Fire Suppression Market Size

Fire Suppression Market Size

Global Fire Suppression Market size was valued over USD 13 Billion for 2016 and the annual installation is set to exceed over 500 million units by 2024.

Robust increase in fire hazards and accidents subject to poorly maintained electrical circuits, unsuitable housekeeping standards and availability of stock combustible materials including inflammable liquids or gases will upsurge the global fire suppression market growth. As per International Rescue Services, more than 60,000 injuries and 20,000 deaths were caused due to fire in 2014.
 

Increasing investments toward the development of environment friendly and advanced protection technology along with growing public concerns towards safety and security will embellish the market share. In 2015, government spending across Europe to support public safety from natural hazards was USD 278.07 million.
 

Stringent government norms pertaining to occupational safety and loss of life & property coupled with rising adoption of extinguishers across industries including petrochemicals, mining and quarrying will propel the market demand. The U.S. government established National Fire Protection Association (NFPA) codes and regulations to standardize the equipment’s and protection systems across the region.
 

Growing awareness for protection measures along with stringent legislation towards building codes will stimulate the market trends. Increasing investment towards smart building technologies along with adoption of Industry 4.0 concept will further propel the fire suppression business landscape. The British Automatic Fire Sprinkler Association (BAFSA) has established building code BS EN 12845:2015 to standardize the design, installation and maintenance of sprinklers in UK.