Global Fire Detection And Suppression Systems Market Playing a Pivotal Role in Commercial and Industrial
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. The Global Fire Detection and Suppression Systems Market was valued at US$ 46,781.4 Mn in 2018 and is expected to reach US$ 89,509.7 Mn by 2028 at a CAGR of 6.7%.
Fire detection systems are commonly designed and installed to provide alerts regarding possible outbursts of fire. The alerts provided enables early evacuation thus protecting life, and if needed emergency firefighting may be carried out to prevent further spread of fire protecting property as well. Fire protection systems comprise of fire alarms, automatic fire detection, and fire suppression systems. Two types of fire detection devices can be used to detect combustion. Ionization detectors use radioactive material within the device to detect invisible products of combustion. In photoelectric detectors, the light beam has been used to detect the presence of visible particles of smoke. Fire suppression systems consist of sprinkler systems, standpipe systems, and specialized extinguishing systems. The automatic sprinkler system is the most commonly used fire suppression system. Installation of fire protection systems in buildings has become common, as these systems are effective in detecting, containing, and extinguishing fires swiftly.
Modernization and technological advancements revolving around the construction industry, with a focus to provide several safety features to consumers is a major factor likely to fuel the growth of the target market. In addition to this, stringent government regulations and mandates related to worker safety in industrial premise, both in developed, as well as, developing countries are expected to propel the growth of Fire Detection and Suppression Systems market.
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Furthermore, recovery of the construction sector in developed regions, coupled with the strong growth of the construction sector in developing regions, is another key factor anticipated to fuel the growth of the target market.
However, high installation and maintenance costs of fire protection systems coupled with, high costs needed in replacing traditional fire detectors with smart detectors might hinder the market growth. Nonetheless, the rapid development of smoke detectors and other systems, assimilated with the internet of things and big data is expected to provide lucrative opportunities to the key players in the market.
Global fire detection and suppression systems market is segmented on the basis of product type, applications and region. On the basis of product type, the market is segmented fire detection and fire suppression. Fire suppression segment accounts for the majority share in the global fire detection and suppression systems market, and also it is expected to register the highest growth rate over the forecast period. On the basis of applications, the market is segmented into commercial, industrial, residential and other applications among which industrial segment accounts for a majority share in the global fire detection and suppression systems market.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America and Middle East Africa. North America accounts for the majority share in the global fire detection and suppression systems market followed by Europe owing to the growth of the construction industry in this region. Emerging economies such as the Asia Pacific and MEA are expected to register the highest growth rate over the forecast period.
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The research report on the global fire detection and suppression systems market includes profiles of some of the major companies such as Tyco International, Kidde International, Siemens Aktiengesellschaft, Honeywell International, Inc., Dafo Brand Ab and Amerex