine and oil and gas industries, fire code compliance is strict. Furthermore, the growth of the oil and petroleum industry is expected to affect the market positively. The increase in oil and gas demand requires safety and security in infrastructural facilities.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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