Rapid Growth of the Residential Segment to Propel the Fire Suppression Systems Market
Transparency Market Research (TMR) provides key insights on the fire suppression systems market in its latest report titled “Fire Suppression Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026.” According to the report, rapid growth of the residential segment is predicted to drive the fire suppression systems market during the forecast period.
Fire suppression systems are used to prevent or extinguish fires in buildings. General fire suppression agents or media are water, foam, carbon dioxide, steam, inert gases, and dry chemical powders. Fire suppression systems consist of fire detection alarm systems and extinguishing systems. Alarm systems and extinguishing systems are fixed installations. Fire detection alarm systems consist of heat detectors, temperature detectors, optical detectors, and flame detectors. Installation of fire suppression systems is made mandatory for buildings in many countries.
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The report has segregated the fire suppression systems market based on product type, end-use, and region. On the basis of end-use, the fire suppression systems market is bifurcated into residential, commercial, and industrial. The residential segment offers lucrative opportunities to the fire suppression systems market. In terms of region, the fire suppression systems market is split into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held the major share of the fire suppression systems market owing to the implementation of government regulations regarding the safety of the public.
The market in Asia Pacific is projected to expand at a fast-paced CAGR during the forecast period owing to the growth in the building & construction industry in the region. China accounts for significant share of the fire suppression systems market in Asia Pacific. It is followed by India. The report anticipates that this trend will continue throughout the forecast period. Prominent players operating in the global fire suppression systems market are included in this report to give a better competitive landscape and these are Minimax, Cosco Fire Protection, Tyco Fire Protection Products, Amerex Corporation, Master Fire Preventions Ltd, National Fire Equipment Ltd, and Buckeye Fire Equipment.
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