Fire Suppression Market Analysis

Fire Suppression Market Analysis

Increasing expenditure towards safety primarily across industrial and commercial establishments will drive the fire extinguisher market. Varying capacity, diverse chemicals and portability are some of the key parameters which will make its adoption preferable over the forecast timeframe.
 

Favorable government norms toward the installation of sprinklers in new and existing buildings will propel the market growth. As per British Automatic Fire Sprinkler Association, new residential buildings over 30 m high must be fitted with these products to meet the safety standards.
 

Commercial sector is projected to witness rapid growth subject to rising investments toward the construction of offices, educational institutes and hospitality industry. Rapid industrialization and urbanization in developing nations coupled with increasing office floorspace will foster the fire suppression market demand. In 2015, demand for office space in India rose to 28 million sq. feet from 23 million sq. feet as compared with 2014.
 

Industrial fire suppression demand is set to grow at over 3% by 2024. Strict regulations pertaining to public safety coupled with ongoing expansion of industrial base will positively influence the business landscape. As per NFPA, in 2014, U.S. reported for an average of 37,000 accidents from industrial properties, majorly occurred due to structured fires.
 

U.S. fire suppression market share is predicted to exceed annual installations of 150 million units by 2024. High acceptance of building safety codes along with increasing hazards and accidents will stimulate the product penetration. Positive macroeconomic cues along with increasing consumer awareness toward adoption of safety equipment will propel the product penetration.  According to National Fire Protection Association, in 2015, the U.S. had reported 1,345,500 fire accidents.
 

UK share is set to witness growth over 3% by 2024. Stringent government policies and norms toward safety across industrial, commercial and residential sector along with adoption of smart building technologies will drive the business outlook. The UK regulation states that all premises with heavy electrical equipment must have 5 Kg CO₂ extinguisher installed.
 

Chinese fire suppression demand is set to reach over 80 million units by 2024. Expansion of manufacturing industry coupled with increasing investments toward advanced building technologies will propel the business outlook. Stringent government norms and policies for building a safe and healthy work environment will fuel the business landscape. The Article 13 of Fire Protection Law of China mandates the use of protection systems in all commercial, industrial and residential building across the nation.
 

Government measures to reduce natural hazards along with increasing investment towards commercial construction will drive the UAE market. The government of Dubai has imposed strict rules of penalty of up to USD 136.13 for non-acceptance of fire safety standards.