Fire Suppression System Market Revenue to Attain USD 34.78 Bn by 2033

07 Nov 2024

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Table of Content

1. Fire Suppression System Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Fire Suppression System Market 4. Fire Suppression System Market Trends 5. Fire Suppression System Market Coverage

Fire Suppression System Market Revenue and Trends

The global fire suppression system market revenue reached USD 22.34 billion in 2024 and is predicted to attain around USD 34.78 billion by 2033 with a CAGR of 5.04% from 2024 to 2033. The rising awareness about the fire suppression system and government regulation for imposing fire safety standards are collectively driving the growth of the market.

Market Overview

The fire suppression system is a group of engineered equipment or devices that are filled with fire-suppressing agents such as foam, water, carbon dioxides, and various other eco-friendly agents. The fire suppression system is a technology equipped with an automatic fire detection system that detects fire in its early stages and reduces the chance of devastating fire damage. They have an in-built alarm system. There are different types of fire suppression systems, including gas systems, water mist systems, foam systems, pneumatic heat detection tubes, and others.

Report Highlights of the Fire Suppression System Market

• By product, the fire extinguishers segment led the market in 2023. The rising placement of fire extinguishers in residential, commercial, and industrial buildings reduces the unwanted risk and damage from fire to lives and assets. Their advancement and the rapid evaluation of the fire extinguisher types are driving the growth of the segment. 
• By product, the sprinklers segment expected significant growth in the fire suppression system market during the forecast period. The rising government's strict regulation to maintain the fire safety standards with the advanced fire suppression system that can automatically detect the potential fire hazards that drive the growth of the segment. 
• By application, the industrial segment dominated the market in 2023. The growth of the market is attributed to the rising adoption of fire suppression systems by the different industries due to they are more likely prone to industrial fire due to the availability of various gases, chemicals, and high-voltage electricity. 
• By application, the residential segment is expecting substantial growth in the fire suppression system market during the forecast period. The growth of the segment is attributed to the rising awareness about fire safety in the residential sectors such as houses, flats, and others. 

Fire Suppression System Market Trends

The rising awareness about the fire safety:

The increasing cases of fire safety among the worldwide population due to the rising cases of fire accidents due to electricity malfunction, oil and gas leakage, and others are driving the demand for efficient fire security systems that boost the growth of the fire suppression system market.

Rise in the use of eco-friendly fire suppression agents:

The rising advancements in fire suppression agents, such as the involvement of eco-friendly agents such as water mist technology, aerosol technology, and sustainable agents, emit a lower carbon footprint in the environment and drive the efficiency of the fire suppression system.

Advancement in technology:

The rising investment in the advancement in technologies such as the integration of artificial intelligence that incorporates detection systems that predict the potential hazards of fire and make quick decision-making for further action.

Rise in the remote monitoring system:

The remote monitoring of the fire suppression provides real-time system supervision in the detection system. It enhanced the functionalities and efficiency of the detection system, enabling rapid identification of issues and their resolution remotely.

Rising industrialization:

The rising economic growth, which accelerates the rapid growth in the manufacturing, chemical, electronics, and other types of industries, boosts the demand for efficient fire safety measures and technology, which contributes to the growth of the market.

Regional Outlook

North America dominated the fire suppression system market in 2023. The rising government intervention and the imposing of strict regulations to increase the safety standards of the buildings, whether they are residential or commercial complexes, drive the growth of the market. The rising cases of industrial fire due to operational malfunction, gas and chemical leakage, electricity, and others are accelerating the demand for advanced fire suppression systems that can predict the potential fire hazards and can help in reducing the damage to life, and assents are collectively driving the growth of the fire suppression system market across the region.

Asia Pacific expects significant growth in the market during the forecast period. The growth of the market is attributed to the rising population and the increasing demand for construction and other industries as well, which contributes to the higher demand for fire suppression systems, which can reduce the risk of fire damage and predict it in the early stage. Additionally, the compulsory implementation of fire safety at the time of the construction of building projects is accelerating the growth of the fire suppression system market in the region.

Fire Suppression System Market Coverage

Market News

• In April 2024, Recoil Aerospace successfully surpassed the certification by the Federal Aviation Administration (FAA) for its T1000-E Aerial Fire Suppression System (AFSS) installation on Airbus Super Puma series helicopters. The launch is a significant advancement in the aerial firefighting technology. 
• In December 2023, The U.S. Army’s Indirect Fire Protection Capability System achieved the successful demonstration of risk-reduction flight with the launch of Raytheon-made AIM-9X Sidewinder interceptor and sending it to a target. 

Market Segmentation

By Product 

• Fire Extinguishers
• Gas
• Water
• Dry Chemical Powder
• Others
• Sprinklers

By Application

• Commercial
• Industrial
• Residential

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