Fire Detection and Suppression Market - Forecasts from 2021 to 2026

The fire detection and suppression market are projected to grow at a CAGR of 6.45% to reach US$24.199 billion by 2026, from US$15.623 billion in 2019. Fire detection and suppression refer to the equipment or units built to send an alarm during the course of the fire and to extinguish fire through the use of a substance. Fire detection refers to the systems used to detect fire and report and report early as possible to prevent its widespread and the methods used to extinguish a fire are known as fire suppression.



The rising fire accidents and hazards owing to improper housekeeping rules defectively maintained electrical circuits and the poor handling of combustible substances including flammable gases or liquids is driving the market growth of fire detection and suppression kits and equipment's in the forecast period. Also, the growing investments in the production of advanced and environmentally friendly protection technology and the growing awareness towards security and safety precautions among consumers are fueling the growth of the fire detection and suppression market. The surging demand for fire detection and suppression kits or equipment's from various industry verticals has led to its market growth in recent years. The stringent safety regulation set by governments of various nations has boosted the demand for fire detection and suppression kits and equipment. Furthermore, the rising concerns over employee safety in enterprises and industries have led to the adoption of the equipment.

Market Segmentation

By end-use industry, the fire detection and suppression market is segmented into commercial, residential, industrial, and government. The industrial segment is expected to grow at a prominent pace owing to the surging use of fire alarms, detectors, and control panels across various industrial sectors. Also, the growing industries in developing nations during the forecast period are demanding the increasing supply of fire detection and suppression kits and equipment's to ensure employee safety and prevention of property damage.

By component, the fire detection and suppression market is segmented into fire detection and fire prevention among which the fire prevention segment is expected to show substantial growth during the forecast period owing to the extensive use of fire extinguishers and sprinklers across various industries verticals and in commercial and residential complexes. The fire sprinkler segment is anticipated to show tremendous growth owing to heightened concerns over safety and awareness and home automation.

Geographically, North America and the Europe region are expected to show prominent growth during the forecast period owing to the stringent safety regulations in the regions. The increasing construction activities coupled with strict safety regulations regarding fire detection and suppression are fueling the growth of the fire detection and suppression market in the forecast period. The increasing adoption of safety equipment's in countries such as US and Canada due to increased compliance with fire safety norms is boosting the market growth of fire detection and suppression.

Growth Factors

Prevention of property damage and increasing concern over employee safety

One of the major reasons for the growth of the fire detection and suspension market is the growing concerns over employees' safety and the prevention of property damage has led to the increasing adoption of fire detection and suppression equipment's in the global market. Also, the rapid commercial and industrial developments around the globe have led to increasing demand for fire detection and suppression equipment. Moreover, the importance of code compliance has further boosted the market growth of fire detection and suppression equipment in the global market.

Restraints

High installation and maintenance costs of fire protection equipment

A major restraint in the growth of the fire detection and suppression market is the high installation and maintenance costs associated with fire protection equipment. The need to develop sophisticated tools and the complexity of networks act as a major limitation for the growth of the fire detection and suppression market. This led to the up-gradation of these fire systems on regular basis leading to large investments in the development of these advanced technologies which in turn leads to the increasing cost of procurement for government and enterprises agencies for providing fire protection to the entire infrastructure.

Impact of COVID-19 on the fire detection and suppression market

The COVID-19 impact on the fire detection and suppression market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus. Furthermore, curiousness is taken by consumers also impacted the market growth. moreover, a halt in the construction industry severely impacted the market.

Segmentation:

By Component

• Fire Detection
• Region
• Type

• Control Panels

• Initiating Devices

• Notification Devices

• Fire Prevention
• Region
• Type

• Fire Extinguishers

• Sprinklers

By End Users

• Commercial
• Region
• Industrial
• Region
• Residential
• Region
• Government
• Region

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Thailand
• Others