Global Fire Suppression Systems Market to Reach $26.3 Billion by 2026

Fire suppression systems provide an effective means to ensure protection against fire. When used in combination with fire alarm systems and smoke detectors, they provide safety to people and aid in minimizing asset damage. Significant expansion in global economy, substantial expansion in industrial, business, commercial and institutional sectors, dramatic growth in building construction and infrastructure projects, and rapid urbanization contribute to higher demand for various fire security technologies. Regulatory legislations and mandatory building codes seeking comprehensive fire safety in industrial, commercial, institutional and residential buildings and general infrastructure, to contain the growing number of fire events and associated human life and property loss, are expected to play a pivotal role. Simultaneously, the emergence of high-tech companies offering sophisticated tools and technologies for fire safety has also been a key driver of global fire safety systems market. Amid the COVID-19 crisis, the global market for Fire Suppression Systems estimated at US$19.1 Billion in the year 2020, is projected to reach a revised size of US$26.3 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Water-based Systems, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$13.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas-based Systems segment is readjusted to a revised 4.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $5.6 Billion in 2021, While China is Forecast to Reach $4.9 Billion by 2026

The Fire Suppression Systems market in the U.S. is estimated at US$5.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Mandatory building codes and regulatory legislations are steering momentum in the fire safety market in a major way, especially in the developed regions of North America and Europe. In North America and Europe, fire safety solutions constitute a fixed component within the security mix of a building, and role of fire suppression systems remains pivotal within the fire safety strategies. Rising focus on equipping industrial, business and commercial facilities with advanced building technologies, is expected to boost demand in developing markets.

Specialty Systems Segment to Reach $6.8 Billion by 2026

Specialty systems constitute systems that employ agents other than gas or water for suppressing fire. These systems make use of foam and dry or wet chemicals as fire suppression agents. Adoption of specialty systems is growing rapidly, largely owing to absence of water and wider availability of these systems in advanced and robust designs. In the global Specialty Systems segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.1 Billion in the year 2020 will reach a projected size of US$5.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2026, while Latin America will expand at a 7.1% CAGR through the analysis period.